Carvana, which hit a roadblock last year when its unit sales slowed and its losses did not, said it has made significant progress toward profitability by implementing operating efficiencies and reducing expenses.

“We still have a long way to go to achieve our broader goals,” admitted Carvana CEO,Ernie Garcia, during the used-car retailer’s first quarter earnings call on May 4. “But we are on the right path, and we are moving quickly.”

The company reported retail unit sales of ...