Carvana's vehicle sales more than doubled in the fourth quarter, to 13,517 vehicles from 5,600 a year earlier, but that was below the company's previous guidance to analysts of 13,600 to 15,000. The company blamed an underwhelming Cyber Monday. "That noise was completely self-inflicted," Garcia said in the conference call. "That said, it was noise."
Revenue also missed the mark, despite more than doubling to $265.1 million in the fourth quarter from $106.8 million a year earlier.
For the full year, the Phoenix company sold 44,252 retail vehicles, falling short of its projections of 44,300 to 45,700. Revenue more than doubled from the prior year to $858.9 million.
Meanwhile, customer acquisition costs are decreasing for the retailer. Citing operational improvements, the company said it is spending less money on advertisements and is opening in new markets more quickly.