Carsome Group Inc, Southeast Asia’s largest integrated car e-commerce platform, announced Wednesday its most successful quarter to date.
In the second quarter of 2024 (2Q2024), Carsome said it maintained its leadership position with about 35,000 vehicles traded and grew revenue by 9 percent quarter-on-quarter (q-o-q) to above $310 million.
The gross margin achieved was over 10 percent, and EBITDA increased over 3x q-o-q. This continues the profitable growth momentum that Carsome first achieved in December 2023 despite the challenging macro market backdrop.
Malaysia-headquartered Carsome also announced various new financing partnerships, such as with Ambank Group and Maybank, which will provide over MYR200 million ($46.24 million) in new working capital lines to support Carsome’s expansion plans.
Carsome intends to leverage its market-leading scale to accelerate its financing, insurance, aftersales, and other ancillary offerings to provide its dealers and customers with a comprehensive one-stop solution.
Eric Cheng, Carsome’s Co-founder, Chairman and Group Chief Executive Officer, stated, “This quarter’s results are a continuation of our profitable growth strategy. Our GPU (Gross Profit per Unit) is up by more than 5 percent q-o-q, 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.”
“I am honored by the support from our banking partners, and I am very excited about Carsome Capital and the opportunities to expand our ancillary offerings. We have established a strong operational track record empowered by a robust in-house origination and underwriting capability, with NPL below 2 percent for retail and 0.1 percent for
wholesale,” he said in a statement on Wednesday.
“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.
With operations across Malaysia, Indonesia, Thailand, Singapore, and the Philippines, Carsome aims to digitize the region’s used car industry by reshaping and elevating the car transaction and ownership experience.
Together with subsidiary brands iCar Asia, WapCar, and CarTimes, Carsome provides end-to-end solutions to consumers and used car dealers across the decision funnel, from car content consumption, car inspection, and ownership transfer to financing and other ancillary services, promising to bring trust, transparency, and choice to its customers, the company said.
Malaysia’s Carsome secures $21M financing facility from Ambank