TO THE EDITOR:
I find Automotive News' coverage of Carvana to be shallow and backwards. In "Carvana says it's gained market share during pandemic" (May 11), the last sentence, on the company's net loss, should have been the first. This is a company that lost $183 million in just a quarter. You treat it almost as an afterthought.
And let's remember what Carvana does — it sells used cars, something that has been done by dealers, who make money, for years. CEO Ernie Garcia excels at putting himself in front of the investment world, peddling a narrative that he is reinventing the used-car business. The vending machines are a marketing delight.
But any dealer with those massive losses would be out of business. The investing community has been fed a false narrative. Buyer beware.
RON BARON, President, Baron Honda, Patchogue, N.Y.