KMX - Why Is Used Vehicle Retailer CarMax Stock Plunging Today? | Benzinga
CarMax Inc (NYSE:KMX) shares are trading lower after the company reported a fourth-quarter FY24 sales decline of 1.7% year-on-year to $5.63 billion, missing the analyst consensus estimate of $5.79 billion.
The company sold 287,603 units through combined retail and wholesale channels, a decrease of 0.9% year-over-year.
KMX said vehicle affordability challenges continued to impact Q4 unit sales performance, as headwinds remained due to widespread inflationary pressures, higher interest rates, tightening lending standards and low consumer confidence.
The company bought 234,000 vehicles from consumers and dealers, down 10.8% versus last year.
Gross ...