Summary by Moomoo AI
Carvana Co., a leading e-commerce platform for buying and selling used cars, reported financial results for the third quarter ended September 30, 2024. The company saw a significant increase in retail vehicle sales, which rose to $2.5 billion, up from $1.9 billion in the same period the previous year. This was primarily due to a 34.2% increase in the number of retail vehicles sold. Wholesale sales and revenues also increased, reaching $786 million compared to $610 million in the prior year, driven by a higher number of wholesale units sold. Other sales and revenues, which include gains on loan sales and commissions on ancillary products, rose to $326 million from $214 million. The company's total gross profit surged by 67.4% to $807 million. Carvana's business development was marked...Show More
