CarMax Unit Sales Jump Nearly 30%

By Staff Writer December 29, 2021

CarMax reported strong results for the third quarter ended Nov. 30.

Combined retail and wholesale used vehicle unit sales were 415,054, an increase of 29.3% from the prior year’s third quarter. Online retail sales accounted for 9% of retail unit sales, compared with 5% in the third quarter of last year. Revenue from online transactions, including retail and wholesale unit sales, was $2.5 billion, or approximately 30% of net revenues, compared with 20% of net revenues in last year’s third quarter.

Total retail used vehicle unit sales increased 16.9% to 227,424 and comparable store used unit sales increased 15.8% from the prior year’s third quarter. Several factors contributed to comparable store sales growth, including solid execution, the growing demand for online offerings, ramping inventory and staffing levels, and the continued success of vehicle sourcing directly from consumers. Total retail used vehicle revenues increased 52.9% compared with the prior year’s third quarter due to an increase in the average retail selling price, which rose nearly $6,600 per unit, or 30.8%, together with the growth in retail used units sold. The increase in average retail selling price largely reflected higher vehicle acquisition costs resulting from strong wholesale industry valuations.

Total wholesale vehicle unit sales increased 48.5% to 187,630 compared with the prior year’s third quarter. Wholesale sales benefited from the large increase in appraisal volume associated with our online appraisal offerings and a record third quarter buy rate. Total wholesale revenues increased 132.1% compared with the prior year’s third quarter due to the average wholesale selling price rising by more than $3,600 per unit, or 58.4%, together with the increase in wholesale units sold.

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Last modified on Tuesday, 04 January 2022 18:31