CarMax Q2 Jumps 20% from 2020

By Staff Writer October 03, 2021

CarMax, Inc. the nation’s largest retailer of used cars, reported strong results for the second quarter ended Aug. 31.

Combined retail and wholesale used vehicle unit sales were 419,895, an increase of 19.9% from the prior year’s second quarter. Online retail sales (accounted for 9% of retail unit sales, compared to 3% in the second quarter last year. Revenue from online transactions, including retail and wholesale unit sales, was $2.2 billion, or approximately 28% of net revenues, compared to 18% of net revenues in last year’s second quarter.

Total retail used vehicle unit sales increased 6.7% to 231,797 and comparable store used unit sales increased 6.2% from the prior year’s second quarter. We believe several factors contributed to our comparable store sales growth, including a robust used auto demand environment and solid execution supported by our omni-channel customer experience. Total retail used vehicle revenues increased 39.1% compared with the prior year’s second quarter due to the increase in both average retail selling prices, which rose more than $6,000, or 30.8%, and used units sold. The price increase largely reflected higher vehicle acquisition costs resulting from strong wholesale industry valuations.

Total wholesale vehicle unit sales were 188,098, an increase of 41.4% compared with the prior year’s second quarter. Total wholesale revenues increased 107.7% compared with the prior year’s second quarter due to average wholesale selling prices rising almost $3,000, or 47.7%, and the increase in units sold.

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Last modified on Friday, 08 October 2021 15:04