CarMax Inc. said today that its net profits rose 25 percent to $126.3 million in the three months that ended May 31, the first quarter of the company’s fiscal year, from the year-earlier period. CarMax’s revenues rose 18 percent $2.68 billion.
CarMax is the largest used-car retailer in the United States. For the three months ending May 31, CarMax sold 108,511 used vehicles, an increase of 8 percent.
While CarMax specializes in selling used vehicles, it operates a handful of new-car dealerships. It sold 2,435 new vehicles in its first quarter, up 14 percent from the same period a year ago.
The retailer opened stores in Baton Rouge, La., and Lexington, Ky., during the first quarter. CarMax has announced plans to open stores in Escondido, Calif.; North Attleborough, Mass.; and Chattanooga by the end of the current fiscal year.
The stores in North Attleborough and Chattanooga will mark the company’s entrance into those markets.
CarMax ranks No. 67 on the Automotive News list of the top 125 dealership groups in the United States with retail sales of 7,851 new vehicles in the fiscal year that ended Feb. 28, 2010.