Daily Markup #988: Carsome reaches significant milestone of first quarterly positive EBITDA and marks 500,000+ cars sold since 2015

Photo credit: Carsome

Shifting into a new gear

  • 500-backed used car marketplace Carsome has achieved a quarterly positive EBITDA (earnings before interest, taxes, depreciation, and amortization) for the first time in Q1 2024.
  • In a statement, the company credited part of this milestone to a significant improvement in gross profit per unit, which rose 48% year on year.
  • “While we are on track to achieve the group’s first full-year profitability this year, we are also continuing our long-term vision of driving profitable growth and extending our leadership in the region and the industry,” shared Co-founder & CEO Eric Cheng.
  • He added that the untapped potential in Carsome’s market is immense.
  • The company also claims to have sold 500,000+ cars since launching in 2015, with 150,000 of them sold last year.
  • Meanwhile, the company further reports revenues from Carsome Capital surged 80%+ in 2023, marking the second year in a row of net profits for Carsome’s financing and insurance arm.
  • Read the full story on Tech in Asia.


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