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 (NYSE: KMX) announced that its EVP and Chief Information and Technology Officer, Shamim Mohammad, was inducted into the CIO Hall of Fame on August 7, 2024. This prestigious recognition, organized by CIO.com, honors CIOs who have significantly influenced the technology profession and advanced the CIO role. Mohammad, with a career spanning over three decades, played a important role in CarMax's digital transformation to an industry-leading omnichannel retailer.
Under Mohammad's leadership, CarMax transformed its technology and product functions, enabling innovation at scale. His achievements include implementing a product-oriented, nimble digital organization and pioneering the adoption of generative AI for business results. Mohammad's contributions have earned him recognition from Forbes and MIT Sloan, highlighting his impact on CarMax's technological advancements and competitive advantage in the automotive retail industry.
CarMax (NYSE:KMX) reported its Q1 FY2025 results ending May 31, 2024. The company saw retail used unit sales drop 3.1% and comparable store used unit sales decline 3.8% year-over-year. Wholesale unit sales fell by 8.3%. Despite these declines, CarMax achieved record gross profits in wholesale and Extended Protection Plans (EPP). Gross profit per retail used unit was $2,347, consistent with last year. SG&A expenses increased by 14.1% to $638.6 million. CarMax Auto Finance (CAF) income grew 7.0% to $147.0 million, and the company launched its first non-prime asset-backed securitization deal. Net earnings per diluted share decreased to $0.97 from $1.44 in the prior year, impacted by a past legal settlement. The company repurchased over $100 million in shares during the quarter and plans to expand its asset-backed securitization program.
CarMax (NYSE:KMX) will announce its Q1 financial results for the period ending May 31, 2024, on June 21, 2024, before market open. The company will host a conference call at 9:00 a.m. ET, featuring key executives Bill Nash, Enrique Mayor-Mora, and Jon Daniels, to discuss the results. Investors can join by dialing provided numbers or via a live webcast at investors.carmax.com. A replay will be available until September 25, 2024.
The annual meeting of shareholders is scheduled for June 25, 2024, at 1:00 p.m. ET, to be held virtually with a live webcast accessible on the same website. Replays will be available after the event.
CarMax, the largest U.S. retailer of used autos, sold approximately 770,000 used and 550,000 wholesale vehicles in fiscal 2024, with CarMax Auto Finance originating over $8 billion in receivables. The company boasts 245 locations and nearly 30,000 employees.
CarMax, the largest U.S. retailer of used cars, has published its 2024 Responsibility Report, emphasizing its commitment to sustainability and societal impact. The report highlights CarMax’s initiatives to reduce greenhouse gas emissions, enhance its electric vehicle (EV) expertise, and promote gender equality in sports. Notable achievements include a rise in renewable electricity usage to 41% in 2023, the debut of an all-electric semi-truck pilot, and the establishment of a Sustainability Council. CarMax has also been recognized for its community contributions, donating over $100 million to nonprofits and participating in local volunteer events. The company continues to be listed among Fortune’s 100 Best Companies to Work For, marking its 20th consecutive year on the list.
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