Carvana started May picking up right where it left off in April.
The online auto retailer, which also shared quarterly results last week, made nine market expansion announcements over the course of Wednesday and Thursday.
The moves included its first forays into Oregon, Washington and Mississippi, and further growth in Louisiana.
That followed late April moves to broaden its presence in Alabama, Florida and Utah, with a combined seven new markets in those states.
In the last two weeks, Carvana has added 16 new markets. Carvana began the year by adding six new markets and one new vending machine in the first quarter.
As for last week’s growth, Carvana added these markets:
- Hammond, La.
- Houma, La.
- New Orleans
- Gulfport, Miss.
- Salem, Ore.
- Eugene, Ore.
- Albany, Ore.
- Portland, Ore.
- Longview, Wash.
With these additions, Carvana’s services now include 288 markets.
In a letter to shareholders included with the earnings, Carvana said its footprint now covers all major regions of the U.S. (thanks to the addition of the Pacific Northwest) and 77.4% of the U.S. population.
“In 2021, we continue to expect to increase our population coverage to 78%-80% while serving more than 300 markets by year-end … From here, our path to 95% population coverage will primarily consist of opening smaller fill-in markets,” the company said in its shareholder letter.
Carvana retailed 92,457 vehicles in the first quarter, beating year-ago figures by 76%. Its revenue climbed 104% year-over-year to $2.245 billion, with total gross profits of $338 million (up 145%).
Carvana reported a net loss of $82 million, compared to a net loss of $184 million a year ago
“First quarter results were exceptional across all key metrics. We delivered triple-digit revenue growth and record retail unit sales while simultaneously increasing GPU and driving operating leverage,” Carvana founder and chief executive officer Ernie Garcia said in a news release. “While we are extremely proud of these results, we are even prouder of the team that got us here, of the business we have built together, and of the great experiences that we deliver to our customers.”
Source : AutoFinanceNews
