carvana co cvna ceo ernie garcia iii aspired for a drop in usedcar prices upon pandemic recovery to protect the bottom line a surge in usedcar prices took care of carvanas bottom line early in the pandemic while lower prices imply less revenue on each vehicle sold making a big purchase more affordable for consumers beset by inflation and highinterest rates bloomberg reports prices in the us are already declining falling last month the most since the early days of the pandemic we would love for car prices to drop garcia iii told bloomberg tv on thursday it would be great for us and great for our customers carvana on wednesday shared plans to reduce debt extend maturities and sell stock sending its shares soaring it could use a boost to reduce costs and restructure its debtheavy balance sheet after a car market slump pushed the company into trouble in 2022 in 2021 automakers slashed production amid the semiconductor crisis the usedcar dealers made up for the shortfall by buying cars at auction and from consumers and turning them around for sale at rapidly rising prices this week carvana reported a secondquarter fy23 sales decline of 236 yearonyear to 297 billion beating the consensus estimate of 259 billion eps loss of 055 exceeded the consensus loss of 115 price action cvna shares are trading higher by 462 at 4889 on the last check friday