Carvana reported a larger first-quarter loss as the online used-vehicle retailer, which has not posted a profit as a public company, was hit by the coronavirus pandemic.
The company said demand began to fall in mid-March as state and local governments implemented shelter-in-place orders.
“This slowdown persisted into April with weekly retail unit sales down approximately 30 percent year-over-year early in the month,” the company said in a letter to shareholders Wednesday. “In recent weeks, sales have rebounded to approximately 20-30 percent growth year-over-year, significantly outperforming the industry.”
Carvana reported a net loss of $183.6 million for the quarter, compared with a loss of $82.6 million in the year-ago period.
The company’s total gross profit per unit was $2,640, up from $2,408 in the year-ago quarter, but down from $2,850 in the fourth quarter of 2019.
Even with lower demand at the end of the first quarter, Carvana, which has reported several periods of…