Carvana has entered its 83rd market, and it’s one that arguably is as ripe for ecommerce ventures as any.
The online car retailer said Tuesday it has expanded into the San Francisco and San Jose, Calif., markets, giving Carvana a presence in the Bay Area and Silicon Valley.
This move marks Carvana’s seventh market in California.
“San Francisco and San Jose residents have long been known as early technology adopters,” Carvana founder and chief executive Ernie Garcia said in a news release.
“We’re looking forward to meeting their demand for smart consumer technology with our easy, transparent online car buying option,” he said.
Last month, Carvana released its financial results for the third quarter.
The company sold 25,324 units, a 116-percent increase from the year-ago period. Carvana reported revenue of $535 million (up 137 percent) and $57 million in total gross profit (up 181 percent). Net loss was at $64.4 million, with $48.4 million attributable to non-controlling interests and $16 million attributable to Carvana Co.
“We had a great quarter. We had our 19th consecutive quarter of triple-digit year-over-year unit and revenue growth. To put that growth in perspective, we delivered more cars to our customers in Q3 than we did in all of 2015 and 2016, combined,” Garcia said in a news release on the results.
“We also continued to drive meaningful improvements in GPU, compounding our progress on our path to profitability while simultaneously preparing for the significantly increased volume we expect in the first half of 2019,” he said. Customers continue to enthusiastically respond to our offering, and we have our eyes firmly fixed on our mission to change the way people buy cars.”
A full rundown on Carvana’s Q3 results can be found in its letter to shareholders here.