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Carvana stock sees steep decline amid pressures on the used car market

Yahoo Finance's Akiko Fujita discusses why Carvana stock is crashing on Wednesday.

Video Transcript

AKIKO FUJITA: Want to highlight one trending ticker we've been watching very closely today. Shares of Carvana seeing steep declines, hitting a new low this morning, following-- or we should say falling below $5 a share for the first time since going public five years ago.

Pressure on the online used car retailer mounting following a Bloomberg report that its largest creditors, including Apollo Global Management, have signed a deal binding the firms to act together in negotiations with the company that has raised speculation of a potential bankruptcy or debt restructuring for the embattled retailer.

On Wednesday, we should point out Wedbush joining a growing list of analysts to downgrade the stock from neutral to underperform, and then cutting its price target from $9 to $1 a share. We should note Apollo Global Management is the parent company of Yahoo.