CarMax's success procuring and selling vehicles helped the company achieve record net revenue of $8.53 billion during the fiscal third quarter, a 64 percent increase from a year earlier.
"Our solid execution, customer-centric omni-channel strategy, and macro factors are driving strong performance across our diversified businesses," CarMax Inc. CEO Bill Nash said in a statement Wednesday. "Our top line momentum continued into this quarter and we achieved record levels of third quarter unit sales in both retail and wholesale, generating all-time record revenues. We also bought more cars from customers than ever before."
CarMax increased retail sales 17 percent year over year to 227,424 vehicles during the third quarter, which ended Nov. 30. Wholesale volume rose 49 percent to 187,630 vehicles.
On the supply side, CarMax nearly doubled the amount of vehicles it purchased directly from customers during the quarter. The company said it acquired about 194,000 of those 383,215 vehicles through its online instant appraisal feature.
CarMax shares slipped 6.66 percent to $127.87 when the market closed Wednesday.
Other quarterly metrics:
Q3 earnings before taxes: $356 million, up 15 percent from a year earlier.
Q3 net earnings: $269.4 million, up 14 percent from a year earlier.
CarMax, of Richmond, Va., ranks No. 1 on Automotive News' list of the top 100 retailers ranked by used-vehicle sales, with retail sales of 832,640 used vehicles in 2020.