Online retail sales (1) accounted for 11% of retail unit sales, compared with 8% in the first quarter of last year. Combined retail and wholesale used vehicle unit sales were 427,257, a decrease of 5.5% from the prior year’s first quarter.
We will now turn our efforts to further improving the experience for customers and associates by focusing on the seamlessness of our online and in-store offerings.”įirst Quarter Business Performance Review:
All of our retail customers are now able to transact online on their own. “For the past several years, our priorities and investments have focused on building a leading e-commerce platform that integrates buying and selling cars with our best-in-class store experience. “While the used vehicle market environment was challenging in the first quarter, we continued to make progress on the key strategic priorities that enable CarMax to grow profitable market share, now and into the future,” said Bill Nash, president and chief executive officer. While the decline in used sales was a key contributor, net earnings were also negatively impacted by the year-over-year swing in the provision for loan losses and a $22.2 million unrealized gain on investment in last year’s first quarter. Net earnings per diluted share of $1.56, down from a record $2.63 a year ago. Net interest margin improved to 7.5% of average managed receivables, up from 6.9% in the prior year’s first quarter. Gross profit per retail used unit of $2,339, an increase of $134 versus the prior year’s first quarter, and gross profit per wholesale unit of $1,029, consistent with last year’s first quarter.ĬarMax Auto Finance (CAF) income of $204.5 million, a 15.4% year-over-year decline as the $82.2 million swing in the provision for loan losses, reflecting a more normalized environment, outweighed the effects of robust growth in CAF’s net interest margin and average managed receivables. Wholesale units increased 2.7% to 186,307 vehicles.īought 362,280 vehicles from consumers and dealers, up 6.2% versus last year’s first quarter.ģ45,216 of these vehicles were from consumers, up 3.0% over last year’s record results.ġ7,064 of these vehicles were through MaxOffer, our digital appraisal product for dealers, up 183.4% over last year’s first quarter. Retail used unit sales declined 11.0% to 240,950 vehicles, and comparable store used unit sales declined 12.7%. Sold 427,257 units through our combined retail and wholesale channels, down 5.5% versus the prior year first quarter. Net revenues of $9.3 billion, up 21.0% compared with the prior year first quarter. (NYSE:KMX) today reported results for the first quarter ended May 31, 2022.Įnabled online self-progression capabilities for all of our retail customers. Visit the company website or help center for more information.CarMax, Inc. Call or write an email to resolve CarMax issues: Payments and Charges, Request for Information, Product/ Service.To see your payoff amount, go to your Account Details page on Contact Information ‘YWXSQIV …ĬarMax Customer Service Phone Number (800) 519 … Use your account to access Saved Cars and Searches, Compare Your Favorites and Make Car Payments. You can access your CarMax Auto Finance account number on the welcome email or welcome letter you received or you can contact our Customer Service team at (800) 925-3612.
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