Interesting article in AutoRemarketing today,
"Carvana marches toward becoming ‘largest, most profitable’ retailer"
Excerpt:
(P)resident, and chief executive officer Ernie Garcia III...
“Third quarter was our 23rd quarter of triple-digit revenue growth, and a 250% growth in the number of cars we bought from customers,” he said.
Carvana dealerships retailed 46,413 units in the quarter, an 83% increase, driving total revenue to $1.95 billion, an increase of 105%. “We’ve built something our customers love,” Garcia said, noting that in seven years Carvana has grown to become the third-largest retailer of used cars in the U.S.
Garcia said that Carvana in the third quarter:
- Bought 70% more cars from customers as sold to them
- Sourced 31% of retail cars from Carvana customers
- Improved gross per unit from $1,000 to $3,000, and margin by 20%
In its third-quarter performance news release and Letter to Shareholders, Carvana reported, yearover year (unless noted), that it:
- Retailed 46,413 vehicles, an 83% increase
- Increased vehicles purchased from customers by 249%, up from 188% in second quarter
- Earned $1.095 billion in revenue, a 105% increase
- Served 72,000 customers, up from 60,000 the prior quarter
