Strong and steady
- Congratulations to 500-backed integrated car e-commerce platform CARSOME for achieving another stellar quarter, and their most successful one yet!
- In Q2 2024, the team traded about 35,000 vehicles, achieving a 9% quarter-on-quarter (QoQ) growth to above US$310M, and a 3x increase in EBITDA.
- CARSOME also announced various new financing partnerships, such as with Ambank Group and Maybank, which will provide over ~US$46.24M in new working capital to support the team’s expansion plans.
- Leveraging on this strong momentum, the team plans to accelerate their financing, insurance, aftersales, and other ancillary offerings to continue providing dealers and customers with a comprehensive one-stop solution.
- Co-founder, Chairman & Group CEO Eric Cheng shared, “This quarter’s results are a continuation of our profitable growth strategy. Our GPU (Gross Profit per Unit) is up by more than 5% QoQ, even as customer acquisition costs continue to come down significantly, which is a testament to our strong execution, our value proposition, and our brand equity. We will continue on this path and remain on track to deliver a record year.”
- He also shared his excitement for Carsome Capital and the opportunities to expand their ancillary offerings: “With the additional financing support and our demonstrated capabilities, we are well-positioned to leverage our scale to expand this business further. This will allow us to better serve current and new customers throughout their vehicle ownership journey, keeping CARSOME top-of-mind,” he added.
- Read the full story on TechNode Global.
