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<ul class="summary-list"><li><keyword id="3960955" type="PERSON" weightage="60" keywordseo="Ernie-Garcia">Ernie Garcia</keyword> II and <keyword id="9989309" type="UNKNOWN" weightage="60" keywordseo="ernest-garcia-iii">Ernest Garcia III</keyword>, the father-son team behind online used-vehicle sales platform <keyword id="3134541" type="PERSON" weightage="60" keywordseo="carvana">Carvana</keyword>, saw $5 billion added to their net worths on Tuesday as the company posted <a href="https://markets.businessinsider.com/news/stocks/carvana-stock-price-record-third-quarter-projection-goldman-sachs-upgrade-2020-9-1029612134#">record profits</a>.</li><li>The coronavirus pandemic put used <keyword id="20632" type="ORGANIZATION" weightage="60" keywordseo="Cars">cars</keyword> in high demand as Americans seek to avoid public transit, Piper Sandler analyst Alexander Potter wrote Tuesday, per <a href="https://www.bloomberg.com/news/articles/2020-09-22/father-and-son-used-car-sellers-get-5-billion-richer-in-one-day?sref=BLKWHazc">Bloomberg</a>. The trend helped Carvana shares rise nearly <a href="https://markets.businessinsider.com/stocks/cvna-stock">140%</a> from the start of the year.</li><li>The father-son team is worth $21.4 billion combined, <a href="https://www.bloomberg.com/news/articles/2020-09-22/father-and-son-used-car-sellers-get-5-billion-richer-in-one-day?sref=BLKWHazc">Bloomberg</a> estimates.</li><li>The younger Garcia <a href="https://www.forbes.com/profile/ernest-garcia-iii/#58f9fbfe6350">cofounded Carvana</a> as a subsidiary of his father's company, DriveTime Automotive, in 2012 and now serves as its CEO. The elder Garcia <a href="https://www.forbes.com/profile/ernest-garcia-ii/#3609f46b5344">owns and runs DriveTime Automotive</a> and funded his son's launch of Carvana, remaining its largest shareholder.</li><li>Carvana allows customers to buy a used car via its online platform. The purchased car can then be delivered to the customer's door or picked up at one of over a dozen Carvana vending machines located across the US, according to its <a href="https://www.carvana.com/how-it-works">website</a>. </li><li>"The momentum that we saw in the second quarter accelerated into the third, leading to record performance for Carvana in metrics that demonstrate strong progress both in growth and towards profitability," the younger Garcia said in a <a href="https://markets.businessinsider.com/news/stocks/carvana-stock-price-record-third-quarter-projection-goldman-sachs-upgrade-2020-9-1029612134#">statement</a> accompanying the earnings release.</li><li>A representative for Carvana did not immediately respond to Business Insider's request for comment on the Garcias' net worths.</li></ul>

The father-son billionaires behind online used-car seller Carvana saw their fortunes soar $5 billion in a day as the company projects record profits

<ul class="summary-list"><li>Carvana's stock has surged over 7,000% since December 2022, reaching a $52 billion valuation.</li><li>The company was near bankruptcy in 2022 amid financial struggles and high interest rates.</li></ul><p><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/aapl-stock">Carvana</a> investors have been on a roller coaster ride over the past couple of years, and for those who could hang on, it's paid off big time.</p><p>The used-car dealer, famous for its car tower vending machines, was <a target="_blank" class="" href="https://www.businessinsider.com/used-vehicle-retailer-carvana-bankruptcy-car-buyers-inventory-2022-12">on the verge of bankruptcy</a> in December 2022, and its stock price crashed 98% to a valuation of about $400 million.</p><p>The stock has since soared more than 7,000% to a $52 billion valuation, and its latest earnings release shows that the company is hitting new records. </p><p>In its third-quarter earnings report, Carvana reported record adjusted EBITDA of $429 million on about $3.7 billion in revenue, far surpassing Wall Street estimates.</p><p>Meanwhile, total cars sold surged 34% to 108,651 units in the quarter. Shares of Carvana surged about 22% on Thursday following the results, trading at $248.82 as the market headed into the close. </p><p>"Carvana's exceptional results underscore our position as the fastest-growing and most profitable automotive retailer," Carvana CEO Ernie Garcia said.</p><p>It's a remarkable turnaround for a company that <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/carvana-stock-price-used-cars-interest-rates-dollar-morgan-stanley-2022-11">was virtually left for dead by investors two years ago</a> when it experienced a credit crunch due to an overextended balance sheet and a weakening consumer outlook. It didn't help that funding options dried up as the Federal Reserve aggressively hiked interest rates in 2022 and 2023.</p><p>Carvana successfully <a target="_blank" class="" href="https://www.ft.com/content/6bdbd28e-2586-46a9-b082-04f5dbeeb637">fended off creditors,</a> including Apollo Global Management, and convinced them to take a $1.3 billion haircut on their underwater bonds as the company raced to slash costs and right-size its business.</p><p>The massive bet, led by CEO and founder Ernie Garcia, paid off, and it appears Wall Street is starting to play catch-up on the Carvana story.</p><p>More than 10 Wall Street firms raised their price targets on Thursday following the company's solid earnings results. According to Bloomberg data, the average Carvana price target is around $200, still below the $255 per share price at which the stock traded Thursday afternoon, leaving room for more potential upgrades in the future.</p><p>JPMorgan raised its price target for the stock to $300 per share and reiterated its "Overweight" rating in a note on Thursday.</p><p>"3Q24 results should be seen as a clearing event that is likely to diminish any lingering concerns/skepticism around CVNA's recent progress on unit economics with focus shifting to the unique benefits of the operating model and widening moat vs peers, reinforced by the recent foray into commercial - retail marketplace that unlocks a significant profit opportunity with infrastructure and resources to scale," JPMorgan said.</p><p>Despite the strong rally over the past 22 months, Carvana stock is still 32% below its record high of $376.83 reached in August 2021. </p><p>Here's a look at the company's stock price since going public in 2017.</p><div type="image" title="Carvana stock price" height="887" width="1737" msid="114826413" hostid="261" sizebytes="34346"></div>

