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 Inc. reports developments tied to its used-vehicle retail business, wholesale auctions, vehicle purchasing, extended protection products, repair activity and CarMax Auto Finance. Company updates commonly cover retail and wholesale unit trends, comparable-store sales, gross profit per unit, SG&A spending, advertising, restructuring actions and the availability and cost of capital for auto-loan financing.
CarMax news also includes digital and omnichannel car-shopping initiatives, including online buying and selling tools, as well as governance updates such as board composition, executive leadership changes and shareholder engagement. These developments reflect the company’s model of combining a national store base, online capabilities, vehicle appraisal and financing services for used-car buyers and sellers.
CarMax (NYSE:KMX), the nation's largest used auto retailer, has announced its second quarter financial results conference call for September 26, 2024. The company will report results for the quarter ended August 31, 2024, before the market opens and host a conference call at 9:00 a.m. ET. Key participants include Bill Nash (CEO), Enrique Mayor-Mora (CFO), and Jon Daniels (SVP, CAF Operations).
Investors can access the call by dialing (800) 225-9448 or (203) 518-9708 for international access, using conference ID 3171396. A live audio webcast will be available at investors.carmax.com. In fiscal year 2024, CarMax sold approximately 770,000 used vehicles and 550,000 wholesale vehicles at auctions. CarMax Auto Finance originated over $8 billion in receivables, adding to its nearly $17 billion portfolio. The company operates over 245 store locations with nearly 30,000 associates.
The Richmond Flying Squirrels and CarMax (NYSE: KMX) have announced a multi-year exclusive naming rights partnership for the new Richmond ballpark and community entertainment venue, to be called CarMax Park. The state-of-the-art facility, set to open for the 2026 season, will host baseball games, concerts, festivals, and community events. Key features include a 360-degree concourse, field-level dugout suite, multi-tiered beer garden, and 20 luxury suites.
CarMax, founded in Richmond in 1993, employs over 2,300 associates in the area and has been recognized as a Top Workplace for 11 consecutive years. The partnership reflects CarMax's commitment to its hometown and will support community engagement initiatives. A groundbreaking ceremony is scheduled for Friday, September 6, 2024, followed by a fan festival and fireworks show.
CarMax (NYSE: KMX) has launched its latest campaign, 'BeetleMax: The Way Car Buying Shouldn't Be,' in collaboration with Warner Bros. Pictures. The campaign ties in with the upcoming film 'Beetlejuice Beetlejuice,' set to release on September 6, 2024. The centerpiece is a 90-second hero film showcasing a nightmarish car dealership run by Beetlejuice, highlighting how car buying shouldn't be and positioning CarMax as the preferred alternative.
The campaign features nostalgic nods to the original Beetlejuice film, including a custom Model Town and the iconic Shrinkers. It was created with a star-studded team of creative professionals, including director Ulf Johansson and Oscar-winning costume designer Colleen Atwood. The campaign will run from August 23 to October 10, 2024, across various media platforms.
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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