Carvana, US-based online used car retailer, lays off 8% of its workforce
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Carvana, a US-based online used car retailer, has laid off about 1,500 employees, or 8 per cent of its workforce, as it attempts to cut costs amid weakening demand for used cars on the back of rising interest rates. According to CNBC, company CEO Ernie Garcia stated in an internal memo that higher financing costs were causing economic headwinds.