CarMax is seeing more of its customers buy vehicles partly or completely online, and the used-vehicle giant also is replenishing its inventory increasingly with vehicles it is appraising digitally.
CarMax nearly doubled its purchase of consumer vehicles to 383,215 during its fiscal third quarter, which ended Nov. 30. About 194,000 of those transactions involved customers who used CarMax's instant online appraisal feature.
"We continue to be the largest buyer of vehicles from consumers," CarMax CEO Bill Nash said Dec. 22 after the country's largest used-vehicle retailer reported higher revenue and net earnings for the quarter.