Carvana’s first-quarter results easily topped Wall Street’s expectations as the company reported record sales.

Carvana Co. late Wednesday set an ambitious long-term goal for itself and reported quarterly earnings that beat Wall Street’s expectations, and the stock rallied despite economic uncertainty and demand concerns.

For the fifth consecutive quarter, Carvana (NYSE:CVNA) again beat Wall Street’s expectations and put in another impressive quarter with record net income, record net income margin, and an industry-leading 46% retail unit growth.