Amazon to launch online vehicle sales in 2024, and CarMax, Carvana stocks dive

Amazon.com Inc.
AMZN,
-0.61%
announced Thursday that it will launch online vehicles sales in the U.S., starting in 2024 with sales of Hyundai Motor Co.
005380,
+1.26%
vehicles. That sent shares of auto retailers CarMax Inc.
KMX,
-7.46%
and Carvana Co.
CVNA,
-8.14%
diving in afternoon trading. Amazon said that starting in 2024, auto dealers will be able to sell vehicles in Amazon’s U.S. store for the first time. The e-commerce giant didn’t mention other vehicle makers that it will partner with next. Amazon’s stock slipped 0.4% in afternoon trading. Meanwhile, CarMax’s stock dropped 6.4% and Carvana shares slumped 8.3%; just before Amazon made its announcement, CarMax’s stock was down 4.8% and Carvana shares were down 4.0%.