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 (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®.
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.
FAQ
What is the current stock price of CarMax (KMX)?
What is the market cap of CarMax (KMX)?
What is CarMax Inc.?
What services does CarMax offer?
How many vehicles does CarMax sell annually?
What financial services does CarMax provide?
What is CarMax's market share?
Is CarMax committed to sustainability?
How many CarMax locations are there?
What recognition has CarMax received for its workplace?
What is CarMax's latest sustainability initiative?
How many associates does CarMax employ?
