Welcome to our dedicated page for Carmax news (Ticker: KMX), a resource for investors and traders seeking the latest updates and insights on Carmax stock.
CarMax (KMX), the nation's largest used vehicle retailer, provides transparent automotive retail experiences through its no-haggle pricing and customer-focused services. This news hub delivers official updates and market insights for informed decision-making.
Access curated press releases covering quarterly earnings, store expansions, technology initiatives, and industry partnerships. Investors gain critical insights into KMX's retail operations, financing solutions, and strategic positioning within the evolving automotive sector.
Our repository simplifies tracking KMX's corporate milestones and market responses. Bookmark this page for direct access to verified announcements, eliminating the need to search multiple sources. Return regularly to stay informed about developments impacting CarMax's role in reshaping used vehicle retail.
CarMax reported its fourth quarter and fiscal year results for the year ending February 28, 2023. Net revenues for Q4 reached $5.7 billion, a decrease of 25.6% compared to the prior year. For the fiscal year, revenues fell 6.9% to $29.7 billion, driven by a 12.6% decline in retail used unit sales. Gross profit per retail unit increased to $2,277, while total gross profit decreased 14.1% from the previous year. CarMax Auto Finance income dropped 36.1% to $123.9 million due to higher loan loss provisions. The company opened five new stores in Q4 and plans to open five more in fiscal 2024. CarMax affirms long-term targets of selling between 2 million and 2.4 million vehicles by fiscal 2026.
CarMax, Inc. (NYSE:KMX) will announce its fourth-quarter financial results for the period ending February 28, 2023, on April 11, 2023, before market opening. A conference call for investors will take place at 9:00 a.m. ET, featuring CEO Bill Nash, CFO Enrique Mayor-Mora, and SVP Jon Daniels. Participants can join via telephone or listen to a live audio webcast available on CarMax's investor relations website. A replay will be accessible until June 22, 2023. CarMax, the largest retailer of used vehicles in the U.S., sold approximately 924,000 used vehicles and originated over $9 billion in auto finance receivables during fiscal 2022.
CarMax has partnered with UVeye to enhance its vehicle assessment capabilities using AI technology. This collaboration follows CarMax's investment in UVeye in 2021, aiming to streamline the auction process for wholesale vehicles. CarMax has implemented UVeye's inspection systems across several locations, allowing for detailed condition reports, including high-resolution imagery and diagnostics for potential vehicle issues. With over 706,000 vehicles sold at auction in the last fiscal year, this initiative is expected to improve efficiencies in CarMax's wholesale operations. The companies will showcase this partnership at the NADA conference from January 26-29, 2023.
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