Carvana CEO Ernie Garcia is banking on the e-commerce platform's national inventory to lead it to profitability.
CEO Ernie Garcia on Thursday explained how the online used-car dealership is making steps toward profitability.
However, Carvana has yet to turn a profit since its launch in 2013. Furthermore, analyst consensus estimates predict the e-retailer won't be cash-flow positive until 2022 and profitable until 2023, theCarvana lost 40 cents per share in its June quarter report, according to FactSet. The company holds about $800 million of long-term debt as of the end of June.
Carvana has continued to expand its footprint as it looks to make the car-buying process easier for customers. The web-based dealer offers a platform to browse 20,000 vehicles in inventory, get financing, sign contracts and find trade-in value for cars, Garcia said. The company then delivers the purchase, or customers can pick up the car at one of Carvana's 18 patented, automated car vending machines.
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