Summary by Moomoo AI
Carvana, the leading e-commerce platform for buying and selling used cars, faced a challenging year in 2023 with a 24.1% decrease in retail vehicle sales to 312,847 units, compared to 412,296 in the previous year. This decline was attributed to profitability initiatives and macroeconomic impacts, including high interest rates. Despite the decrease in volume, the company focused on profitability and efficiency, with plans to invest in technology and infrastructure to support growth in retail units sold. Carvana's revenue from retail vehicle sales dropped to $7.5 billion in 2023 from $10.3 billion in 2022. Wholesale sales and revenues also saw a decrease to $2.5 billion in 2023 from $2.6 billion in 2022. However, other sales and revenues, which include gains on sales of loans and ancillary products, slightly increased to $753 million...Show More
