The Used-Car Dealer of Last Resort That Private Equity Bailed On

Most American car dealerships look the same: a large flat-roofed building surrounded by a sprawling lot full of shined-up cars and trucks, with the flashiest, least-attainable model parked on a corner pedestal. Byrider, a chain with 128 locations selling used cars to people with bad credit, veers from this format in a couple of notable ways. Unlike other dealers’ big, plate-glass showroom windows, Byrider’s windows are smaller and heavily tinted. And behind most Byrider locations is a lot surrounded by a barbed-wire-topped fence bearing a sign saying the cars inside are “NOT FOR SALE.” Some await repairs; others have ...