Press Release: Consistent Q3 2024 Momentum Positions CARSOME for First Full Profitable Year and Strong Long-Term Foundation

Adjusted EBITDA increased more than 3x quarter-on-quarter (QoQ), driven by strong operational performance.
Ancillary income rose by 26% QoQ, reflecting CARSOME’s comprehensive product suite for our customers.
16% increase in gross profit per unit, underpinning stronger bottom-line profitability.
The group continued to expand its partnerships with both local and regional lenders, to support its working capital needs for ongoing profitable growth.

Petaling Jaya, 4 December 2024 – CARSOME Group Inc (CARSOME or The Group), Southeast Asia’s largest integrated car e-commerce platform, continues to deliver record profitability, with adjusted EBITDA increasing over 3x quarter-on-quarter (QoQ). Ancillary income for the Group rose by 26%, bringing overall gross margins to over 10%. The Group reported over USD 305 million in total revenue amid a 20% decline in the Total Industry Volume (TIV) for new car sales in September, reflecting the business resilience and CARSOME’s steady path towards its first full profitable year.

This consistent performance highlights CARSOME’s commitment to optimizing profitability since late last year. By increasing gross margin while maintaining transaction scale, the Group has achieved a 16% increase in gross profit per unit, significantly boosting overall profitability. In addition, CARSOME has strengthened strategic partnerships and introduced innovative solutions to further reinforce its market position.

Encouraged by the consistent profitability growth since achieving breakeven in December 2023, CARSOME has accelerated partnerships with local and regional lenders, increasing its funding pipeline by over 34% with newly secured facilities from both existing and new partners. Such efforts enable the Group to offer customers more product and service options throughout their car transaction and ownership journey.

Eric Cheng, CARSOME Group’s Chief Executive Officer, said: “This quarter’s results highlight our disciplined approach to profitability and the impact of consistent performance across three consecutive quarters. The substantial rise in EBITDA through improved gross margins and continuous ancillary income improvements reflect our team’s effective execution and strategic prioritization. Accelerating banking partnerships also sets us the foundation to deliver profitable growth, which is our next milestone in the journey. By continuously focusing on customer needs and delivering greater value, we aim to strengthen our market position and the foundation for sustainable growth.”

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