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

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 by continued investment in technology and infrastructure to support efficient growth in retail units sold. The company's future plans include focusing on efficiency gains and profitability initiatives while investing in vehicle acquisition, reconditioning, and logistics network expansion. Carvana's market coverage expanded to 316 metropolitan areas, servicing 81.1% of the U.S. population. The company's liquidity resources, including cash and cash equivalents, stood at $871 million, with additional availability under short-term revolving facilities amounting to $1.5 billion.