Carvana's Balance Sheet Gets a Much-Needed Tune-Up

The used car market has been disrupted by several companies in recent years, but one of them stands out. Carvana, which calls itself 'the Amazon of used cars,' has reported a significant improvement in its balance sheet.

The company's net debt has decreased to $1.3 billion from $2.4 billion last year, according to the latest quarterly report. This is a welcome development for investors who have been waiting for Carvana to show a sustained improvement in its finances.

Carvana's financial struggles were well-documented last year. The company was forced to issue debt to raise capital and cover operating costs. However, it seems that the measures taken by management have started paying off.