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This statistic highlights Carvana’s Average Selling Price, split between a used vehicle and wholesale vehicles, reported on a quarterly basis from Q1 2016 onwards.
Consumers can probe and identify a vehicle, scrutinize it using our patented 360- degree vehicle imaging technology, acquire financing and warranty content, buy the vehicle, and schedule delivery or pick-up, all from their desktop or mobile devices. Alternately, a customer can gain an establishment offer online for their vehicle by answering many questions without demanding to provide photos or service records.
The number of used vehicles we sell depends on the volume of traffic to their website, their number of markets, their stock selection, the effectiveness of their branding and marketing sweats, the quality of their customer’s purchase experience, their volume of referrals and repeat customers, the competitiveness of their pricing, competition from other used car dealerships and general economic conditions.
|Category||Q3 2020||Q2 2021||Q3 2021|
(All figures are in thousands except percentages)
The total ASP has shown an increase of $6,203 from $28,463 in Q3 2020 to $34,666 in Q3 2021 almost an increment of about 21.79% on a YOY basis. Moreover, for the latest quarter in 2022, 68.28% of the total ASP have been done by the used vehicles.
The Company primarily acquires its used vehicle stock directly from customers when they trade-in or sell their vehicles and through the large and liquid public used-car auction market. Carvana offers all clients a nationally pooled stock of over high-quality used vehicles on their website.
They estimate all of the vehicles that they hold and offer for trade using their 150- point “Carvana Certified” examination process. Customer investigation indicates that size and range of selection are primary determinants of where customers will negotiate. The Company uses proprietary algorithms to optimize its stock accession based on enormously used vehicle market and customer behavior data.
The majority of the ASP is generated from the sales of used vehicles marking a contribution of 68.28%. There has been a significant increase in the sales of used vehicles marking a growth of 18.27% on a YOY basis from $20,013 in Q3 2020 to $ 23,671 in Q3 2021. It also grew by 1.92% on a QOQ basis.
Wholesale deals include transactions of trade-ins and other vehicles acquired from customers that don’t meet the conditions for their retail force. Noncommercial vehicle trades are equal to the total proceeds the company receives on vehicles retailed to wholesalers. The vehicles they put up to wholesalers are primarily acquired from customers who sell a vehicle to them without buying a retail vehicle and from the customers who trade in their existing vehicles when taken from them.
Factors affecting noncommercial vehicle deals include the number of wholesale units sold and the average wholesale selling price of these vehicles. The average selling price of their noncommercial units is primarily driven by the mixture of vehicles they deal with wholesalers, as well as general inventory and demand conditions in the applicable noncommercial vehicle market, both of which have been impacted by COVID-19.
It has contributed nearly about 31.72% to the total ASP of the company. It has an increase of 30.11% from $8,450 in Q3 2020 to $10,995 billion in Q3 2021 on a YOY basis. It declined by 7.12% from 11,838 in Q2 2021 to 10,995 in Q3 2021 quarterly.
About the company
Carvana is an online accustomed car retailer based in Tempe, Arizona. The company is the speedily- growing online used auto dealer in the United States and is known for its multi-story auto dealing machines. Carvana was lately named to the 2021 Fortune 500 List, one of the youngest companies to be added to the list. Carvana Co. is a holding company that was formed as a Delaware corporation on November 29, 2016, to complete a first public offering (“IPO”) and related sales to operate the business of Carvana Group, LLC and its subsidiaries
. They’re converting the used car buying and selling experience by giving consumers what they want — a wide selection, great value and quality, transparent pricing, and a simple, no- pressure sale. Each element of their business, from force procurement to fulfillment and overall ease of the online sale, has been erected for this singular purpose.
Carvana enables you to browse, finance, trade-in, or vend your vehicle online and from the comfort of home without ever visiting a dealership or dealing with a salesman.
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