CarMax Rises Most in S&P 500 on Used Vehicle Sales, Prices
CarMax Inc. (KMX) , the largest U.S. seller of used cars, climbed the most in the Standard & Poor’s 500 Index after selling more vehicles at higher prices in its first fiscal quarter.
CarMax rose $2.14, or 7 percent, to $32.66 at 4:03 p.m. in New York Stock Exchange composite trading. The shares surged as much as 9.7 percent earlier, the biggest intraday gain in almost a year.
Used-vehicle sales increased 7.5 percent to 108,511, Richmond, Virginia-based CarMax said today in a statement. Net income in the quarter ended May 31 rose to $126.3 million, or 55 cents a share, from $101.1 million, or 44 cents, a year earlier. The average estimate of 13 analysts surveyed by Bloomberg was for a profit of 47 cents.
“We achieved these results despite economic and marketplace challenges such as lower consumer confidence , high unemployment, elevated gas prices and escalating wholesale prices, which have driven up average selling prices of both new and used vehicles,” Chief Executive Officer Tom Folliard said today on a conference call.
Used-vehicle prices have surged to the highest on record, according to Manheim Auctions. The largest U.S. auto auction chain’s Used Vehicle Value Index climbed to 127.8 for May, the highest since the index began in 1995.
“A lot of people are looking at their used vehicles and thinking they can cash in, so they’re taking it to CarMax for them to wholesale,” Mark Mandel, an analyst at ThinkEquity LLC in New York, said in a telephone interview. “The dealers are willing to buy them because they can pass on the price increases. That business is real lively right now.”
Average PricesCarMax’s average used-vehicle selling prices increased 5.2 percent to $18,902. Wholesale vehicle sales rose 32 percent to 85,062 units, with average prices at that business increasing 14 percent to $5,469.
Auto retailers such as AutoNation Inc. (AN) have said they are stepping up efforts in the used-vehicle business this year after the Japan earthquake and tsunami in March disrupted production and lowered inventory of new cars and trucks.
“It’s really difficult to look at our results and say that we’ve been impacted,” Folliard said on the conference call. “It’s not the first time that all the new-car dealers have said they’re going to focus on used cars. You see a lot of those dealers out in the marketplace in a much more aggressive way. Eventually that will subside.
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The Richmond, Va.-based CarMax, a national used-car retailer, may purchase land in East Naples that was once the site of a Saturn dealership. A national used car retailer is looking to open in Collier County.
Used-vehicle sales increased 7.5 percent to 108511, Richmond, Virginia-based CarMax said today in a statement. Net income in the quarter ended May 31 rose to $126.3 million, or 55 cents a share, from $101.1 million, or 44 cents, a year earlier.
RICHMOND, Va. -- Used car dealership chain CarMax Inc. is looking at various improvements to better serve customers and grow its business, CEO Tom Folliard told shareholders at its annual meeting.
the largest US seller of used cars, and at Milwaukee-based Harley-Davidson Inc., the largest US motorcycle manufacturer. Their finance arms “have fully recovered,” said Kennison, who rates both “outperform.” CarMax, based in Richmond, Virginia,
Many dread the hassle of advertising the car on Craigslist or other online sites and dealing with strangers who want to test-drive it. That's where Mr. Bor sees an opportunity for his business, which recently opened its first location near Richmond, Va
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