Carvana said it is scaling its used auto marketplace as it purchased 32,000 vehicles and sold 46,413 and saw revenue in the third quarter check in at $1.09 billion, up 105% from a year ago.
That revenue was the 23rd consecutive quarter with triple digit growth rates. The company reported an adjusted third quarter loss of .56 cents a share and .78 cents a share under general accepted accounting principles.
Wall Street was looking for Carvana to report third quarter revenue of $1.01 billion with a non-GAAP loss of 40 cents a share.
Carvana said it will deliver 2019 revenue of $3.85 billion to $3.95 billion with retail unit sales of 174,000 to 176,000. Adjusted gross profit per unit will be $2,825 to $2,875. For 2019, Wall Street was expecting Carvana to report revenue of $3.77 billion.
In a shareholder letter, CEO Ernie Garcia and CFO Mark Jenkins said they would invest to smooth out the business model and buy more cars. To that end, Lyft is launching a new pilot of its Ditch Your Car program in partnership with Carvana. Lyft is prodding city dwellers to sell their personal cars on Carvana's platform in Los Angeles, San Francisco and Chicago. Lyft is giving car sellers $250 of Lyft credit and three months of free membership to Lyft Pink. The Lyft pilot may give Carvana more car purchasing throughput.
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