Carvana stock was nearly wiped out in 2022. It's rallied more than 7,000% since.

<ul class="summary-list"><li>Carvana short-sellers have suffered losses of more than $1 billion this year, according to Bloomberg. </li><li>That's after the company's stock surged 56% on Thursday alone on the back of improved second-quarter results. </li></ul><p>Stock traders betting against used-car dealer Carvana have lost more than $1 billion this year. </p><p><a href="https://www.bloomberg.com/news/articles/2023-06-08/carvana-shorts-take-a-1-billion-gut-punch-after-record-rally?srnd=premium" target="_blank" rel="noopener">According to Bloom</a><a href="https://www.bloomberg.com/news/articles/2023-06-08/carvana-shorts-take-a-1-billion-gut-punch-after-record-rally?srnd=premium">berg</a>, short positions, which make up around 56% of the Arizona-based company's outstanding shares, have racked up losses amounting to $1.04 billion so far in 2023, per S3 Partners. </p><p>The setback to short sellers arises from Carvana's staggering stock-market performance. The shares have surged about 422% this year, buoyed by the company's cost-cutting measures in response to the Federal Reserve's aggressive interest-rate increases. </p><p>On Thursday alone, the stock of the e-commerce company for buying and selling used vehicles jumped 56% after it revised upward its second-quarter results to exceed Wall Street forecasts. </p><p>"Our record-breaking 2023 first quarter is evidence that our strategy is working, and our updated Q2 2023 outlook demonstrates that our progress continues to positively impact the business even faster than expected," Carvana CEO Ernie Garcia said in a <a href="https://investors.carvana.com/news-releases/2023/06-08-2023-130149437" target="_blank" rel="noopener">press release</a>.</p><p>"The team's persistent focus on driving profitability has resulted in significant savings and efficiencies, and this work will persist as we continue to execute our plan," he added. </p><p>Carvana said it expects total gross profit per unit to hit above $6,000 in the second quarter of 2023. </p><p>The company's stock traded up 4.75% at $25.38 at last check on Friday. </p>

Carvana short sellers suffer $1 billion loss after the used-car dealer's stock surged more than 400% this year

