Carsome has announced its financial results for the second quarter of 2024, recording a 9% increase in revenue compared to the previous quarter. This performance surpassed US$310 million (approximately RM 1.3 billion), with the company trading approximately 35,000 vehicles during this period.

Notably, EBITDA increased over threefold from the previous quarter, while the gross margin exceeded 10%. Additionally, Carsome has established financing partnerships with Ambank Group and Maybank, providing RM 200 million in working capital to strengthen its operations.

These moves aims to improve Carsome’s financing, insurance, and aftersales services. Eric Cheng, Carsome’s co-founder and CEO, reported that gross profit per unit increased by over 5% compared to the previous quarter, alongside a drop in customer acquisition costs.

The company maintains a non-performing loan rate below 2% for retail transactions and 0.1% for wholesale transactions.