CARSOME Delivers Record 2Q2024 Results and Announces RM200mil New Financing Partnerships to Drive Further Profitable Growth

CARSOME Group Inc., Southeast Asia’s largest car e-commerce platform, announced its most successful quarter yet in 2Q2024. The company traded around 35,000 vehicles and achieved a 9% quarter-on-quarter (QoQ) revenue growth, surpassing USD310 million (about RM1.3 billion).

Despite the tough macroeconomic environment, CARSOME maintained a gross margin above 10%, with EBITDA growing over three times compared to the previous quarter. This milestone continues the profitable growth streak that began in December 2023.

To further bolster its expansion, CARSOME has formed new financing partnerships with Ambank Group and Maybank, securing over RM200 million in additional working capital. These partnerships will help fuel the company’s growth in financing, insurance, aftersales, and otherrelated services, enhancing its ability to offer a one-stop solution for dealers and customers.

Eric Cheng, CARSOME’s Co-founder, Chairman, and Group CEO, attributed the strong performance to the company’s effective strategies and brand strength, saying:

"This quarter’s results are a continuation of our profitable growth strategy. Our GPU (Gross Profit per Unit) is up by more than 5% QoQ, even as customer acquisition costs continue to come down significantly, which is a testament to our strong execution, our value proposition, and our brand equity. We will continue on this path and remain on track to deliver a record year.”

“I am honored by the support from our banking partners, and I am very excited about CARSOME Capital and the opportunities to expand our ancillary offerings. We have established a strong operational track record empowered by a robust in-house origination and underwriting capability, with NPL below 2% for retail and 0.1% for wholesale. With the additional financing support and our demonstrated capabilities, we are well-positioned to leverage our scale to expand this business further. This will allow us to better serve current and new customers throughout their vehicle ownership journey, keeping CARSOME top-of-mind," he said.