<ul class="summary-list"><li>Carvana's share price has taken a dive in just the last few days. </li><li>The online used-car retailer has lost around half its value since reporting disappointing earnings on Thursday. </li></ul><p>Not too long ago, Carvana was hailed as one of the great success stories of the pandemic era. But its fortunes have soured in 2022. </p><p>Shares in the online used-car retailer have plummeted by around 50% since it reported lackluster earnings on Thursday. And over the last year, 98% of the company's market value has evaporated.</p><p>So what gives?</p><p>Carvana's stock soared throughout much of 2020 and 2021, earning it a peak market valuation of more than $60 billion. Supply chain snarls kicked off a shortage of new cars that sent buyers to the used market in droves. The price of secondhand vehicles began to surge as a result. And during the scariest depths of the pandemic, Carvana offered a way for people to buy cars online and have them delivered to their homes. </p><p>But now the used-car market is slowing down, dealing a blow to Carvana and other dealership chains. On Thursday, Carvana reported disappointing sales and a hefty third-quarter loss of $508 million, sending its already faltering stock into a tailspin. This year, Carvana has lost $1.45 billion so far. </p><p>Carvana, known for its vehicle vending machines, chalked up the poor results to a challenging economy and slowing demand for used cars. The Federal Reserve's effort to curb inflation by raising interest rates has jacked up consumers' monthly payments and made vehicles even less affordable in recent months, the company said. </p><p>"Cars are extremely expensive, and they're extremely sensitive to interest rates," Ernie Garcia, Carvana's cofounder and CEO, said on a conference call with analysts.</p><p>According to Edmunds, the average monthly payment for a used car purchase hit $564 in October, up from $412 in January 2020. The average annual percentage rate on loans for used-car purchases hit 9.6%. </p><p>Carvana said it expects sales volumes and car prices to decline further in the fourth quarter. AutoNation, the largest dealership chain in the US, issued a similar warning about used-car prices last month. While lower prices may be a welcome development for buyers, it's a bad sign for retailers. </p><p>The current environment has some Wall Street analysts concerned for Carvana's future. </p><p>"While the company is continuing to pursue cost cutting actions, we believe a deterioration in the used car market combined with a volatile interest rate/funding environment add material risk to the outlook," Adam Jonas, an analyst at Morgan Stanley, wrote in a note to investors on Friday. </p><p>It's been a difficult year for Carvana. </p><p>In November 2021, the company said it had <a href="https://investors.carvana.com/~/media/Files/C/Carvana-IR/documents/events/cvna-shareholder-letter-q3-2021-final.pdf">bought cars too fast</a> to feed its explosive growth and was hitting operational snags in meeting customer demand. In April, the company acknowledged that ahead of the first quarter of 2022, it <a href="https://investors.carvana.com/~/media/Files/C/Carvana-IR/documents/cvna-shareholder-letter-q1-2022.pdf">built up too much inventory</a> and didn't anticipate a slowdown in sales due to higher interest rates, high car prices, and rising gas prices. It took on billions in debt to buy car-auction company Adesa in May in a financing deal that <a href="https://www.cnbc.com/2022/05/16/how-carvana-went-from-a-wall-street-top-pick-to-meme-stock-trading.html">some analysts criticized</a>. </p><p>In May, Carvana <a href="https://www.reuters.com/business/autos-transportation/carvana-lay-off-about-2500-employees-2022-05-10/">laid off around 2,500 employees</a> in an effort to cut costs after multiple disappointing quarters. </p><p>The company is working to boost profitability, but its leadership acknowledged the long road ahead in a letter to shareholders on Thursday. </p><p>"The environment has continued to get increasingly difficult since the end of the quarter and it is probable things will continue to get more difficult before they get easier," they said.</p>

Why Carvana stock dropped 97% in the past year as the auto resale success story became a used-car clunker

2022 was the year the Overconfidence Man fell back to earth

<ul><li><strong>Shares of <keyword id="3134541" type="PERSON" weightage="60" keywordseo="carvana">Carvana</keyword> rose up to 34% on Tuesday after the company projected record performance in the third quarter in several categories including retail units sold and total revenue. </strong></li><li><strong>Goldman Sachs upgraded its Carvana rating to "buy" and upped its price target to $205 per share from $178. </strong></li><li><strong>Carvana is up roughly 140% year-to-date, and had gained more than 88% year-to-date before Tuesday's jump. </strong></li></ul><ul><li><a href="https://markets.businessinsider.com/stocks/cvna-stock"><strong>Watch Carvana trade live here.</strong></a></li></ul><p>Shares of <a href="https://markets.businessinsider.com/stocks/cvna-stock">Carvana</a> soared up to 34% on Tuesday after the company projected record performance in the third and received a "buy" rating from Goldman Sachs.</p><p>The online used-vehicle sales platform <a href="https://investors.carvana.com/news-releases/2020/09-22-2020-125008553">announced Tuesday</a> that it expects to hit records in several categories for the third quarter of 2020. The categories named included retail units sold, total revenue, total gross profit per unit, and Ebitda margin. </p><p>"The momentum that we saw in the second quarter accelerated into the third, leading to record performance for Carvana in metrics that demonstrate strong progress both in growth and towards profitability," said Ernie Garcia, Carvana founder and CEO, in a press release.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/investing-advice-stocks-to-buy-amid-sell-off-morgan-stanley-2020-9">Morgan Stanley's US equities chief nailed his call for a short-term market meltdown. He now lays out the evidence that it may not end soon, and shares 15 stocks to buy ahead of the rebound.</a></em></p><p>Carvana also said it expects to be approximately breakeven on an Ebitda basis this quarter. </p><p>On Tuesday Goldman Sachs upgraded Carvana to a "buy" rating from "neutral," and upped its price target to $205 per share from $178. JPMorgan also upgraded Carvana to "overweight" from "neutral" on Tuesday. <br /><br />Carvana is now up roughly 140% year-to-date, and had already gained more than 88% year-to-date before Tuesday's jump. </p>

