Carvana Co. reported a significant increase in financial performance for the first quarter ended March 31, 2024. The company's net sales and operating revenues rose by 17.5% to $3.061 billion compared to $2.606 billion in the same period last year. Retail vehicle sales, the largest revenue source, grew by 19.0% to $2.175 billion, while wholesale sales and revenues saw a 6.3% increase to $657 million. Other sales and revenues, which include gains on loan sales and commissions on ancillary products, jumped by 42.2% to $229 million. Total gross profit surged by 73.3% to $591 million, with retail vehicle gross profit experiencing a substantial 157.3% increase to $283 million. The company sold 91,878 retail vehicles, marking a 15.9% rise from the previous year, and wholesale vehicle unit sales increased by 25.8% to 44,155 units. Carvana's business development was...Show More

Carvana Co. reported a significant increase in financial performance for the first quarter ended March 31, 2024. The company's net sales and operating revenues rose by 17.5% to $3.061 billion compared to $2.606 billion in the same period last year. Retail vehicle sales, the largest revenue source, grew by 19.0% to $2.175 billion, while wholesale sales and revenues saw a 6.3% increase to $657 million. Other sales and revenues, which include gains on loan sales and commissions on ancillary products, jumped by 42.2% to $229 million. Total gross profit surged by 73.3% to $591 million, with retail vehicle gross profit experiencing a substantial 157.3% increase to $283 million. The company sold 91,878 retail vehicles, marking a 15.9% rise from the previous year, and wholesale vehicle unit sales increased by 25.8% to 44,155 units. Carvana's business development was highlighted by its leading e-commerce platform for buying and selling used cars, offering a wide selection, transparent pricing, and a simple transaction process. The company's vertically integrated supply chain and comprehensive online sales experience have been key drivers of its success. Looking ahead, Carvana plans to continue investing in technology and infrastructure to support efficient growth in retail units sold, with a focus on driving profitability through efficiency gains and other initiatives. The company aims to increase brand awareness and total gross profit per unit through strategies such as increasing vehicle purchases from customers, reducing average days to sale, leveraging existing inspection and reconditioning infrastructure, expanding logistics networks, and optimizing purchasing and pricing.