Used-car market faces a bumpy ride

A dearth in the supply of new cars is continuing to wreak havoc on the used-car market. Soaring prices coupled with rising interest rates and inflation have also hit the industry hard.

The nation's largest online used-car retailer, Arizona-based Carvana, has seen its shares fall nearly 90% since November and has laid off thousands of staff.

Michelle Krebs, an executive analyst at Cox Automotive, explains what's driving the problems at Carvana and beyond.