CarMax, Inc. reported financial results for the first quarter ended May 31, showing total net revenues rose 6.2% to $8.0 billion compared to the prior year’s first quarter.
Combined retail and wholesale used vehicle unit sales were 392,357, an increase of 3.3% from the prior year’s first quarter. Total retail used vehicle unit sales increased slightly to 230,293 compared to 230,210 in the prior year’s first quarter, which benefited from tariff-driven demand. Comparable store used unit sales decreased 0.8% from the prior year’s first quarter. Total retail used vehicle revenues increased 4.7% compared with the prior year’s first quarter, driven by an increase in average retail selling price of approximately $1,200 per unit or 4.5%.
“I came to CarMax because I saw a strong foundation, an award-winning, people-first culture, and significant potential to unlock growth,” said Keith Barr, president and chief executive officer. “Three months in, I am more convinced than ever that this is a business with everything it needs to thrive.”
Total wholesale vehicle unit sales increased 8.4% to 162,064 versus the prior year’s first quarter. Total wholesale revenues increased 14.0% compared with the prior year’s first quarter due to an increase in wholesale units sold and an increase in the average wholesale selling price of approximately $400 per unit or 5.1%.
CarMax bought 322,000 vehicles from consumers and dealers, down 4.4% compared to last year’s first quarter. Of these vehicles, 281,000 were bought from consumers and 41,000 were bought through dealers, a decrease of 2.5% and 15.4%, respectively, from last year’s first quarter.
