AutoCanada increases Q1 used-car retail sales by 51.9% year-over-year.
Here are a few interesting figures:
🚗 AutoCanada retailed a combined 9,734 used vehicles in the first quarter.
🚗 Used-vehicle revenue climbed from $229.36 million a year ago to $364.07 million in Q1.
🚗 Used-vehicle gross profits came in at $24.18 million, up from $10.17 million in Q1 2020.
🚗 AutoCanada generated 6.6% gross profit margins on used cars in Q1, up from 4.4% a year ago.
🚗 In Canada specifically, the retailer lifted its used-to-new retail unit ratio to 1.29 in the first quarter, compared to 1.08 in Q1 2020.
🚗 The trailing 12-month measure of that ratio was 1.01, up from 0.81 a year ago.
Offering some overall commentary, AutoCanada executive chairman Paul Antony said in a news release: “While we’re incredibly proud of the quarter, we continue to keep our heads down executing as we transition into the summer months, in particular given the breadth of opportunity before us. We also recognize the impact of COVID-19 remains fluid and continue to manage the business accordingly.”
Congratulations AutoCanada, Paul Antony, from the Lucy Fintech team!
