Carmax Stock Price, News & Analysis

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.

CarMax, the largest used car retailer in the U.S., has launched a new online pre-qualification tool that allows customers to receive personalized financing terms without affecting their credit scores. This initiative aims to enhance the car-buying experience amid rising inflation and interest rates. Customers can obtain financing details in minutes and filter vehicles according to their budget. Approximately 95% of applicants receive approval through multiple lenders. The feature is available on CarMax.com and the mobile app, enabling efficient searching and comparison of vehicles.

CarMax, the largest used car retailer in the U.S., reported third quarter net revenues of $6.5 billion, a significant 23.7% decline year-over-year. Total retail used units sold dropped 20.8%, while wholesale units fell 36.7%. Despite these declines, gross profit per retail used unit remained steady at $2,237. The company's net earnings per diluted share stood at $0.24, down from $1.63 a year ago. CarMax Auto Finance income decreased by 8.3% due to increased loan loss provisions. Management emphasized cost reduction strategies and prudent operations amid challenging market conditions.

CarMax, Inc. (NYSE:KMX) will release its third quarter financial results for the period ending November 30, 2022 on December 22, 2022. The announcement will be followed by a conference call with key executives at 9:00 a.m. ET to discuss the outcomes. CarMax, a leader in used vehicle retail, sold approximately 924,000 used and 706,000 wholesale vehicles in the last fiscal year, with over $9 billion in receivables originated by CarMax Auto Finance. The report will be accessible via webcast and telephone replay until April 10, 2023.

CarMax, Inc. (KMX) reported mixed Q2 results for the period ended August 31, 2022. Net revenues reached $8.1 billion, a 2.0% increase year-over-year, despite a 10.3% decline in combined retail and wholesale used vehicle unit sales. The gross profit decreased 9.6% to $737.1 million, with retail used vehicle gross profit down 2.3%. Net earnings per diluted share dropped to $0.79, down from $1.72 a year ago. CarMax Auto Finance income saw an 8.6% decline, driven by increased provisions for loan losses. SG&A expenses rose 16.0% to $666 million.