Since it started selling cars in 2013, Carvana has disrupted the U.S. used vehicle market with no-haggle pricing and an online buying process that cuts out the often-dreaded salesman. The Tempe, Arizona, company took advantage of many buyers’ fear of negotiating with a dealer, letting them purchase vehicles via computer and have them delivered to their homes. CEO and co-founder Ernie Garcia says the company has lower costs than conventional dealerships because it doesn’t have expensive real estate across the nation. It does have 17 centers nationwide where used vehicles are reconditioned before sale. So far the company has sold about 2 million vehicles, with sales now running at a rate of 400,000 per year.
Northwestern Mutual’s A.I. and money report shows that consumers want their adviser to take advantage of ‘superpowers’ granted by artificial intelligence tools.
With stubborn inflation sticking at about 2.8%, there’s a chance that the Fed won’t cut rates this year. That might be the smarter choice in the long run.
