Carvana Expecting Record Performance in Q3
September 22 2020 - 7:50AM
Business Wire
Carvana Co. (NYSE: CVNA), a leading eCommerce platform for
buying and selling used cars, continues to build momentum this
quarter on its journey toward becoming the largest and most
profitable automotive retailer.
Carvana is proud to announce today that it expects to achieve
company records in performance across several important metrics in
Q3 2020, including:
- Retail units sold
- Total revenue
- Total gross profit per unit
- EBITDA margin
Moreover, the company expects to be approximately EBITDA
breakeven this quarter.
“The momentum that we saw in the second quarter accelerated into
the third, leading to record performance for Carvana in metrics
that demonstrate strong progress both in growth and towards
profitability,” said Ernie Garcia, Carvana founder and CEO.
“Hitting these records while continuing to provide the exceptional
customer experiences we’ve become known for and adjusting to all
the change that 2020 has brought us speaks to the quality of people
we have at Carvana and to their tireless focus on our
customers.”
Carvana remains focused on its mission to change the way people
buy cars and excited to continue delivering unparalleled
experiences to customers. This quarter represents significant
progress on that mission, and the company looks forward to
achieving many more records in the future.
About Carvana Co.
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA)
mission is to change the way people buy cars. By removing the
traditional dealership infrastructure and replacing it with
technology and exceptional customer service, Carvana offers
consumers an intuitive and convenient online car buying and
financing platform. Carvana.com enables consumers to quickly and
easily shop more than 15,000 vehicles, finance, trade-in or sell
their current vehicle to Carvana, sign contracts, and schedule
as-soon-as-next-day delivery or pickup at one of Carvana’s
patented, automated Car Vending Machines.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect Carvana’s current
expectations or beliefs regarding its financial performance in the
third quarter of 2020. These statements may be preceded by,
followed by or include the words “aim,” “anticipate,” “believe,”
“estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,”
“plan,” “potential,” “project,” “projection,” “seek,” “can,”
“could,” “may,” “should,” “would,” “will,” the negatives thereof
and other words and terms of similar meaning. Forward-looking
statements include all statements that are not historical facts.
Such forward-looking statements are subject to various risks and
uncertainties. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially
from those indicated in these statements. There is no assurance
that any forward-looking statements will materialize. You are
cautioned not to place undue reliance on forward-looking
statements, which reflect expectations only as of this date.
Carvana does not undertake any obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments, or otherwise, except as required
by law. We have not yet finalized our operating results for the
three months ending September 30, 2020. While we are currently
unaware of any items that would change our expectations set forth
above, it is possible that we or our independent registered public
accounting firm may identify such items as we complete our earnings
results and prepare our interim financial statements for the third
quarter of 2020. Our independent registered public accounting firm
has not performed any procedures with respect to these expected
financial results set forth above. Accordingly, undue reliance
should not be placed on these expectations. These expectations are
subject to significant risks and uncertainties, including the
effects of the COVID-19 pandemic on our business and macroeconomic
factors beyond our control, and should be read together with “Risk
Factors,” “Forward-Looking Statements” contained in our annual and
quarterly reports filed with the Securities and Exchange
Commission. In addition, expected or actual results for the third
quarter of 2020 are not indicative of future results for any future
period, and reflect seasonality in our business and macroeconomic
factors that may not pertain in future periods.
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version on businesswire.com: https://www.businesswire.com/news/home/20200922005537/en/
Investor Relations: Mike Levin investors@carvana.com
or
Media Contact: Amy O’Hara press@carvana.com
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