Carvana Q1 Profit Rises to 405 Million on Used Car Demand
The retailer reported a net income of 405 million dollars as buyers sought affordable used models. Revenue rose to 6.43 billion dollars in the first quarter.
CARVANA CO reported first-quarter net income of $405 million on Wednesday, rising from $373 million a year earlier. Quarterly revenue climbed to $6.43 billion from $4.2 billion as used-car demand persisted in the United States. High new-vehicle prices near $50,000 are driving buyers toward affordable preowned models, boosting the online retailer's market share.
### Affordability Gap Drives Volume Used-car demand remains elevated because the average new vehicle price hovers near $50,000. CARVANA CO reported a quarterly profit per share of $1.69 based on 148 million Class A shares. This performance follows a 67% increase in the retailer's share price over the past 12 months.
