CarMax Group (KMX) - NYSE
  • Wed, Jul. 13, 12:01 AM
    • In a letter to shareholders, Sequoia Fund -- the second-biggest shareholder in Valeant (NYSE:VRX) -- says it exited that position completely by mid-June.
    • The Fund notes that after longtime CEO and co-manager Robert Goldfarb retired in March, "new leadership elected to sell our position." Valeant once made up 30% of Sequoia's portfolio; the company "was our largest position to start the year and its 80% decline through June 30 badly penalized our results."
    • The Fund also said it exited its position in Idexx Laboratories (NASDAQ:IDXX), "a wonderful stock for us over the past 13 years"; and got out of smaller positions, in Allergan (NYSE:AGN) and Cabela's (NYSE:CAB).
    • Meanwhile, it bought Carmax (NYSE:KMX), Chipotle Mexican Grill (NYSE:CMG), Charles Schwab (NYSE:SCHW), and Wells Fargo (NYSE:WFC).
    | Wed, Jul. 13, 12:01 AM | 268 Comments
  • Fri, Jul. 1, 7:22 PM
    • In an SEC filing, CarMax (KMX +1.3%) says CEO Thomas Folliard notified the board that he would retire from that post effective Aug. 31.
    • He's expected to become non-executive chairman of the company's board.
    • He made the move in connection with the company's succession plan, and "following his retirement, it is anticipated that the Company’s president, William D. Nash, will assume the role of CEO."
    • The company also said that at Tuesday's annual meeting, it approved a $750M expansion of its stock repurchase program, effective immediately. That adds to $1.27B still available as of May 31.
    • Meanwhile, shareholders approved the board-recommended stock incentive plan as amended. All directors were re-elected. A shareholder proposal for a report on political contributions failed.
    | Fri, Jul. 1, 7:22 PM
  • Tue, Jun. 21, 7:57 AM
    • CarMax (NYSE:KMX) reports used vehicles unit sales rose 4% to 171,076, and +0.2% on a comparable-store basis in Q1.
    • Used vehicle sales grew 4.1% to $3.43B.
    • Total wholesale vehicle unit sales increased 1.8% to 103,462 due to growth in store base and total sales dropped 1.5% to $567.7M.
    • CarMax Auto Finance income fell 7.7% to $100.8M.
    • Average selling prices: Used vehicles: flat at $19,858, Wholesale vehicles: -3.3% to $5,268.
    • Gross margin rate expanded 40 bps to 13.9%.
    • Gross profit per used vehicle +0.1% to $2,202.
    • Gross profit per wholesale vehicle -3.6% to $995.
    • FY2017 Guidance: Capital expenditure: ~$450M; New stores: 15.
    • KMX -4.40% premarket.
    | Tue, Jun. 21, 7:57 AM | 1 Comment
  • Tue, Jun. 21, 7:35 AM
    • CarMax (NYSE:KMX): Q1 EPS of $0.90 misses by $0.02.
    • Revenue of $4.13B (+3.0% Y/Y) misses by $60M.
    • Press Release
    | Tue, Jun. 21, 7:35 AM
  • Mon, Jun. 20, 5:30 PM
  • Tue, Jun. 7, 3:56 PM
    • The Manheim Used Vehicle Value Index rose 0.6% Y/Y and 1.4% M/M in May to help give a boost today to auto retailer stocks.
    • The index rose for the first time on a year-over-year comparison since last December (per Bloomberg).
    • Sandler O'Neill analyst Crispin Love calls the used car price reading "surprisingly strong" and says the firm will look for confirmation in other data.
    • Related stocks: AutoNation (AN +2.5%), CarMax (KMX +2%), Group 1 Automotive (GPI +1%), Penske Automotive (PAG +1.6%), AutoZone (AZO +0.6%), O'Reilly Automotive (ORLY +0.6%), Monro Muffler Brake (MNRO +0.8%).
    | Tue, Jun. 7, 3:56 PM | 2 Comments
  • Wed, May 25, 8:57 AM
    • An analysis of data from LendingTree suggests that millennials want to drive and own cars.