Carvana soars 34% after record 3rd-quarter projections and Goldman Sachs upgrade

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div>Buying a used car&#xa0;can be stressful, what with all the haggling that's involved.<p>Wouldn't it be better if you could drop a big shiny coin into a slot and watch your purchase descend like a Snickers?</p><p>The used-car dealership <a href="http://www.carvana.com/">Carvana</a> in Nashville, Tennessee, certainly thinks so (or at least thinks it's a unique enough gimmick to get you in the door).</p><p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></span></p><p>Customers begin the buying process online, where they go through the standard steps: choosing a car, getting approved for a particular financing option, and signing a contract.</p><p>As Carvana CEO Ernie Garcia <a href="Ernie%20Garcia">tells The Verge</a>, the process typically takes around 20 minutes to complete.</p><p>All that's left is to visit the dealership and&#xa0;let the robotics do the rest.</p><p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div>Instead of driving right off the lot, buyers first retrieve their car from a five-story garage, which houses 20 cars at a time. Though the cars are still priced the same as regular ones, the experience is unquestionably more fun.</span></p><p>Here's what it looks like in action:</p><p><span style="line-height: 1.5em;"><div></div></span></p><p class="embed-spacer">Carvana isn't the first dealership to use a vending machine for cars.</p><p class="embed-spacer">In 2011, Volkswagen <a href="https://www.youtube.com/watch?v=o0-b-D6TCpY">gave the world</a> its massive, silo-like&#xa0;<em>autostadt</em>, or "Car Town." In two glass towers near the company's headquarters in Wolfsburg, Germany, there are&#xa0;400 cars that can be retrieved with robotic arms shooting up the center of each tower.</p><p class="embed-spacer">Nashville has a ways to go.&#xa0;</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/china-vankes-driverless-car-robots-2015-11">The largest property developer in China is making its own driverless cars</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="h5dnBxeDoA4Uq6IKbcl8wLXfLNH6_CHN" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

