- Carsome conquers automotive e-commerce challenges.
- Profitability surges through strategic partnerships
- Revenue climbs despite market headwinds
Revving Up Revenue Engines
Malaysia’s Carsome Group has demonstrated remarkable resilience in the automotive e-commerce space, posting impressive financial results for Q3 2024.
The company reported total revenues of $305 million, achieving over a 10% gross margin despite a 20% decline in new car sales volume during September.
Navigating Market Turbulence
The company’s strategic approach has yielded significant gains, including a threefold increase in adjusted EBITDA quarter-on-quarter and a 26% rise in ancillary income.
By optimizing gross margins and maintaining transaction scale, Carsome boosted gross profit per unit by 16%, setting the stage for its first potentially profitable full year.
Accelerating Growth Strategies
CEO Eric Cheng highlighted the company’s disciplined performance, emphasizing expanded banking partnerships that increased funding pipelines by 34%. These strategic moves have positioned Carsome to offer enhanced product and service options, demonstrating the company’s commitment to sustainable growth in the competitive Southeast Asian automotive market.
