Carvana to lay off 2,500; executives to forgo salaries for rest of year

“We believe these decisions, while extremely difficult, will result in Carvana restoring a better balance between its sales volumes and staffing levels and facilitate Carvana returning to efficient growth on its mission to change the way people buy and sell cars,” the company said in the filing.

The layoffs relate to “recent macroeconomic factors that are significantly impacting automotive retail,” a Carvana spokesperson said in a statement.

They come just weeks after Carvana reported a $506 million loss in the first quarter as high used-vehicle prices, rising interest rates and other issues affecting the auto industry dented sales. It felt