- CarMax (NYSE:NYSE:KMX) reports used vehicles unit sales rose 7% to 167,412, and +3.1% on a comparable-store basis in Q2.
- Used vehicle sales increased 4.8% to $3.3B.
- Total wholesale vehicle unit sales decreased 1.3% to 105,108 and total sales fell 5.3% to $560.4M.
- CarMax Auto Finance income declined 2.4% to $96M.
- Average selling prices: Used vehicles: $19,530 (-2.3%), Wholesale vehicles: $5,119 (-4.1%).
- Gross margin rate improved 20 bps to 13.6%.
- Gross profit per used vehicle -0.3% to $2,160.
- Gross profit per wholesale vehicle -8.5% to $870.
- FY2017 Guidance: Capital expenditure: ~$450M; New stores: 15.
- KMX -4.95% premarket.