moat

“That makes its silicon a tool to deepen an existing moat, not a new business it has to sell from scratch.”

But there are two words that many on Wall Street use when describing Carvana’s business over other car-selling companies: competitive moat.

“We believe that the negative growth CarMax is experiencing is reflective of a highly competitive used-car market and demonstrates Carvana’s competitive moat.”

Falling prices are rarely good news for sellers—but when they come with millions of new patients and a bigger moat against competitors, the pain is worth it.

As you drive into Falmouth, there's still a moat of dirty looking standing water surrounding the town.