This giant coin-operated vending machine dispenses cars

<p class="source"><span>CarMax</span></p><p class="caption">CarMax initiated curbside, contactless pickup in April.</p><ul class="summary-list"><li>The COVID-19 has forced car dealers to radically alter their business models in a matter of weeks.</li><li>With showrooms shut down and both customers and employees worried about safety, dealerships have embraced online sales, digital financing, and touchless deliveries in ways that they had resisted for years.</li><li>Going back to business-as-usual isn't an option. </li><li>"The consumer's behavior has undoubtedly been changed in a lasting way," said Jim Lyski, chief marketing officer of CarMax, the nation's largest used-car dealer network.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>Weekends are usually a busy time at car dealerships, with customers using their days off to shop for and often buy or lease new and used vehicles.</p><p>Over the past five years, motivated shoppers have pushed the market to record highs: since 2015, 17 million or more cars, SUVs, and pickup trucks have rolled off dealer lots and into customers' driveways and parking spaces. A combination of favorable credit conditions, extended loan terms, and the popularity of large SUVs and full-size pickups has filled the automakers' coffers; since 2010, fresh off bankruptcy, General Motors alone has booked around $100 billion in profits.</p><p>The COVID-19 pandemic has brought a drastic end to the boom. The carmakers are <a href="https://www.businessinsider.com/ford-financial-crisis-playbook-borrows-15-billion-for-coronavirus-response-2020-3">scrambling to bolster their balance sheets</a> as they've shut down all North American and European production. And car dealers are hustling to figure out how to safely sell and service vehicles while showrooms are closed in most US states.</p><p>Selling cars online seems like a no-brainer, given that people now use e-commerce to purchase everything from washing machines to groceries. Younger consumers have grown up in a one-click-to-buy world; Amazon has remade the retailing landscape. </p><p>But car dealers - despite some experiments over the past few years and the arrival of some startups, including Tesla - have clung to the old ways. </p><h2>Necessity has broken down resistance</h2><p class="source"><span>REUTERS/Carlos Barria</span></p><p class="caption">Face-to-face transactions are a problem in the pandemic.</p><p>"There was a small rate of adoption before the coronavirus," said Karl Brauer, senior director of content and executive publisher for Cox Automotive, where he manages editorial for Autotrader and Kelley Blue Book. "And then a pandemic hit. Suddenly, that wasn't a bizarre option for dealers."</p><p>Dealers' digital sluggishness was a consequence of how the business is set up in the US. The major automakers wholesales vehicles to dealers, often providing what's known in the industry as "floor-plan financing" to cover the short-term costs of inventory. The dealers themselves operate under state franchise laws; they're either independent business, often family-owned by multiple generations, or they're part of big national dealer networks, such as AutoNation, Penske Automotive Group, and CarMax, which dominates the used-car market.</p><p>Tesla is a notable exception. The all-electric automaker uses a direct-sales model, where permitted by states.</p><p>The franchise-dealer model dates to early 20th century, and although automakers have sought to displace it, they haven't succeeded. Almost all Americans buy and lease their new cars from a dealership, and they do it in-person. Despite vast changes in the rest of the commerce world, dealers still think that a consumer is more likely to do a deal if they're physically on-site.</p><p>With that tradition now completely upended, a brave new world of car sales is taking shape.</p><h2>Some dealers are in a better position than others - but they're still figuring it out</h2><p>"Approximately a year ago, we rolled out our omni-channel offering," said Jim Lyski, CarMax's chief marketing officer. "It's a highly personalized car buying-experience that lets customers do as little or as much online as they like."</p><p>He added, "A lot of consumers assume the only way to buy a car is to go to the dealership and spend hours in the finance office."</p><p>CarMax, as the largest mega-dealer in the US, is right in the middle of the pandemic. The company operates in 41 states and is accordingly subject to many different definitions of what constitutes an essential or nonessential business, as well as varying rules about which of its retail showrooms it can keep open.</p><p>According to Lyski, 50% of CarMax's stores are open, 30% are closed, and 20% are allowed to operate in limited fashion, either by appointment only or by using new curbside-pickup policy that the company rolled out in April.</p><p>Given how quickly the entire US economy and especially car dealerships have been forced to deal with a near-total  dropoff in consumer activity under shelter-in-place order implemented since mid-March, the adaptation has been rocky.</p><p>"In the very early days, there was a lot of confusion," Lyski said. "Consumer sentiment was negative."</p><p>Dealership workers were also uneasy.</p><p>"Very early, some of our associates wanted to know what we could do to protect them," he added. CarMax established a "distancing and disinfecting" protocol, sanitizing stores every day and cleaning high-touch surfaces, as well as sanitizing vehicles before and after test drives. The company also maintains six-feet of distance between showroom customers and employees, following federal guidelines.</p><p>"Our associates and customers are more comfortable now," Lyski said.</p><p>Some of their comfort is a function of necessity. Cars need to be repaired, a fact that's enabled dealerships to keep their service operations going, defined as essential by state governments. But Lyski noted that consumer attitudes are also changing. </p><p>"People are deciding that they need a vehicle," he said. "They don't want to ride on public transportation, an they don't want to take an Uber."</p><p>On the service side, Lyski said that CarMax was actually conservative when shutdowns were initially ordered.</p><p>"We were told to close, and we didn't argue about it. But after we spent some time talking to local health authorities, we opened up and implemented social distancing. In most service bays, workers are outside of six feet apart, and customers can drop off their vehicles and pick them up while also social distancing."</p><h2>A struggle for many dealerships that were committed to the traditional business</h2><p class="source"><span>Tesla</span></p><p class="caption">Tesla doesn't use the traditional franchise-dealership model, favoring direct sales.</p><p>As much as CarMax has tried to turn a crisis into an opportunity, it's been a struggle for other dealerships.</p><p>"Change is hard," said Cox's Brauer.</p><p>"If you didn't get the customer on the lot and in the car, your ability to close the deal was greatly compromised," he said. "And that's an accurate appraisal for certain demographics. The idea that you'd buy a car online is tough for people of my dad's generation. And dealer principals are also of that generation."</p><p>Brauer argued that the most shocking thing about the pandemic was its speed. There was essentially no preparation to shutting everything down. </p><p>"Everyone is now kind of figuring out their new operations. They can't be 100%, and they know 0% is a path to insolvency or bankruptcy. So they're finding a middle ground, not making the profits they'd like, but mitigating the financial crisis that would occur if they did nothing."</p><p>Some dealerships are getting cover from the automakers whose vehicles they sell. General Motors and Porsche are promoting shop-from-home programs, and <a href="https://www.businessinsider.com/car-companies-helping-consumers-during-the-coronavirus-pandemic-2020-4">many other carmakers are using the financing arms to offer good deals</a> to prospective customers and support for economically stressed buyers and leasers. </p><p>Some new players have also found themselves in a good position, due to the way their operations have always been organized. </p><h2>No turning back from the post-pandemic new normal</h2><p class="source"><span>Thomson Reuters</span></p><p class="caption">Vehicles are displayed at a Carvana dealership in Austin.</p><p>Carvana - a used-car dealer known for its "vending machine" deliveries - already had touchless sales in place before COVID-19.</p><p>With the pandemic, Carvana has been able to provide zero in-person contact, and it's enhanced its relationship with Ally to support $2-billion in digital financing for vehicles, along with a 90-day delay in making a first loan payment.</p><p>"The whole genesis of our business was to offer a broad selection at a fair price," said CEO Ernie Garcia. "Our model is very well-situated for this moment."</p><p>The big question is whether dealers will finally switch to a more 21st-century approach to selling cars when the pandemic is over - or revert to the old ways.</p><p>"The consumer's behavior has undoubtedly been changed in a lasting way," CarMax's Lyski said.</p><p>"I don't forecast the dealership going away, but the consumer is going to demand that they be able to customize the experience, not be pressed into a dealership's model. If you can't do that, you aren't going to be viable."</p><p class="tagline"><i>Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email <a href="mailto:covidtips@businessinsider.com">covidtips@businessinsider.com</a> and tell us your story.</i></p><p><i>Get the latest <a href="/coronavirus-business-impact">coronavirus business &amp; economic impact analysis</a> from Business Insider Intelligence on how COVID-19 is affecting industries.</i></p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/online-car-dealership-carvana-vending-machine-2016-10">This online car dealership lets you pick up your car from a vending machine</a></h3>

The coronavirus pandemic is pushing car dealers to change the way they sell and deliver vehicles. But not everybody is sure how to do it successfully.

