About 70 percent of online used-vehicle retailer Carvana Co.'s customers choose to finance their vehicles through the company, CFO Mark Jenkins said on the company's first quarterly earnings call. The company also said it will expand operations to Macon and Augusta, Ga.
Jenkins, speaking on a call with investors and analysts following Carvana's first earnings report as a publicly traded company, said the company is satisfied with that number.
"That's a number that we're very proud of," Jenkins said. "We are not modeling any meaningful increases there."
Carvana, best known for its vehicle "vending machine" towers, saw its net loss widen to $38.4 million in the quarter ended March 31 from a loss of $17.3 million a year earlier, even as revenue more than doubled to $159.1 million from $73 million.
Carvana allows customers to purchase used vehicles online, after which the vehicle is either delivered to the customer or is picked up at one of the vending machines.