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  • Wed, Dec. 7, 1:56 PM
    • The Manheim Used Car Index fell 0.3% to 124.7 in November.
    • The auction data firm thinks the slip in November wholesale pricing was probably more related to new vehicle market activity, channel stuffing and higher incentives than excess inventory.
    • Used vehicle retail market sales increased 10% in November.
    • Manheim's sector breakdown:"If our theory for the price movement is correct, manufacturers may have more control over future residuals than currently believed. They will, however, need to better balance new vehicle volume objectives with already assumed end-of-term residual projections."
    • Related stocks: PAG, AN, CRMT, SAH, LAD, ABG, KMX, CPRT, RUSHA, RUSHB.
    | Wed, Dec. 7, 1:56 PM
  • Mon, Nov. 28, 10:26 AM
    • The portfolio manager of the AdvisorShares Ranger Equity Bear ETF (NYSEARCA:HDGE) sets his sights on the auto finance sector.
    • Short specialist Brad Lamensdorf says in an e-mail provided to Seeking Alpha that the wave of cars coming off of long leases this spring will "crush" prices in the sector.
    • Current shorts from Lamensdorf include CarMax (KMX -1.3%), Credit Acceptance Corp (CACC) and Santander Consumer USA Holding (SC -1.4%).
    | Mon, Nov. 28, 10:26 AM | 3 Comments
  • Mon, Nov. 21, 8:27 AM
    • Shares of CarMax (NYSE:KMX) are on watch after Barron's says that automobile market dynamics are setting up favorably for the retailer.
    • The math is simple on KMX, reasons Barron's, pointing to a flood of off-lease vehicles set to hit the market.
    • CarMax trades at roughly 17X forward earnings vs. the five-year average of 19X.
    • Last week, Deutsche Bank came in with a Buy rating on KMX.
    | Mon, Nov. 21, 8:27 AM
  • Fri, Nov. 18, 10:39 AM
    • Fiat Chrysler Automobiles (NYSE:FCAU) and Amazon (NASDAQ:AMZN) are teaming up to sell cars online, according to Reuters. Consumers will still finalize their car purchases at a dealership.
    • The initiative will start off in Italy with the Fiat 500, Fiat Panda and Fiat 500L.
    • "The time has arrived to give consumers a new, more efficient and transparent way to choose a new vehicle," says Fiat's top exec in Italy.
    • Though the Fiat-Amazon tie-up isn't necessarily groundbreaking, it's still another crack in the dealership model that could have implications down the road.
    • Related automobile sector stocks: GM, F, TM, HMC, OTCPK:NSANY, TSLA, OTCPK:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BMWYY, TTM, TSLA, AN, KMX, SONC.
    • Previously: Amazon launches automotive research portal, Amazon Vehicles (Aug. 25)
    | Fri, Nov. 18, 10:39 AM | 64 Comments
  • Wed, Nov. 16, 9:52 AM
    • The Los Angeles Auto Show is off and running this week, with technology companies stealing some of the early headlines.
    • Samsung (OTC:SSNLF) got the ball rolling with its huge acquisition of Harman (NYSE:HAR), while Amazon dazzled many by showcasing its connected-car Blue Link technology that uses the AI-heavy Alexa in Hyundai cars.
    • Ride sharing platforms are on display, led by BMW's Reach Now program which is a potential Uber (Private:UBER) X competitor.
    • Edmunds.com may have sent a bit of shock wave through the auto retailer sector by demonstrating its advanced messaging platform that uses Facebook Messenger to help direct buyers to cars.
    • Then there is Olli which is the first self-driving vehicle to use IBM (NYSE:IBM) Watson as its brains.
    • There are plenty of new models on display at the Staples Center - including the Alfa Romeo Stelvio, Volkswagen e-Golf, Land Rover Discover, Porsche Panamera and Mazda CX-5. The first look at the Jaguar all-electric I-Pace SUV is one of the more talked about introductions.
    • The all-electric Chevy Bolt and Tesla Model X mobile design studio will also be making an appearance in LA. Expect some updates on both as the GM vs. Tesla war starts to get ratcheted up.
    • Related automobile sector stocks: GM, F, TM, FCAU, HMC, OTCPK:NSANY, TSLA, OTCPK:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BMWYY, TTM, TSLA, AN, KMX, SONC.
    | Wed, Nov. 16, 9:52 AM | 111 Comments
  • Tue, Nov. 8, 12:53 PM
    • Hertz is well off its lows, but still down 32%  after disappointing earnings and a guidance cut, with the company noting the declining value of it cars. OneMain Holdings has plunged 38% after slashing guidance.