<p><div class="image-container full" style="width:800px"><div class="image"><p class="source">Stuart Franklin/Getty Images</p></div></div>The <a href="http://scores.theopen.com/TeeTimes.aspx">tee times for this week's British Open</a> at Muirfield are out.</p>
<p><keyword id="20491" type="PERSON" weightage="60" keywordseo="Tiger-Woods">Tiger Woods</keyword> tees off at 9:45 a.m. eastern time on Thursday, and 4:44 a.m. eastern time on Friday.</p>
<p>He's playing with Graeme McDowell and Louis Oosthuizen. TV coverage on ESPN begins at 4 a.m. and lasts until 3 p.m., so everything will be live.</p>
<p>Here are the Thursday tee times for the other notable groups:</p>
<ul>
<li><span style="line-height: 1.5em;">3:44 a.m. — Bubba Watson, Nicolas Colsaerts, Dustin Johnson</span></li>
<li><span style="line-height: 1.5em;">4:11 a.m. — Justin Rose, Ernie Els, Brandt Snedeker</span></li>
<li><span style="line-height: 1.5em;">4:44 a.m. — Rory McIlroy, Hideki Matsuyama, Phil Mickelson</span></li>
<li><span style="line-height: 1.5em;">9:01 a.m. — Lee Westwood, Charl Schwartzel, Sergio Garcia</span></li>
<li><span style="line-height: 1.5em;">9:12 a.m. — Adam Scott, Matt Kuchar, Luke Donald</span></li>
<li><span style="line-height: 1.5em;">9:23 a.m. — Rickie Fowler, Matteo Manassero, Hunter Mahan</span></li>
<li><span style="line-height: 1.5em;">9:45 a.m. — Tiger Woods, Graeme McDowell, Louis Oosthuizen</span></li>
</ul>
<p>And for Friday, which gets going much earlier:</p>
<ul>
<li><span style="line-height: 1.5em;">4:00 a.m. — Westwood, Schwartzel, Garcia</span></li>
<li><span style="line-height: 1.5em;">4:11 a.m. — Scott, Kuchar, Donald</span></li>
<li><span style="line-height: 1.5em;">4:22 a.m. — Fowler, Manassero, Mahan</span></li>
<li><span style="line-height: 1.5em;">4:44 a.m. — Woods, McDowell, Oosthuizen</span></li>
<li><span style="line-height: 1.5em;">8:45 a.m. — Watson, Colsaerts, Johnson</span></li>
<li><span style="line-height: 1.5em;">9:12 a.m. — Rose, Els, Snedeker</span></li>
<li><span style="line-height: 1.5em;">9:45 a.m. — McIlroy, Matsuyama, Mickelson</span></li>
</ul>
<div><strong><a href="http://scores.theopen.com/TeeTimes.aspx"><span style="line-height: 22.5px;">Check out full British Open tee times here &gt;</span></a></strong></div>

Here Are Tiger Woods' Tee Times At The British Open This Week

<p>Victoria Milan, <a href="http://www.victoriamilan.us/?skip=redir">a dating site for married and attached people (...)</a>, asked its female members who the sexiest male golfers were, and <keyword id="20491" type="PERSON" weightage="60" keywordseo="Tiger-Woods">Tiger Woods</keyword> came out on top with 27% of the votes (via <a href="http://www.golfdigest.com/golf-tours-news/blogs/local-knowledge/2013/07/sexiest-golfers-british-open.html">Golf Digest</a>).</p>
<p><keyword id="39509" type="PERSON" weightage="60" keywordseo="Adam-Scott">Adam Scott</keyword> came in second with 25% of the votes.</p>
<p>This is an outrage.</p>
<p>Adam Scott became the first Australian to ever win the Masters in April and whole world fell in love with his smile. And how could you not? Scott is 32 years old and lives in Switzerland. He used to date tennis player Ana Ivonovic but they broke up last year.</p>
<p>We're guessing Tiger came out on top because of the sample of women surveyed; they're obviously into infidelity and well, Tiger.</p>
<p>Here are the <a href="http://www.golfdigest.com/golf-tours-news/blogs/local-knowledge/2013/07/sexiest-golfers-british-open.html">complete standings</a>:</p>
<p>Tiger Woods -- 27%<br /> Adam Scott -- 25%<br /> Sergio Garcia -- 14%<br /> Luke Donald -- 11%<br /> Justin Rose -- 9%<br /> Gaeme Mcdowell -- 6%<br /> Nicolas Colsaerts -- 3%<br /> Phil Mickelson -- 2%<br /> Ernie Els -- 2%<br />Rory McIlRoy -- 1%</p>
<p>But back to the photos of Scott at the Masters that show why everyone fell in love, and why he is the true sexiest golfer alive.</p>
<p>Smiling during Masters practice rounds, day 2:</p>
<p><div class="image-container display-table"><div><div class="image"><p class="source">Mike Ehrmann/Getty Images</p></div></div></div></p>
<p>Serious press conference face:</p>
<p><div class="image-container display-table"><div><div class="image"><p class="source">Mike Ehrmann/Getty Images</p></div></div></div></p>
<p>What he looks like when he plays golf:</p>
<p><div class="image-container display-table"><div><div class="image"><p class="source">David Cannon/Getty Images</p></div></div></div></p>
<p>Reacting to a missed putt, looking for hope:</p>
<p><div class="image-container display-table"><div><div class="image"><p class="source">David Cannon/Getty Images</p></div></div></div></p>
<p>He's serious about high fives:</p>
<p><div class="image-container" style="width:622px"><div class="image"><p class="source">Andrew Redington/Getty Images</p></div></div></p>
<p>He's waving to <em>you</em>:</p>
<p><div class="image-container display-table"><div><div class="image"><p class="source">Harry How/Getty Images</p></div></div></div></p>
<p>Looking good in that green jacket:</p>
<p><div class="image-container display-table"><div><div class="image"><p class="source">Andrew Redington/Getty Images</p></div></div></div></p>
<p>And, Tiger:</p>
<p><div class="image-container display-table"><div><div class="image"><p class="source">Kevin C. Cox/Getty Images</p></div></div></div></p>
<p> </p>

