PETALING JAYA: Online used car platform Carsome Group Inc reported a 9% quarter-on-quarter (q-o-q) increase in revenue for the second quarter of 2024 (2Q24), reaching over US$300mil.
In a statement, Carsome claimed that it has maintained leadership position within Southeast Asia with about 35,000 vehicles traded during the quarter.
It said gross profit margin exceeded 10%, resulting in a more than threefold increase in earnings before interest, taxes, depreciation, and amortisation (EBITDA) compared to the previous quarter.
“This continues the profitable growth momentum that Carsome first achieved in December 2023 despite the challenging macro market backdrop,” it noted.
Meanwhile, Carsome is optimistic about its new financing partnerships, including those with AmBank Group, Maybank, and others, which will provide over RM200mil in new working capital to support its expansion plans.
Carsome said, in particular, it intends to leverage its market-leading scale to accelerate its financing, insurance, aftersales, and other ancillary services, aiming to provide dealers and customers with a comprehensive one-stop solution.
With the funds, its co-founder Eric Cheng said Carsome will continue to ramp up its ancillary business, including Carsome Capital, the trusted financial arm offering financing solutions for retail customers and used car dealers, and will explore opportunities to expand its ancillary offerings.
He highlighted that the group has achieved an non-performing loan (NPL) of below 2% for retail and 0.1% for wholesale, thanks to its robust in-house origination and underwriting capabilities.
“With the additional financing support and our demonstrated capabilities, we are well-positioned to leverage our scale to expand this business further,” Cheng, who is also the chairman and group chief executive officer, noted.
