Overview

• CarMax reported lower net income and earnings compared to last year as used car sales declined.
• The company's profit per share met expectations at 75 cents while revenue exceeded forecasts at $7.07 billion.
• Retail and wholesale used vehicle unit sales were down 9% and online sales made up 14% of retail units.
• Average used vehicle selling prices dropped around 4% or $1,200 per unit amid cooling demand and inflationary pressures.
• CarMax implemented cost reductions like slowing vehicle purchases and halting buybacks amid the used car sales slowdown.