Carvana Lays Off 2500 Employees

“Carvana Co. said Tuesday that it will lay off 2,500 workers nationwide, on the same day that the Tempe-based online vehicle retailer said it had finalized its $2.2 billion acquisition of U.S. auto auctioneer Adesa.”

6 Likes

The writing is on the wall… the ADESA 2.2B buy is certainly an interesting causal factor here, but VRM beware. Fellow :bear:, time to :tada::partying_face:.

4 Likes

Just read the reddit post and well…he acts surprised he got laid off with zero notice. Like…hmmm…the writing has been on the wall for several months. Vroom is next.

The only surprise is that they only laid off 12% of their employees.

3 Likes

I think there was some duplicate role shedding with the merger, fair enough - that’s a common part of M&A, but IMO they used this as a chance to start cutting the excess weight for the inevitable.

1 Like

I’m surprised their workforce is so large.

2 Likes

This happen today
I asked the girl that came if they laid anyone off they said no we have too much business :rofl:

6 Likes

Wonder what happens when you pay over MMR for literally terrible cars and never inspect or check the condition of them on pick up! Nothing could go wrong, I’m sure.

Oh, yeah, and then also be horribly uncompetitive on cars they should be buying

23 Likes

^^^^^ girl who came had to no clue to what she was looking at

8 Likes

Last recession is 2008/09, some younger workers have probably never experienced poor economy/layoffs.

6 Likes

Since there are reportedly way more job openings than people seeking jobs, it is not a bad time to be laid off, assuming you have marketable skills.

3 Likes

The caveat is that the market is very competitive. Lots of job seekers out there.

2 Likes

CARVANA HAS 20,000 EMPLOYEES!! WHAT??

4 Likes

I did a little experiment to test this BS myth and I have a decent resume. Sent it to 20 companies and got 1 response. Smoke and mirrors. That’s all this economy is. Whenever they decide to “pull it” look out

9 Likes

This has been my experience as well. I was looking a few months back. Got plenty of interviews, then ghosted by recruiters (sometimes after being told an offer is pending), req disappears, then shows up again weeks later. I’m not sure what the angle is, but there is clearly some facade.

My current role is heavily space-based, and I worry about demand drying up in the commercial sector. Overall, business has been good throughout the pandemic.

6 Likes

I am in tech (not a programmer or engineer) and I have also been testing this premise of abundant jobs. Been interviewing on and off for the past few months at a range of companies (from startup to well known public companies). I even had one of the FAANG companies reach out to me not long ago about a role, however that req was put on hold for whatever reason.

I feel you. I can write a novel about my sub-par experience dealing with recruiters, even at fortune 500 companies. I am currently employed so I am in no rush to land a new a job. It is a mess out there if you are an experienced candidate like me (10+ years of exp in my field), and know what you want. Don’t even get me started about how some companies are not always forthcoming about the salary range for a role.

:point_up_2::point_up_2:Say it louder.

6 Likes

How does this compare nationwide as opposed to your little anecdotal experience? What jobs did you apply for? Were they in the needed industries and were you qualified?

So many questions…

7 Likes

It’s not a coincidence that this was timed with an acquisition. It will be spun as “synergies” and the one-time expenses of these layoffs will be lumped in with the one-time expenses of the acq.

There is no such thing as “tenured” in the corp world.

6 Likes

They were were relevant roles that I had in the past and am qualified but not over qualified for. These were all companies in my market as I felt that would be more relevant. Many companies don’t hire people that have to move for the role, lower retention rates that way. It was 100% anecdotal but doing so gave me the courage to short the market at it’s near peak last year. I posted many times about that on other threads. I believe companies put up job listings to give the illusion of growth when it’s actually the opposite, many are going with part time or contract workers and switching to home based roles.

I was reading threads on Reddit with many other people that were actually looking for jobs not getting any interviews with 100s of applications. So wanted to test it for myself since all the news says how much job demand there is.

4 Likes

can say that there’s a lot of hiring among financial companies. a lot of my former coworkers cannot keep up with the attrition their teams are seeing. my parents both do tech at the big banks. tons of openings and a lot of people quitting. this picked up when there was a start of return to office.

5 Likes

It’s tinfoil hat day at LeaseHackr.

10 Likes