BUZZ-Carvana down for second day on auto sector woes

Reuters

Oct 23

BUZZ-<a href="https://laohu8.com/S/CVNA">Carvana</a> down for second day on auto sector woes

** Shares of online used-car dealer Carvana CVNA.N dip 1.9% to $320.66 following 8% drop a day earlier amid growing concerns about auto loans

** Subprime lender PrimaLend Capital Partners, which also serves the "buy-here-pay-here" auto financing market, filed for bankruptcy protection on Wednesday

** Auto lender Tricolor Holdings filed for Chapter 7 bankruptcy in September; Subprime lender First Brands filed for bankruptcy protection late in Sept, raising fears of stress in credit markets

** Prominent short-seller Jim Chanos said CVNA "raises a lot red flags" and expressed concerns about company's subprime auto loans after bankruptcy of Tricolor, in a Bloomberg interview on Wed

** He also pointed to Carvana's ties to its loan servicer Bridgecrest and said "we just don't have complete transparency as to what's going on"

** Shares of peer Sonic Automotive SAH.N plummets 11% after Q3 profit miss

** CVNA up about 58% YTD

(Reporting by Tharuniyaa Lakshmi and Avinash P in Bengaluru)

((tharuniyaa@thomsonreuters.com))

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