    • "The share of millennial auto loan requests has climbed from roughly 27 percent in early 2013 to about 34 percent in 2016, suggesting a return of younger buyers to the car market," concludes Lending Tree after diving into loan requests.
    • On a volume basis, the most popular cars that millennials requested a loan for were the Nissan Altima, Dodge Charger, Honda Accord, Chevrolet Impala, and Chevrolet Tahoe. Millennials opted for used vehicles at a slightly higher clip than older drivers, 46% vs. 44%.
    • The crush of major automaker-tech firm partnerships (Toyota-Uber, GM-Lyft, Fiat-Google, Volkswagen-Gett) popping up is predicated in part on a younger generation attuned to ride-sharing and ride-hailing. There's also been an assumption by some analysts of a topping out of U.S. auto demand this year or next due in part to millennial disinterest.
    • Related automaker/auto retailer stocks: PAG, ABG, LAD, GPI, SAH, KMX, AN, RUSHA, OTCPK:DDAIF, TM, HMC, TSLA, TTM, OTCPK:VLKAY, GM, F, OTCPK:NSANY, OTCPK:BAMXY, OTCPK:FUJHF.
    | Wed, May 25, 8:57 AM | 50 Comments
  • Tue, May 3, 10:17 AM
    • The broad automobile-related sector is slumping after the Detroit Three all post U.S. sales reports below expectations for April.
    • Hertz Global (HTZ -7.1%) and Avis Budget (CAR -5.6%) in particular are being hit hard with Avis due to report earnings after the bell and some read-through on daily rentals from GM influencing trading.
    • Retailers AutoNation (AN -2.5%), Asbury Automotive (ABG -3.3%), CarMax (KMX -1.9%), Lithia Motors (LAD -1.6%), and Group 1 Automotive (GPI -3.7%) are also lower.
    | Tue, May 3, 10:17 AM | 4 Comments
  • Sun, Apr. 10, 9:07 AM
    • BAML analyst John Murphy remains bullish on CarMax (NYSE:KMX) following its Q4 beat.
    • "CarMax reported fiscal 4Q16 (ending 2/29/16) adjusted EPS from continuing operations of $0.74, above our estimate and consensus of $0.71. Total used vehicle revenue growth of +6.5% Y/Y, driven by positive same-store used unit sales growth, combined with better SG&A leverage drove the bottom-line beat. CarMax Auto Finance income of  $92.3M was also better than expected.
    • "Positive comp growth despite another tough Y/Y comparison: KMX’s core used vehicle operations faced a difficult comparison of +7% Y/Y same-store used unit growth in 4Q15, and improved 0.7% YoY in 4Q16, driven by improved conversion. As new vehicle sales continue to improve, the increase in trade-in activity should continue to drive supply into the used-vehicle channel and drive volume growth for used vehicle retailers such as KMX, in our view. In addition to the positive industry dynamics, KMX’s pace of new store openings should contribute positively to overall growth, demonstrated by KMX’s total unit sales improvement of +4.0% Y/Y in 4Q.
    • "CarMax is continuing to run its early small test phase of originating subprime loans in-house, which, if successful, could potentially lower the fees that KMX pays to third-party subprime partners, and protect CarMax from volume risk if its lending partners pull back on subprime lending. We would note that KMX’s subprime exposure is still relatively limited."
    • John Murphy is ranked #762 out of 3,860 analysts by TipRanks. He has an $83 price target on KMX. Implied upside 56%.
    • Now read Steer Clear Of Carmax »
    | Sun, Apr. 10, 9:07 AM | 2 Comments
  • Thu, Apr. 7, 7:52 AM
    • CarMax (NYSE:KMX) reports sales rose 5.5% in FQ4 to $3.71B as 14 stores were added during the fiscal year. CarMax's total store count is up to 158.
    • Total used vehicle sales increased 4.0% during the quarter. Used unit sales were up 0.7% on a comparable-store basis. The average used vehicle selling price was up 2.4%.
    • Total wholesale vehicle unit sales grew 2.3% off the higher store count.
