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Carvana’s Success Rides on Used-Car Loans

admin by admin
August 15, 2021
in Loans
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Carvana’s Success Rides on Used-Car Loans

Part of the attraction to investors: selling cars is only part of what makes Carvana money. In the second quarter, around 36% of the company’s gross profit per unit came from selling loans it made to customers to buy the cars. Retail sales accounted for 39% of gross profit per unit, Carvana’s preferred earnings measure. Other types of income, including from vehicle-servicing contracts, made up the rest.

Last quarter, the loan surge helped Carvana earn its first ever quarterly profit.

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