How long will the $cvna mirage go on?  For as long as other institutions are willing to purchase their most likely toxic loan receivables.  And just like the housing crisis from about '05-'08, that can go on for a while while everyone looks the other way and pretends everything is fine.

We have a broken system in the US where two crucial groups, regulators and the media, have become ineffective at best, and an enabler of problems at worst.   

-Regulators: places like @secgov and @TheJusticeDept rarely go after or materially punish white collar crime.  If you need proof just look at history.  Madoff wasn't investigated for pretty much a decade, bankers got of free and clear after '08, etc.  With Carvana, white collar people are making the money, and blue collar/middle class are the ones being harmed, so it is not a priority.  The auto industry is also one of the biggest lobbyists, so they have a LOT of influence over the regulators (regulatory capture).

Also, a former VP of the US sits on the board of $cvna , so I imagine that by itself keeps investigations away.

When regulators do not do their job effectively, the investing public will assume everything is fine, thereby allowing fraud and other nefarious actions to continue.

-News/Media/Journalists: they rarely bite the hand that feeds them, and also get a lot of money from the auto industry overall via advertising dollars.  They won't go out of their way to investigate misdeeds in the auto industry, housing, pharma, etc. 

Another aspect is how far the quality of journalism has become.  It seems like nobody does any real research or investigations these days.  It is all just click bait headlines and recycled commentary.  Very little verification either.
#cvna