CARMEL, Ind. — Nearly 50 people will be out of a job by the end of the year as Byrider deals with ongoing economic woes.

On Monday, Byrider sent a letter to the Indiana Department of Workforce Development ahead of a mass layoff. 43 people in a variety of corporate-level positions at its Carmel, Indiana headquarters will be laid off as of December 30.

In its notice, Byrider cited economic conditions as the reasoning behind the mass layoff. The Associated Press reports that prices on new and used vehicles remain 30% to 50% above where they were when the pandemic erupted. 

Higher borrowing rates have only compounded the problem. The Associated Press reports since the Federal Reserve began increasing rates in March, the average new vehicle loan has gone up nearly 2 percentage points, from 4.5% to 6.3% in October, according to the Edmunds.com auto site. Used vehicle loans are up 1.5% to 9.6%.

The following positions are impacted by this mass layoff:

A company representative provided the following response:

Byrider, like many companies, is still dealing with the financial impact of the COVID-19 pandemic, rising interest rates, increased inventory and operational costs, inflation, etc. As a result, we have made difficult decisions to reduce some of our company store operations to better position the company for long-term success.