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.
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CarMax reported its fourth quarter and fiscal year results for the year ending February 28, 2023. Net revenues for Q4 reached $5.7 billion, a decrease of 25.6% compared to the prior year. For the fiscal year, revenues fell 6.9% to $29.7 billion, driven by a 12.6% decline in retail used unit sales. Gross profit per retail unit increased to $2,277, while total gross profit decreased 14.1% from the previous year. CarMax Auto Finance income dropped 36.1% to $123.9 million due to higher loan loss provisions. The company opened five new stores in Q4 and plans to open five more in fiscal 2024. CarMax affirms long-term targets of selling between 2 million and 2.4 million vehicles by fiscal 2026.
CarMax, Inc. (NYSE:KMX) will announce its fourth-quarter financial results for the period ending February 28, 2023, on April 11, 2023, before market opening. A conference call for investors will take place at 9:00 a.m. ET, featuring CEO Bill Nash, CFO Enrique Mayor-Mora, and SVP Jon Daniels. Participants can join via telephone or listen to a live audio webcast available on CarMax's investor relations website. A replay will be accessible until June 22, 2023. CarMax, the largest retailer of used vehicles in the U.S., sold approximately 924,000 used vehicles and originated over $9 billion in auto finance receivables during fiscal 2022.
CarMax has partnered with UVeye to enhance its vehicle assessment capabilities using AI technology. This collaboration follows CarMax's investment in UVeye in 2021, aiming to streamline the auction process for wholesale vehicles. CarMax has implemented UVeye's inspection systems across several locations, allowing for detailed condition reports, including high-resolution imagery and diagnostics for potential vehicle issues. With over 706,000 vehicles sold at auction in the last fiscal year, this initiative is expected to improve efficiencies in CarMax's wholesale operations. The companies will showcase this partnership at the NADA conference from January 26-29, 2023.
CarMax, the largest used car retailer in the U.S., has launched a new online pre-qualification tool that allows customers to receive personalized financing terms without affecting their credit scores. This initiative aims to enhance the car-buying experience amid rising inflation and interest rates. Customers can obtain financing details in minutes and filter vehicles according to their budget. Approximately 95% of applicants receive approval through multiple lenders. The feature is available on CarMax.com and the mobile app, enabling efficient searching and comparison of vehicles.
CarMax, the largest used car retailer in the U.S., reported third quarter net revenues of $6.5 billion, a significant 23.7% decline year-over-year. Total retail used units sold dropped 20.8%, while wholesale units fell 36.7%. Despite these declines, gross profit per retail used unit remained steady at $2,237. The company's net earnings per diluted share stood at $0.24, down from $1.63 a year ago. CarMax Auto Finance income decreased by 8.3% due to increased loan loss provisions. Management emphasized cost reduction strategies and prudent operations amid challenging market conditions.