Carvana Barred From Selling Vehicles In Raleigh, N.C., Area Until January

North Carolina has suspended online used-car retailer Carvana Co. from selling cars in the Raleigh area until January next year, after a state investigation determined that it failed to deliver titles to the motor vehicle department and sold cars without state inspections.

The state motor vehicles department has revoked Carvana’s dealer license for its Wake County location until Jan. 29, The state attorney general’s office said Wednesday. The Tempe, Ariz.-based company also has agreed to pay a civil penalty of $500 and an administrative hearing fee of $200, according to court documents.

The penalty was part of an agreement Carvana reached earlier this month with state officials, following a probe by the North Carolina’s Division of Motor Vehicles.

A spokeswoman for Carvana confirmed the details of the agreement and suspension, but didn’t have an immediate comment.

The company’s stock was trading at $361.10 a share Wednesday midday, down 2.4%.