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. (NYSE: KMX) is a Richmond, Virginia–based used car retailer that describes itself as the nation’s largest retailer of used cars and used autos. This news page collects company announcements, earnings releases, operational updates, and marketing initiatives that shape the CarMax story for investors and customers.
Readers can find detailed coverage of CarMax’s quarterly results, including trends in retail used unit sales, wholesale unit volumes, gross profit per unit, extended protection plan performance, and income from CarMax Auto Finance. The company regularly reports on how many vehicles it buys from consumers and dealers, its digital sales mix, and progress on cost-efficiency plans and SG&A reductions.
CarMax also issues news about leadership and governance, such as changes in the chief executive officer role and appointments to interim leadership positions. These updates are often accompanied by commentary from board members and executives on strategy, profitability, and brand direction.
Beyond financial metrics, CarMax’s news highlights its omni-channel customer experience, new brand positioning under the “Wanna Drive?” tagline, and marketing campaigns. Releases describe national advertising featuring professional basketball players, partnerships with the NBA and WNBA, and recognition such as being named the top automotive marketplace (online) on a Newsweek customer service list.
Operational news includes store openings in new markets, expansion of at-home pickup for vehicle sellers, and the launch of tools like Offer Watch that help customers track estimated vehicle values over time. For anyone following KMX, this page provides a centralized view of how CarMax communicates its performance, strategy, and customer-focused initiatives over time.
CarMax (KMX) released its 2022 Corporate Responsibility Report, highlighting ambitious climate initiatives and a commitment to social responsibility. The report outlines plans to reduce greenhouse gas emissions by 50% by 2025 and achieve net-zero carbon emissions by 2050. Additionally, CarMax noted an increase in renewable electricity use to 17.23% in 2021, up from 15.73% in 2020. The company also expanded diversity efforts and increased hourly wages for associates. In FY22, over $9.5 million was invested in community initiatives, underlining its commitment to stakeholders.
CarMax reported a 21.0% increase in net revenues to $9.3 billion for Q1 ended May 31, 2022. Despite this growth, total unit sales fell 5.5% to 427,257, with retail used unit sales declining 11.0%. The gross profit per retail used unit rose $134 to $2,339, while CarMax Auto Finance income decreased 15.4% to $204.5 million. Net earnings per diluted share were $1.56, down from $2.63 a year ago, impacted by lower used sales and increased loan loss provisions.
CarMax, Inc. (NYSE:KMX) will announce its financial results for Q1 ended May 31, 2022, on June 24, 2022, and hold a conference call for investors at 9:00 a.m. ET. Key executives will participate in the call, which will be accessible via phone and a live audio webcast. Additionally, CarMax's annual shareholder meeting is scheduled for June 28, 2022, at 1:00 p.m. ET, to be held virtually. The company is known for its significant sales, selling approximately 924,000 used vehicles and 706,000 wholesale vehicles in fiscal year 2022, with over $9 billion in finance receivables originated.
Survey shows strong return policies can ease consumer uncertainty around used car buying
CarMax (KMX) released a survey revealing consumer attitudes towards large purchases like used cars. Notably, 93% indicated that a 30-day money-back guarantee would significantly influence their buying decisions. A quarter expressed dissatisfaction with current return processes. The survey also highlighted that two-thirds would consider purchasing an electric vehicle if a return policy were available. CarMax's 30-Day Money Back Guarantee aims to alleviate buyer stress, with 88% viewing it as unique among used car retailers.
CarMax (NYSE: KMX) reported a remarkable 4.0% nationwide market share of age 0-10 used vehicles for 2021, marking a 13% increase from the previous year. Q4 net revenues soared 48.8% to $7.7 billion, while full-year revenues reached $31.9 billion, an increase of 68.3%. The company sold 343,413 units in Q4, up 11.3%, despite a 5.2% decline in retail used unit sales. Net earnings were $159.8 million for Q4 and $1.2 billion for the fiscal year. CarMax plans to open 10 new stores in fiscal 2023 and aims for long-term targets of selling between 2 million and 2.4 million vehicles by fiscal 2026.
CarMax (NYSE:KMX) will announce its fourth quarter financial results for the period ending February 28, 2022, on April 12, 2022, ahead of market opening. The company will host an investor conference call at 9:00 a.m. ET to discuss these results. Key executives, including CEO Bill Nash and CFO Enrique Mayor-Mora, will participate. Investors can access the call by dialing (800) 289-0720 or via a live audio webcast on the CarMax investor website. A replay will be available until June 23, 2022.
CarMax reported record net revenues of $8.5 billion for Q3, reflecting a 64.5% increase year-over-year. Net earnings per diluted share rose 14.8% to $1.63, boosted by a $0.10 one-time benefit from a lawsuit settlement. The company sold 415,054 units, up 29.3%, with retail used unit sales increasing 16.9% to a record 227,424 vehicles. Gross profit increased by 32.5% to $836.6 million. However, SG&A expenses saw a 33.7% rise to $575.9 million.
CarMax, Inc. (NYSE:KMX) will release its third-quarter financial results for the period ending November 30, 2021, before the market opens on December 22, 2021. A conference call is scheduled for 9:00 a.m. ET, featuring CEO Bill Nash and other executives. Investors can join the call at (888) 298-3261 (international: (706) 679-7457) using conference ID 8992460, with a live audio webcast available at investors.carmax.com. Webcast replays will be accessible through April 11, 2022.
CarMax announced a significant expansion of its annual #GivingTuesday initiative, empowering all 27,000+ associates to donate to nonprofits of their choice. Starting November 30, associates receive a $50 electronic “Care Card” to contribute, potentially raising donations to over $1 million, doubling last year's total of $650,000. This initiative builds on last year's success, which supported 6,500 organizations across the U.S. The Care Cards are valid until January 31, 2022, with unredeemed funds directed to the CarMax Associate Disaster Relief Fund.
CarMax (NYSE: KMX), the largest used car retailer in the U.S., announced plans to hire 3,700 positions by year-end, focusing on permanent roles to enhance customer experience and ecommerce capabilities. Job openings span various sectors, including over 1,400 auto technicians, 700 customer service roles, and 150 tech positions. CarMax aims to attract candidates with competitive pay, sign-on bonuses, and comprehensive benefits, highlighting its recognition as one of FORTUNE's 100 Best Companies to Work For®.