Carvana Reports Turnaround After Cutting Costs With Layoffs, Adding AI Tools

Online used car firm Carvana has reportedly turned around its operations and debt over the past 18 months, lifting its stock price from $5 to$55.Company CEO and Chairman Ernie Garcia, III is optimistic about the future, believing that much of the cost-cutting is now done, CNBC reported Friday (Feb. 2).One of the key factors in Carvana’s turnaround has been its ability to reduce expenses, according to the report. Through layoffs and other cost-cutting measures, the company has taken $1.1 billion of annualiz ...