    • Lower in this wake are rental and leasing names, and auto retailers like CarMax (KMX -4.2%). Finance companies are also getting under pressure: Credit Acceptance (CACC -1.8%), Santander Consumer (SC -4.4%), Ally Financial (ALLY -1.7%).
    • Yesterday's Fed senior loan officer survey alluded to incremental caution on auto and credit card lending standards, says Evercore's John Pancari. The survey also showed a slight "down-shift" in auto-loan demand.
    | Tue, Nov. 8, 12:53 PM
  • Mon, Oct. 24, 9:41 AM
    • CarMax (NYSE:KMX) shoots higher at the open after Deutsche Bank upgrades the auto retailer to Buy from Hold.
    • DB thinks consumers in the U.S. are shifting their mindset toward buying a higher mix of used cars.
    • CarMax is up 3.38% and crossed over $52 for the first time in a few weeks.
    | Mon, Oct. 24, 9:41 AM
  • Mon, Oct. 10, 11:18 AM
    • Manheim reports wholesale used vehicle prices were flat M/M and up 1.7% Y/Y in September to a reading of 126.9. The pickup and van segment showed the biggest gain across the different classes.
    • "The continued strength in wholesale pricing is largely explained by current and past increases in new vehicle transaction prices – even after adjusted for mix shifts," notes Cox automotive economist Tom Webb.
    • Used unit retail sales rose 4.7% YTD through the end of August.
    • Related stocks: PAG, AN, CRMT, SAH, LAD, ABG, KMX, CPRT, RUSHA, RUSHB.
    | Mon, Oct. 10, 11:18 AM
  • Wed, Sep. 21, 9:17 AM
    | Wed, Sep. 21, 9:17 AM
  • Wed, Sep. 21, 8:26 AM
    • CarMax (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.
    | Wed, Sep. 21, 8:26 AM
  • Wed, Sep. 21, 8:05 AM
    • CarMax (NYSE:KMX) slumps after Q2 results fall short of expectations.
    • Total used vehicle unit sales were up 7.0% Y/Y and comparable store used unit sales increased 3.1% during the quarter.
    • Prices fell during the quarter. The average selling price on a used vehicle was down 2.3% Y/Y to $19,530 and fell 4.1% for a wholesale vehicle to $5,119.
    • SG&A per used unit was $2,187, up $74 from last year's level.
    • Previously: CarMax misses by $0.04, misses on revenue (Sept. 21)
    • KMX -4.95% premarket to $53.00.
    | Wed, Sep. 21, 8:05 AM | 1 Comment
  • Wed, Sep. 21, 7:37 AM
    • CarMax (NYSE:KMX): Q2 EPS of $0.84 misses by $0.04.
    • Revenue of $4B (+3.1% Y/Y) misses by $90M.
    • Shares -5.49% PM.
    • Press Release
    | Wed, Sep. 21, 7:37 AM
  • Tue, Sep. 20, 5:30 PM
  • Fri, Sep. 9, 10:25 AM
    • CarMax (KMX -5.3%) slides after Buckingham Research shifts to a Neutral stance on the auto retailer.
    • Buckingham analyst Glenn Chin clips his price target on KMX to $59 from $63 with the risk/reward profile on the stock looking fairly balanced.
    | Fri, Sep. 9, 10:25 AM
  • Fri, Aug. 26, 7:04 AM
    | Fri, Aug. 26, 7:04 AM | 1 Comment
  • Mon, Aug. 22, 9:03 AM
    • Amazon Prime members in the Los Angeles area can have a Hyundai (OTC:HYMLF) Elantra brought to them for a test drive in a new promotion.
    • It's one of the first attempts of the on-demand test drive concept in the U.S. and an intriguing push by Amazon (NASDAQ:AMZN) to see if it could shake things up in the automobile industry.
    • The company is well-positioned to be used as a selling channel with 63M members now signed up for Prime.
    • Last week, Hyundai announced that it would feature Amazon Alexa in its luxury Genesis model.
    • Related auto stocks: GM, F, TM, FCAU, HMC, OTCPK:NSANY, TSLA, OTCPK:VLKAY, OTCPK:DDAIF, OTC:HYMLF, BAMXY, TTM, TSLA, AN, KMX, SONC.
    • Hyundai press release
    | Mon, Aug. 22, 9:03 AM | 21 Comments