RumbleON shares nudge higher after online vehicle marketplace reports revenue jump in 2018
Shares of RumbleON Inc (NASDAQ:RMBL) edged higher Thursday after the online marketplace for pre-owned vehicles reported a sharp rise in revenue last year as it moved into auto sales.
RumbleON is an e-commerce company that uses technology to simplify how dealers and customers buy, sell, trade or finance pre-owned vehicles through a single online location.
READ: RumbleON finds e-commerce niche in motorcycles, powersports and RVs
Its site, RumbleON, allows users to buy or sell anything with a vehicle identification number, including but not limited to off-road vehicles, boats, personal watercraft, scooters, mopeds, trikes, motorcycles, cars and trucks.
In 2018, the Dallas, Texas-based company sold 12,529 vehicles and saw its revenue climb to $156.4 million from $7.3 million in 2017. Its gross profit came to $12.64 million in 2018, up from $278,000 in the previous year.
For the fourth quarter, sales of vehicles also beat Wall Street’s estimates and came in at $115.1 million, up from $3.4 million in the year-ago quarter. The company sold 6,763 units in its latest quarter, climbing from 355 in the corresponding period in 2017.
In response, RumbleON shares added 2.3% to hit $6.20 in pre-market trade Thursday.
The company is advancing into the car and truck market on the back of its recent acquisitions of Wholesale Inc and Wholesale Express in October 2018, as well as AutoSport USA in February of 2019.
“In Q4, we made the landmark acquisitions of Wholesale Inc and Wholesale Express, accelerating our entrance to the massive automobile market,” said Marshall Chesrown, RumbleOn CEO.
“We began our journey in 2017, laid the groundwork in 2018 and entered 2019 with incredible momentum,” he added.
RumbleOn sold 4,005 auto units in 2018, which generated $90 million in revenue. Sales of powersport vehicles were more than double that at 8,524 units, which threw up $61 million dollars in revenue, up from $7.17 million in 2017.
The company runs a tight ship operationally: no dealerships, no salespeople, no showrooms, no reconditioning centers, no fulfillment centers and value pricing. It accomplishes this by having third-party partnerships provide photos, reconditioning, condition reports and fulfillments.
Looking ahead to the first quarter, the company expects total unit sales to fall in the range of 11,500 to 11,800 and revenue of $210 million to $215 million.
Contact Ellen Kelleher at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/217429/rumbleon-shares-nudge-higher-after-online-vehicle-marketplace-reports-revenue-jump-in-2018-217429.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).