In his third-quarter earnings conference call with investors, Co-Founder, President, and Chief Executive Officer Ernie Garcia III reiterated that promise.
“Third quarter was our 23rd quarter of triple-digit revenue growth, and a 250% growth in the number of cars we bought from customers,” he said.
Carvana dealerships retailed 46,413 units in the quarter, an 83% increase, driving total revenue to $1.95 billion, an increase of 105%.
“We’ve built something our customers love,” Garcia said, noting that in seven years Carvana has grown to become the third-largest retailer of used cars in the U.S.
Garcia said that Carvana in the third quarter:
In its third-quarter performance news release and Letter to Shareholders, Carvana reported, yearover year (unless noted), that it:
“Certainly, we benefited from retail sourcing from consumers in the third quarter relative to second quarter and year over year. That said, there were a number of offsets. If we look sequentially, those offsets included high wholesale prices in second quarter and the early part of Q3, followed by relatively high depreciation rates in the latter part of Q3, which had an impact on our vehicle margin,” said Mark Jenkins, chief financial officer.
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