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  • 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 | 63 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
  • 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