CarMax Inc. today said it plans to open as many as 55 used-car stores through February 2016, an expansion plan that could increase its store count by 50 percent.
The Richmond, Va., used-car retailer also said its net earnings and revenues rose in the quarter that ended Nov. 31. Unit sales of used cars and trucks in the quarter fell slightly, with sales at stores open for at least one year taking the biggest hit.
CarMax CEO Tom Folliard says the company plans to open 10 CarMax stores in its fiscal year that begins March 1, and 10 to 15 new stores in each of the three following fiscal years. CarMax now operates 107 used-car stores in 50 markets.
"If things don't get any worse and we can continue to manage our business the way we have in terms of efficiencies and margins, then that's our growth plan," Folliard told analysts on a conference call today.