CarMax profits rise 12 on higher used-vehicle volume
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CarMax Inc.'s internet earnings increased 12% to $172.2 million in the fiscal second-quarter on higher used-car revenue, whilst the typical selling cost of utilized automobiles fell.
Gross income from sales as well as other operations through the three months that ended Aug. 31 increased 7.9% to $3.88 billion, the firm said Tuesday.
CarMax noted whole used-vehicle unit sales increased 9.2% to 156,516 automobiles in the second-quarter compared with the year-earlier quarter, while comparable-store used-car revenue increased 3.3%, down from a 4.2% year-over-year increase last year. The norm used car sold for $19,983 in the second-quarter, down 1.1% from 2014, the firm said.
CarMax CEO Tom Folliard mentioned "the continuing expansion of our store base and increase across our employed, wholesale and [CarMax Auto-Finance] operations" for the results.
The Richmond, Va., utilized-car power station started four shops in the second-quarter: 2 in Denver and one each in Providence, R.I., and Tallahassee, Fla. The Tallahassee shop is CarMax's first in the industry.
Gross income from CarMax Auto-Finance, the firm's vehicle lending service, increased 6.2% to $98.3 million.
It's possible for you to reach John Irwin at jirwin@crain.com.
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