Subject: Re: Carvana Short Report
KMX filed what I consider to be a bit of a disaster of a quarter. Certainly a surprise that they didn't tip off in any way leading up to it. They seem to be losing market share, which is not something that I thought would really happen in a fragmented used auto market that should allow plenty of consolidation to leading platforms without having KMX vs. CVNA be the operative comparison. The management doesn't seem to be that perplexed or on fire about it either. It's mostly business as usual for a business that has been below expectations now for several years. That part has started to make me really question my investment, which I have mostly been increasing over time.

Where is the fire and the desire to regain their lost leadership? Who is satisfied running a mediocre business for years?