CARSOME records first quarterly profit, crosses 500,000 cars sold milestone

CARSOME Group Inc, reported its first quarterly positive earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 2024.

The company also marked a notable milestone, surpassing 500,000 cars sold since its establishment in 2015. Last year, the Group sold over 150,000 cars.

A substantial factor contributing to CARSOME's profitability is a 48% year-on-year increase in Gross Profit Per Unit (GPU), primarily attributed to improved transaction margins and utilization of AI-driven pricing strategies. The integration of data analytics, digitalization, and automation across its ecosystem, including ancillary services such as financing and aftersales, has notably boosted ancillary income per unit by over 80% in 2023.

Operational efficiencies contributed a 37% reduction in Customer Acquisition Costs (CAC).

CARSOME Capital, the Group's financing and insurance arm, reported an over 80% increase in 2023’s revenues, resulting in a threefold increase in Profit Before Tax (PBT).

“The profitability milestone is not just a financial metric; it validates our business model and underscores our potential for long-term success. Having achieved profitability, we are poised for sustained growth, capitalizing on the considerable scale of our business in the region. We are strategically expanding our services across the industry value chain, uniquely underpinned by our ownership of transactions—a distinct advantage in Southeast Asia. This is to provide our customers with peace of mind throughout the entire lifecycle of their ownership experience as we ensure end-to-end control of quality of services,” said CARSOME’s Co-Founder, Chairman, and Group CEO, Eric Cheng.