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 (KMX), the nation's largest used vehicle retailer, provides transparent automotive retail experiences through its no-haggle pricing and customer-focused services. This news hub delivers official updates and market insights for informed decision-making.
Access curated press releases covering quarterly earnings, store expansions, technology initiatives, and industry partnerships. Investors gain critical insights into KMX's retail operations, financing solutions, and strategic positioning within the evolving automotive sector.
Our repository simplifies tracking KMX's corporate milestones and market responses. Bookmark this page for direct access to verified announcements, eliminating the need to search multiple sources. Return regularly to stay informed about developments impacting CarMax's role in reshaping used vehicle retail.
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.
CarMax (NYSE: KMX) is set to release its financial results for the fourth quarter and fiscal year ending February 28, 2021, on April 1, 2021, before market opening. A conference call with key executives, including CEO Bill Nash and CFO Enrique Mayor-Mora, will discuss these results at 9:00 a.m. ET. Investors can access the call via phone or a live audio webcast on CarMax's investor relations site. The company is known for its integrity and transparency in the used car market, having sold over 830,000 used cars during the last fiscal year.
CarMax (NYSE: KMX) has pledged to achieve net zero carbon emissions by 2050, aligning with the Paris Agreement's climate goals. The company aims for a 50% reduction in greenhouse gas emissions by 2025, based on 2018 levels. Their strategy targets Scope 1 (own emissions) and Scope 2 (renewable energy use) emissions through various initiatives including energy conservation and renewable energy sourcing. Additionally, CarMax plans to lead in the electric vehicle market by enhancing its infrastructure and training to service used EVs.
CarMax (NYSE: KMX) announces $500 bonuses for full-time and $250 for part-time associates to recognize their hard work amid challenges. This incentive affects over 80% of its 22,000 associates, rewarding their commitment to customer service and innovation. The company has adapted to changing market conditions by launching CarMax Curbside and other initiatives, enhancing its omni-channel platform. CarMax has been recognized as one of the FORTUNE 100 Best Companies to Work For® for 16 consecutive years and is currently hiring 1,750 new associates.
On February 2, 2021, CarMax (NYSE:KMX) announced a Virtual Analyst Day scheduled for May 6, 2021. The event will feature presentations from key executives, including CEO Bill Nash and CFO Enrique Mayor-Mora, discussing the company's strategy and digital initiatives. A Q&A session will follow, allowing analysts and investors to engage. CarMax continues to lead the market with over 830,000 used cars sold in the last fiscal year and is recognized as one of the Fortune 100 Best Companies to Work For® for 16 consecutive years.
CarMax, the largest used-car retailer in the U.S., announced the launch of its Love Your Car Guarantee, introducing a 30-Day Money Back Guarantee and 24-Hour Test Drives. This initiative aims to enhance customer confidence and satisfaction by allowing buyers to return a vehicle within 30 days or 1,500 miles for a full refund. Research shows 96% of shoppers would utilize a 24-hour test drive option, reflecting a strong consumer interest in this offering. CarMax continues to innovate in the automotive retail sector, emphasizing a stress-free, no-haggle buying experience.
CarMax (NYSE: KMX) reported a 35.9% increase in net earnings for Q3 2020, reaching $235.3 million, with diluted EPS rising 36.5% to $1.42. Total used vehicle unit sales increased by 1.0%, while gross profit per unit remained steady at $2,151. CarMax Auto Finance income surged 54.7% to $176.4 million, driven by lower loan loss provisions and higher interest margins. The company experienced a 4.5% rise in used vehicle revenues due to increased average retail prices. However, comparable store sales declined by 0.8% amid pandemic-related challenges and market constraints.
CarMax has entered a multiyear partnership with the NBA and WNBA to become the official auto retailer for both leagues, marking a historic collaboration, especially for the WNBA. The association kicks off with NBA Tip-Off on December 22, 2020, featuring notable personalities like Ernie Johnson and Charles Barkley. The Call Your Shot campaign will feature stars like Sue Bird and Stephen Curry. CarMax continues its community engagement through the Eat. Learn. Play. initiative, partnering with Stephen Curry to enhance education and play opportunities for children.
CarMax (NYSE:KMX) will announce its third-quarter financial results for the period ending November 30, 2020, on December 22, 2020. A conference call with investors is scheduled for 9:00 a.m. ET, featuring key executives: Bill Nash (CEO), Tom Reedy (CFO), Enrique Mayor-Mora (SVP), and Jon Daniels (SVP). The audio of the call can be accessed via phone or through a live webcast at investors.carmax.com. A replay will be available until March 31, 2021. CarMax is recognized as the largest retailer of used cars in the U.S.
