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 reported a record net revenue of $8.0 billion for Q2 2021, a 48.7% increase year-over-year. Total vehicle sales reached 419,895 units, up 19.9%, supported by strong demand for used cars. Retail used unit sales rose 6.7% to 231,797 vehicles, while wholesale sales surged 41.4% to 188,098 units. Despite these gains, diluted earnings per share declined to $1.72 from $1.79, attributed to last year's COVID savings. The company is on track to enhance its online customer experience and maintains a strong share repurchase program.
CarMax, Inc. (NYSE:KMX) is set to release its financial results for Q2 ending August 31, 2021, on September 30, 2021, before market opening. A conference call with key executives, including CEO Bill Nash and CFO Enrique Mayor-Mora, will take place at 9:00 a.m. ET to discuss the results. Interested parties can access the call by dialing (888) 298-3261. A webcast will also be available on the company’s investor relations website. CarMax has sold over 750,000 used vehicles in FY 2021 and has a portfolio of nearly $14 billion in receivables.
CarMax (NYSE: KMX) reported strong first quarter results for fiscal 2022, ending May 31. Net revenues surged to $7.70 billion, a 138.4% increase year-over-year, with net earnings per diluted share reaching $2.63, up from $0.03 in the previous year. Total vehicle sales rose 128%, with 452,188 units sold, supported by robust demand for used vehicles. CarMax Auto Finance income increased to $241.7 million. The company also emphasized its acquisition of Edmunds, aiming for enhanced customer experience and growth opportunities.
CarMax (NYSE:KMX) will announce its financial results for Q1 ending May 31, 2021, on June 25, 2021. The report will be followed by a conference call at 9:00 a.m. ET featuring CEO Bill Nash and CFO Enrique Mayor-Mora. The call can be accessed at (888) 298-3261 or via webcast at investors.carmax.com. Additionally, the annual shareholders' meeting is set for June 29, 2021, at 1:00 p.m. ET, also held virtually, with access via the same website.
CarMax continues to lead the used car market, with over 750,000 vehicles sold in fiscal year 2021.
CarMax (KMX) plans to hire 1,800 automotive service professionals by summer's end, starting with the inaugural Curbside Career Day on June 10, hosted at 16 locations nationwide. The event aims to meet the rising demand for used cars by conducting in-person interviews for various positions, offering potential on-the-spot job offers and sign-on bonuses.
CarMax is recognized as the largest retailer of used cars in the U.S., with over 220 stores and a commitment to maintaining a transparent, customer-focused purchasing experience.
CarMax (NYSE: KMX) hosted a virtual Analyst Day, focusing on its digital transformation and omni-channel strategy. CEO Bill Nash emphasized the company's strong market position and ambitious growth targets. CarMax aims to increase its market share of 0- to 10-year-old vehicles to over 5% by 2025 and sell 2 million used autos annually by FY2026, projecting revenues of approximately $33 billion. The company highlights its competitive advantages, including technology, data utilization, and a customer-centric approach as key to driving future growth.
CarMax (NYSE: KMX) will host its Virtual Analyst Day on May 6, 2021, from 9:00 a.m. to 11:30 a.m. ET. Aimed at financial analysts and institutional investors, the event will showcase CarMax's omni-channel strategy and digital initiatives. Key executives, including CEO Bill Nash and CFO Enrique Mayor-Mora, will lead discussions. The event will be webcasted live, featuring a Q&A session with management. CarMax, the largest used auto retailer in the U.S., sold over 750,000 used vehicles and $6 billion in receivables during fiscal year 2021.
CarMax (KMX) has partnered with Dunkin’ to enhance its 24-Hour Test Drive promotion. Customers participating in the offer from now until May 16 will receive a $10 Dunkin’ gift card. The initiative aims to provide a fun and practical test drive experience, incorporating daily routines like coffee runs. Additionally, customers can enter a sweepstakes by sharing their experiences on social media. CarMax's 24-Hour Test Drives are part of its 'Love Your Car Guarantee,' which includes a 30-Day Money Back Guarantee. This collaboration aims to improve customer engagement and satisfaction.
CarMax (NYSE:KMX) has announced the acquisition of Edmunds for an enterprise value of $404 million, expected to be finalized by June 2021. This strategic move aims to enhance CarMax's digital offerings by leveraging Edmunds' technology and content, while maintaining Edmunds' independent operations. In 2020, Edmunds generated around $140 million in revenue. The acquisition follows a $50 million investment in Edmunds in 2020 by CarMax and is anticipated to create long-term shareholder value, although the short-term impact on earnings per share is expected to be immaterial.
CarMax, the leading used car retailer, reported a 4.1% increase in net sales to $5.16 billion for Q4 2021. However, net earnings fell by 2.3% to $209.9 million, with diluted EPS also decreasing to $1.27. Total used vehicle unit sales dropped by 0.9%, while comparable store sales declined by 2.3%. CarMax Auto Finance income surged by 68.2% due to lower loan loss provisions. The company recently signed an agreement to acquire Edmunds, enhancing its digital capabilities. Looking ahead, CarMax anticipates continued growth in sales and market share.