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 the largest retailer of used cars in the United States, founded in 1993 in Richmond, Virginia. Since its inception, CarMax has grown from a single store to over 240 locations, revolutionizing the car buying experience by making it easy and enjoyable. The company sells, finances, and services a wide range of vehicles, both used and new, through its extensive retail chain. CarMax also operates a significant wholesale business, auctioning used cars and adding to its robust revenue streams.
In the fiscal year ending February 28, 2023, CarMax sold approximately 810,000 used vehicles and 590,000 wholesale vehicles, showcasing its substantial market presence. The company also offers financial services, with CarMax Auto Finance originating nearly $9 billion in receivables, contributing to a $17 billion portfolio. Despite its size, CarMax estimates it holds only 3.7% of the U.S. market share for vehicles aged 0-10 years, aiming to increase this share to over 5% in the coming years.
CarMax is committed to sustainability and has made significant strides in reducing its carbon footprint. Recently, the company announced the pilot of its first all-electric semi-truck in California, a move aligned with its target of reducing greenhouse gas emissions by 50% by 2025 and achieving net-zero carbon emissions by 2050. The company also ranks 13th on the EPA’s Green Power Partnership Top 30 Retail list, with 36% of its electricity coming from renewable sources.
Recognized for its exemplary work environment, CarMax has been listed on the Fortune 100 Best Companies to Work For® for 19 consecutive years. The company prides itself on integrity, honesty, and transparency, providing a truly personalized experience for customers, whether online or in-store. The company’s success is attributed to its dedicated team of over 30,000 associates, who are fundamental to its ongoing growth and innovation in the automotive retail industry.
CarMax (KMX) reported strong Q3 FY2025 results with significant earnings growth. Key highlights include:
- Net earnings per diluted share increased 55.8% to $0.81
- Total gross profit rose 10.6% to $677.6 million
- Retail used unit sales grew 5.4% with comparable store sales up 4.3%
- Wholesale units increased 6.3%
- CarMax Auto Finance income grew 7.6% to $159.9 million
- Company repurchased $114.8 million in shares
The company demonstrated positive momentum across its business model, with improvements in unit sales, margins, and CAF income. Online retail sales represented 15% of retail unit sales, while total revenue from online transactions accounted for 32% of net revenues.
The Golden State Valkyries announced CarMax (NYSE: KMX) as a Founding Partner and their official used car retailer. The partnership focuses on community impact in the Bay Area youth sector and will provide fans with exclusive behind-the-scenes content throughout the year. CarMax will present an exclusive content series and serve as the presenting sponsor for the Valkyries Expansion Draft on December 6. The partnership aims to develop young athletes, foster supportive environments, and enhance skills. CarMax joins other Founding Partners including JPMorgan Chase and Kaiser Permanente.
CarMax (NYSE:KMX) has scheduled its third quarter fiscal 2024 financial results announcement for December 19, 2024, before market opening. The company will host a conference call at 9:00 a.m. ET, featuring CEO Bill Nash, CFO Enrique Mayor-Mora, and SVP Jon Daniels.
The company's recent performance includes selling approximately 770,000 used vehicles and 550,000 wholesale vehicles during fiscal 2024. CarMax Auto Finance originated over $8 billion in receivables, contributing to its nearly $17 billion portfolio. With over 245 store locations and nearly 30,000 associates, CarMax maintains its position as the nation's largest used auto retailer.
CarMax reported positive results for Q2 FY2025, with retail used unit sales increasing 5.1% and comparable store sales up 4.3%. Key highlights include:
- Net earnings per diluted share rose 13.3% to $0.85
- Total gross profit increased 9.1% to $760.5 million
- SG&A expenses increased 4.2% to $610.6 million
- CarMax Auto Finance (CAF) income decreased 14.4% to $115.6 million
The company saw improvements in retail sales and margins, while managing SG&A costs. However, CAF faced pressure from increased loan loss provisions. CarMax repurchased $106.1 million in shares and opened two new store locations during the quarter.
CarMax (NYSE: KMX) has been named to Fortune magazine's 2024 Fortune Best Workplaces in Retail™ list for the 10th consecutive year, ranking #6 in the large company category. This recognition is based on anonymous survey responses from over 1.3 million U.S. employees and data covering more than 8.2 million employees.
CarMax has also received several other accolades in 2024, including:
- Fortune Magazine's '100 Best Companies to Work For®'
- PEOPLE's '100 Companies that Care'
- Training Magazine's 'Training APEX Award'
- US Veteran's and Military Magazine's 'Top Veteran-Friendly Employer'
The company offers competitive pay and benefits, including discounts on car purchases, immediate 401(k) eligibility with a 6% match, wellness benefits, and more. CarMax is currently hiring for various positions and encourages interested candidates to apply at careers.carmax.com.
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.
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