Tiger Woods Was Voted Sexiest Golfer At The British Open Over Adam Scott And It's An Outrage

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source"><a href="http://statigr.am/p/321116325282487437_26580678">statigr.am/priscillaramirez</a></p><p class="caption">Malala Yousafzai's "I Am Malala" was voted the best memoir from <keyword id="133644" type="UNKNOWN" weightage="60" keywordseo="2013">2013</keyword>.</p></div><p></p></div><keyword id="1619292" type="COMPANY" weightage="60" keywordseo="Goodreads">Goodreads</keyword> is out with its <a href="https://www.goodreads.com/choiceawards/best-books-2013" target="_blank">2013 Goodreads Choice Awards</a>.</p>
<p>Every year, the book recommendation site asks its users to vote for the best new book across 20 genres, from historical fiction to horror.</p>
<p>Goodreads editors first analyze statistics from the 250 million titles that were added, rated, and reviewed on the site in 2013 to nominate 15 <keyword id="5050" type="UNKNOWN" weightage="60" keywordseo="books">books</keyword> in each category. Readers are also encouraged to write-in nominations if their favorite didn't make the cut.</p>
<p>The final winners this year were then based on almost 2 million reader votes. See if your favorite book is on the list below.</p>
<p><strong>FICTION:</strong> <a href="https://www.goodreads.com/book/show/16115612-and-the-mountains-echoed?from_choice=true" target="_blank">"And the Mountains Echoed" by Khaled Hosseini</a>. From the author of "The Kite Runner" and "A Thousand Splendid Suns" comes the tale of an Afghanistan family separated by dire circumstances who struggle over half a century to find one another from Kabul to Paris to San Francisco to Greece.<strong></strong></p>
<p><strong>MYSTERY/THRILLER:</strong> <a href="https://www.goodreads.com/book/show/17212231-inferno?from_choice=true" target="_blank">"Inferno" by Dan Brown</a>. Robert Langdon is back again with more riddles, secret passageways, and classic art as he sets out to reveal the mystery behind Dante's epic poem.<strong></strong></p>
<p><strong>HISTORICAL FICTION:</strong> <a href="https://www.goodreads.com/book/show/15790842-life-after-life?from_choice=true" target="_blank">"Life After Life" by Kate Atkinson</a>. What if you could die and be reborn again? That's the question in this brilliant, multi-layered novel set in 20th century London that is as funny as it is philosophical.</p>
<p><strong>FANTASY:</strong> <a href="https://www.goodreads.com/book/show/15783514-the-ocean-at-the-end-of-the-lane?from_choice=true" target="_blank">"<em>The Ocean at the End of the Lane</em>" by Neil Gaiman</a>. An adult fairy tale at its finest, a middle-aged man remembers his magical childhood, proving that sometimes stories are able to shelter us from the harsh realities of life.</p>
<p><strong>PARANORMAL FANTASY:</strong> <a href="https://www.goodreads.com/book/show/12216302-cold-days?from_choice=true" target="_blank">"Cold Days" by Jim Butcher</a>. The 14th in the Dresden Files series, Dresden is back from the dead, but beset by magical enemies both old and new as he is forced to do the impossible: Assassinate an immortal.</p>
<p><strong>SCIENCE FICTION:</strong> <a href="https://www.goodreads.com/book/show/17262203-maddaddam?from_choice=true" target="_blank">"MaddAddam" by Margaret Atwood</a>. The third of her MaddAddam series, only a small group of humans survive after a man-made plague sweeps the earth. Now they must work together when the planet is attacked.</p>
<p><strong>ROMANCE:</strong> <a href="https://www.goodreads.com/book/show/13570854-lover-at-last?from_choice=true" target="_blank">"Lover At Last" by J.R. Ward</a>. Long-time fans of the Black Dagger Brotherhood series are finally rewarded for their patience when the unrequited love of two of Ward's best characters is finally realized.</p>
<p><strong>HORROR:</strong> <a href="https://www.goodreads.com/book/show/16130549-doctor-sleep?from_choice=true" target="_blank">"Doctor Sleep" by Stephen King</a>. Dan Torrance from "The Shining" is now a middle-aged man who must protect a 12-year-old girl against a quasi-immortal tribe that feed off the children with the "shining" in King's latest thriller.</p>
