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

Revenue grew 9% QoQ to above USD310million in 2Q2024, with more than 3x QoQ EBITDA increase
Strengthened its clear market leadership position in Southeast Asia, having traded 35,000 cars in 2Q2024, significantly ahead of competitors
Continues to ramp up ancillary business, supported by new financing lines from banking partners

Petaling Jaya, 11 September 2024 – CARSOME Group Inc (CARSOME or The Group), Southeast Asia’s largest integrated car e-commerce platform, today announced its most successful quarter to date. In 2Q2024, CARSOME maintained its leadership position with about 35,000 vehicles traded and grew revenue by 9% quarter-on-quarter (QoQ) to above USD310million (approximately RM1.3billion). The gross margin achieved was over 10%, and EBITDA increased over 3x QoQ. This continues the profitable growth momentum that CARSOME first achieved in December 2023 despite the challenging macro market backdrop.

In line with the strong results, CARSOME announced various new financing partnerships, such as with Ambank Group and Maybank, which will provide over RM200million in new working capital lines to support CARSOME’s expansion plans. In particular, CARSOME intends to leverage its market-leading scale to accelerate its financing, insurance, aftersales, and other ancillary offerings to provide its dealers and customers with a comprehensive one-stop solution.

Eric Cheng, CARSOME’s Co-founder, Chairman and Group Chief Executive Officer, stated, "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.”

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