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Carvana Pits Tiger Cubs Against Jim Chanos After 90% Plunge

The used-car retailer’s crash leaves some analysts questioning whether it’s really a disruptor.

A Carvana “vending machine” in Novi, Michigan.

A Carvana “vending machine” in Novi, Michigan.

Photographer: Emily Elconin/Bloomberg
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An up-and-comer trying to become the Amazon of auto retailing is learning the hard way that, for all their digital shortcomings, American car dealers are formidable foes.