- Used-car retailer Carvana Co. announced it will be slashing 1,500 jobs, approximately 8 percent of its workforce.
- An internal memo from CEO Ernie Garcia said the “painful” changes come as Carvana faces “strong” economic headwinds from higher financing costs.
- Corporate, operations, and technology teams will be affected by the cuts.
- The CEO apologized to those who will be impacted and explained the company’s leadership had “failed to accurately predict how this would all play out and the impact it would have on our business.”
