CARSOME hits first quarterly profit in 2024 with over 500,000 cars sold to date

CARSOME Group Inc is proud to announce its first quarterly EBITDA positive result for the first quarter of 2024.

Picking up the pace from its achievements at the end of 2023, CARSOME solidifies itself as Southeast Asia's largest used car platform by transaction and sale by demonstrating key results and performances for sustainable long-term profitability growth.

2024 also marked the year when CARSOME crossed the 500,000 cars sold since it began operations back in 2015 - a clear indicator of growth considering the fact that the 100,000th car sold was achieved in 2021. In 2023 alone, CARSOME managed to sell over 150,000 cars.

This also marked a significant increase in the company's Gross Profit Per Unit (GPU) which showed an increase of 48% year-on-year not only thanks to the rise in vehicle transactions, but also the implementation of CARSOME's AI-driven Pricing Engine.

Other major factors that have contributed to these significant growths are the integration of data analytics, digitalization, and automation across the ecosystem, and other services provided through CARSOME Capital as well as CARSOME Aftersales.

According to Eric Cheng, CARSOME's Co-FOunder, Chairman, and Group CEO, "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," added Mr Cheng.

CARSOME is an online used car platform that offers a trustworthy and worry-free experience for those looking for quality used cars. All CARSOME Certified cars go through a strict 175-point inspection as well as the state-of-the-art refurbishment process done at the CARSOME Certified Lab.

All prices shown are fixed with no hidden fees paired with a one-year warranty for added peace of mind. There's also a 5-day money-back guarantee just in case there's a change of heart. To browse through all the CARSOME Certified cars on offer, CLICK HERE.