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Why Carvana Sank as Much as 23.7% This Week

Why Carvana Sank as Much as 23.7% This Week

Shares of Carvana (NYSE: CVNA) sank as much as 23.7% this week, according to data from S&P Global Market Intelligence. Carvana operates in the used car market, enabling people to buy and sell used vehicles directly from their phones and have them delivered to their houses. CarMax -- one of Carvana's most prominent competitors -- does so as well but with an omnichannel dealership model.