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.