Reported about 1 year ago
CarMax, a used car retailer, experienced a 33% decrease in first-quarter profit due to lower margins on vehicle sales affecting the used-vehicle industry. The profitability of pre-owned vehicle retailers has been declining as new vehicle availability has improved, leading to heightened competition. CarMax reported a net income of $152.4 million, falling short of analysts' estimates, with overall revenue at $7.11 billion. Affordability concerns among consumers and limited supply of affordable vehicles continue to impact the industry.
Source: YAHOO