With half the available inventory it had a year earlier, Carvana was still able to grow vehicle sales by double digits in the first quarter.
The online used-vehicle retailer doubled its revenue to $2.25 billion for the period, while reporting another loss, albeit a narrower one: $82 million, compared with a loss of $184 million in the first quarter of 2020.
Gross profit more than doubled to $338 million.
Carvana has been dealing with sale-ready inventory constraints since the onset of the coronavirus pandemic last year. The company's available inventory for sale was down 27 percent on average in the first quarter compared with the fourth quarter of 2020, the company said in a letter to investors Thursday.
"Demand continues to outpace our ability to fulfill it, and we are taking many steps to ramp up production capacity in the near-term to support accelerated growth in 2021," Carvana said in the letter.
Carvana opened its 12th inspection and reconditioning center, near Birmingham, Ala., in the period. The company plans to open one more such facility this year, followed by another eight in 2022.
The company also added team members at its existing reconditioning facilities during the first quarter, and it improved its weekly vehicle turnaround by 21 percent in volume over the fourth quarter of 2020. The improvement has continued, and so far in the second quarter, Carvana's weekly reconditioning rate was 51 percent higher than in the fourth quarter of last year.
Carvana's stock closed Friday's trading down 5.9 percent to $247.81