<p><strong>MEMOIR/AUTOBIOGRAPHY:</strong> <a href="https://www.goodreads.com/book/show/17851885-i-am-malala?from_choice=true" target="_blank"><em>"I Am Malala"</em> by Malala Yousafzai</a>. The highly acclaimed memoir of the young Pakistani girl who stood up to the Taliban for every girls' right to an education, was shot at point-blank range - and miraculously survived.</p>
<p><strong>HISTORY/BIOGRAPHY:</strong> <a href="https://www.goodreads.com/book/show/17262134-jim-henson?from_choice=true" target="_blank">"Jim Henson: The Biography" by Brian Jay Jones</a>. Kermit the Frog, Bert and Ernie, Miss Piggy, Big Bird. Jim Henson was the man behind The Muppets, but Jay Jones proves he was also much more in this comprehensive biography.</p>
<p><strong>NONFICTION:</strong> <a href="https://www.goodreads.com/book/show/16056498-the-autistic-brain?from_choice=true" target="_blank">"The Autistic Brain: Thinking Across the Spectrum" by Temple Grandin</a>. From a scientist on the forefront of the "autism revolution," Grandin weaves together her own experiences with new theories on what causes autism and how we can best diagnose and treat it.</p>
<p><strong>FOOD/COOKBOOKS:</strong> <a href="https://www.goodreads.com/book/show/15843172-tequila-mockingbird?from_choice=true" target="_blank">"Tequila Mockingbird: Cocktails with a Literary Twist" by Tim Federle</a>. A cocktail book for the literary obsessed, Federle combines witty names and classic books with 65 cocktails, such as the Vermouth the Bell Tolls.</p>
<p><strong>HUMOR:</strong> <a href="https://www.goodreads.com/book/show/17571007-hyperbole-and-a-half?from_choice=true" target="_blank">"Hyperbole and a Half" by Allie Brosh</a>. Out of her viral blog comes Brosh's first book that make use of her deceptively simple illustrations to tell stories that belie a dark humor and striking wit, with topics ranging from dogs to depression.</p>
<p><strong>GRAPHIC NOVELS/COMICS:</strong> <a href="https://www.goodreads.com/book/show/15789361-beautiful-creatures?from_choice=true" target="_blank">"Beautiful Creatures: The Graphic Novel" by Kami Garcia and Margaret Stohl</a>. Based on the young adult novel of the name name, the manga version of "Beautiful Creatures" is filled with stark black and white images that will satisfy and intrigue fans.</p>
<p><strong>POETRY:</strong><a href="https://www.goodreads.com/book/show/16075147-the-fall-of-arthur?from_choice=true" target="_blank"> "The Fall of Arthur" by J.R.R. Tolkien</a>. This is the world's first publication of a previously unknown work by Tolkien from the '30s which tells of the final days of King Arthur in verse alongside essays from his son Christopher.</p>
<p><strong>DEBUT AUTHOR:</strong> <a href="https://www.goodreads.com/book/show/18297707-tangled?from_choice=true" target="_blank">"Tangled" by Emma Chase</a>. This is a romance novel that revolves around New York's elite who strive for both success and love in the hilarious premier book from author Emma Chase.</p>
<p><strong>YOUNG ADULT FICTION:</strong> <a href="https://www.goodreads.com/book/show/15745753-eleanor-park?from_choice=true" target="_blank">"Eleanor &amp; Park" by Rainbow Rowell</a>. This novel about two misfit teenagers who fall in love on a bus is sweet without being saccharine. It's also a story adults can love, too.</p>
<p><strong>YOUNG ADULT FANTASY/SCI FI:</strong> <a href="https://www.goodreads.com/book/show/17383918-allegiant?from_choice=true" target="_blank">"Allegiant" by Veronica Roth</a>. The third in the dystopian Divergent series comes "Allegiant," the most outward-looking of the books that battles to comprehend the complexities of human nature in the ultimate finale for fans.</p>
<p><strong>CHILDREN'S:</strong> <a href="https://www.goodreads.com/book/show/12127810-the-house-of-hades?from_choice=true" target="_blank">"The House of Hades" by Rick Riodan</a>. Filled with Olympian gods and folklore, this book follows Percy Jackson in his latest - and most dangerous - quest in The Heroes of Olympus series.</p>
<p><strong>PICTURE BOOKS:</strong> <a href="https://www.goodreads.com/book/show/16101018-the-day-the-crayons-quit?from_choice=true" target="_blank">"The Day the Crayons Quit" by Drew Daywalt</a>. This delightful and imaginative story about crayons who have had enough will make children both laugh and color in a whole new way.</p>
<p><a href="https://www.goodreads.com/choiceawards/best-books-2013" target="_blank">See the runners up in each category over at Goodreads</a>.</p>

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