Valued somewhat as tech yes. Does that make sense? Probably not.
They are a tech-enabled reseller of used cars. They earn no revenue from hardware or software sales, so technically they don’t group with tech.
Unfortunately there is no Lane Keeping assist for the Internet 
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On a side note, while passively job searching I’ve come across quite a few Biotechnology (BioTech), Financial Technology (FinTech), and Educational Technology (EdTech) companies.
More and more companies are claiming to be Tech.
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I think that there is a lane keep assist, it just operates like Pilot Assist and tries to make you take the exit ramp.
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All make sense: EdTech is usually technology that educators (institutions of education) buy. Similar with FinTech. BioTech is as you probably know a big umbrella, sometimes the tech is the product (Illumina), sometimes the tech is just an enabler but you truly couldn’t do the business you do without the enabling tech (eg assay data analyzed using supercomputers that are not just faster than humans - humans couldn’t hand-assemble the data).
Carvana COULD sell used cars without apps and vending machines. See also WeWork: they were subletting real estate whatever story they spun.
In other news, I came across Vroom’s Q1 results that were posted on May 9, 2022.
Here’s some interesting info regarding their Business Realignment Plan:
“Today, Vroom also announced that its Board of Directors has approved a business realignment plan designed to position Vroom for long-term profitable growth by prioritizing unit economics, reducing operating expenses and maximizing liquidity. Key aspects of the plan include reducing targeted unit sales to focus on sustainable sales margins and gross profit per unit growth, right-sizing the organization through a workforce reduction, further regionalizing our business and operations, reducing marketing expense by focusing on highest-ROI channels while aligning with volume trajectory and further automating key portions of sales operations. Once the business realignment plan is fully executed, the Company expects to achieve approximately $135.0 to $165.0 million of cost reductions and operating improvements across its operations for the remainder of 2022, when compared to the first quarter annualized.”
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Idk I think every company just claims to be tech because for the last 10+ years it’s basically been free money. The nasdaq performance over that time period is just bonkers and VC/angel people hand out money like it’s raining cash to tech companies.
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Well and the funny part there is Vroom was so understaffed (reading how long people had to wait for titles on their cars was painful… temp tags for 6 months plus) that’s not going to go well.
I sold my Honda to Vroom three months ago and it’s still on the website as coming soon because they don’t have it titled to them yet, even though my loan is long paid off.
@Pinhigh27 Yep tesla has been pushing this grift for a decade. It’s just a car company, though.
The market is greedy to find the next big tech company but just having an elevator for cars (carvana) doesn’t make one a tech company. And buying and selling used cars is a century old business.
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This sounds a lot like an actual user/Twitter bot ratio. So what is the ratio of an actual job posting instead of “bot” postings?
I read that 50% of Biden’s followers were bots. Are 50% of job postings “bot” postings?
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Please keep your comments on topic. No name calling or political discussions.
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Is anyone taking bets on how long before Carvana either files for bankruptcy or is bought out for pennies by someone else?
hopefully after i cash my check from them, lmfao
Carvana announces earnings August 2nd. I doubt anything happens before that, after which we’ll see how much cash they have left.
Vroom announces August 9th but is holding an analyst event later this month - they need to fend-off delisting.
Unless people completely stop buying cars this month, it’s a slow moving train wreck: takes forever until it happens all at once.
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They gave me a crazy offer this morning. $2-6,000 more than any of the other third parties.
Seems after the layoff their offers have gotten higher.
It’s going to be interesting for sure.
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Sad thing is the investors lose. The criminal executive founders already cashed out enough to last 1,000 lifetimes.
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Am also kind of curious on this aspect of it with the Bank of Garcia cashing out as you said, 1000 times over. Once the investors lose more and the business gets right-sized I could see the Garcia’s propping it up or buying back in at obv a lower cost.
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Wouldn’t be the first time rules for thee came into effect. Look at his history
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you should look into the Garcia’s history of business ownership. some real shady cocksuckers.
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It’s always fun to make a bill and pay 100 mill fine. Welcome to corporate America’s elite
If this doesn’t make you mad nothing will. Look what his estimated cost to taxpayers is. And he’s worth 7-8 bill today