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Carvana rides used-car demand to record quarter
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Straight Arrow News
Online used-car retailer Carvana posted a record second quarter as more Americans turned to affordable used vehicles instead of buying new.
The numbersCarvana sold nearly 200,000 vehicles during the quarter, a roughly 40% increase from a year earlier.
CarEdge reported new-car prices have climbed 3.4% over the past year.
The Wall Street Journal reported roughly one million consumers have exited the new-car market because prices remain so high.
Despite the strong quarter, investors were less enthusiastic.