    • CarMax Auto Finance income was up 2.2% to $92.3M.
    • Gross profit per used vehicle -1.8% to $2,109.
    • Gross profit per wholesale vehicle -3% to $1,005.
    • The company plans to open 13 to 16 new stores in each of the next two years.
    • Previously: CarMax beats by $0.03, beats on revenue (April 7)
    • KMX +0.77% premarket to $53.70.
    | Thu, Apr. 7, 7:52 AM
  • Thu, Apr. 7, 7:38 AM
    • CarMax (NYSE:KMX): Q4 EPS of $0.74 beats by $0.03.
    • Revenue of $3.71B (+5.7% Y/Y) beats by $30M.
    • Press Release
    | Thu, Apr. 7, 7:38 AM
  • Wed, Apr. 6, 5:30 PM
  • Mon, Mar. 28, 9:00 AM
    • Sterne Agee CRT downgrades CarMax (NYSE:KMX) to a Neutral rating after having the auto retailer set at Buy.
    • "CarMax's comparable sales are unlikely to recover in the short-run as public dealer peers price aggressively and accept margin declines to grow their service backlog," reads the analyst note.
    • The investment firm trims its 2016 EPS estimate on CarMax to $3.33 from $3.36.
    • The auto retailer sector has been under some pressure over the last month on concerns of a saturated U.S. market and blowback from sub-prime delinquencies.
    • KMX is inactive in the premarket session.
    | Mon, Mar. 28, 9:00 AM
  • Wed, Mar. 16, 10:23 AM
    • The percentage of BMW (OTCPK:BAMXY) vehicles either leased or financed went to 46.3% in 2015 from a level of 41.8% just a year prior, observes Bloomberg Gadfly. A massive jump for a short time period.
    • Though the company isn't suffering from some of the delinquency issues that are picking up in the automobile industry (see subprime concerns for lenders, auto retailers, and Detroit majors), there could be implications down the road as a glut of vehicles come off their leases.
    • Across the industry, vehicle leasing as a percentage of sales rose to 32.3% in February vs. the average of 28% in 2015. That's a development that could add to pricing pressure down the road for high-end and mass market brands as a higher percentage of vehicles come off their leases.
    • Related stocks: PAG, ABG, LAD, GPI, SAH, KMX, AN, RUSHA, OTCPK:DDAIF, TM, HMC, TSLA, TTM, OTCPK:VLKAY, GM, F.
    | Wed, Mar. 16, 10:23 AM | 53 Comments
  • Tue, Mar. 15, 10:53 AM
    • There's sharp losses in the auto dealer sector today. The negative stance from investors could be a reaction to increasing concerns on subprime auto loans.
    • Decliners: Penske Automotive (PAG -4.4%), Sonic Automotive (SAH -4%), Asbury Automotive (ABG -2.8%), CarMax (KMX -3.3%), Lithia Motors (LAD -3.6%), AutoNation (AN -3.7%), Group 1 Automotive (GPI -2.3%), Rush Enterprises (RUSHA -1.9%).
    • Previously: Shades of subprime flash warning for auto sales (Mar. 14 2016)
    • Previously: Subprime auto worry hits lenders (Mar. 15 2016)
    | Tue, Mar. 15, 10:53 AM | 1 Comment
  • Mon, Feb. 1, 6:58 AM
    • CarMax (NYSE:KMX) announces CEO Tom Folliard will retire sometime before the end of the year. Follaird has been at the helm of CarMax since 2006.
    • The company "anticipates" that newly-promoted president Bill Wood will succeed Folliard.
    • In another C-suite move, Cliff Wood was named COO.
    | Mon, Feb. 1, 6:58 AM | 2 Comments
Company Description
CarMax, Inc. is as a holding company which, through its subsidiaries, operates as a retailer of used vehicles and wholesale vehicle auction operator. The company operates in two segments: CarMax Sales Operations and CarMax Auto Finance. The CarMax Sales Operations segment consists of all aspects... More
Sector: Services
Industry: Auto Dealerships
Country: United States