Feb 22, 2017

Beepi once lost $29,500 on a single used car

Perhaps there were some warning signs about used car marketplace Beepi, well before the company abruptly shut down last week after a failed merger. It seems that Beepi once lost nearly $30,000 on a single car, according to research done by rival (and still active) startup Carlypso.

The deal: Beepi apparently purchased a black 2012 Mercedes-Benz CL550 in February 2014 for $78,076. It sold the car more than 540 days later in August 2015 for $48,500β€”taking a $29,576 loss.

How did this happen? Beepi guaranteed that it would purchase any cars that didn't sell within 30 days after listing, which is how it ended up with the pricey Mercedes to begin with. Carlypso's theory is that Beepi ended up in this mess from a combination of questionable market data and not moving fast enough to adjust the car's price as it was depreciating.

More than this one: Axios had heard from one industry source that up to one-third of the Beepi's cars were sold at a loss, although that may have improved in its final months of operation.

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Trump to install loyalist Ric Grenell as acting intelligence chief

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President Trump confirmed in a tweet Wednesday night that he will install Richard Grenell, the current U.S. ambassador to Germany and a staunch defender of the president, as the acting director of national intelligence.

Why it matters: The role, which was originally vacated by Dan Coats in August 2019, is one of grave responsibility. As acting DNI, Grenell will be charged with overseeing and integrating the U.S. intelligence community and will advise the president and the National Security Council on intelligence matters that concern national security.

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What to watch in the Nevada debate

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Michael Bloomberg's wealth will fuel rather than shield him from tests and attacks when he makes his Democratic primary debate debut on the stage tonight in Las Vegas.

The state of play: Bernie Sanders is still the front-runner. So the other candidates must weigh which of the two presents a bigger threat to their viability: Sanders, with his combined delegate, polling and grassroots momentum? Or Bloomberg, with his bottomless budget?

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