The company attributed the first-quarter sales volume decline to a “strong pace” of inventory reductions from fourth-quarter 2022. It also said it cut its advertising spend by 64 percent year-over-year, which impacted retail vehicles sold. In a letter to shareholders, Carvana said the trimmed advertising spend drove it to its lowest customer acquisition cost per vehicle in its history.
Higher interest rates and wider credit spreads, plus prioritization of profitability…
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