jammer

CarMax: Another 'Recession-Proof' Myth Busted

Actually, it is a combination of the mentioned factors.

People are trading in their SUVs for smaller vehicles. (buying cars)

People are keeping their SUVs that now have a drastically reduced value. (keeping cars)

People are not buying cars because they may have lost their job or had a decrease in pay. (keeping cars)

People who need or want a car are buying cars. (buying cars)

People are losing their cars because their house payment went up and they can't afford both payments. These people need a really cheap junker that they can't get at CarMax. Maybe these will be potential future customers. (losing cars)

The net effect is reflected in CarMax's stock prices. (people aren't buying as many cars as they usually do)