Summary
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What Every CarMax Investor Should Know Before Buying
CarMax is the largest used-car retailer but working to reboot its operations. While high prices for cars and trucks affect the entire industry, CarMax's unique business mix can help it navigate the challenges.
CarMax outlook clouded by soft securitization trends, leadership changes
CarMax Inc (NYSE:KMX) is facing a mixed outlook as recent securitization data and preliminary guidance for the next quarter highlight ongoing challenges in the used-car market, according Wedbush analysts. The analysts have a ‘Neutral' rating on the stock, with a 12-month price target of $40, after the company reported October trends from its CAF securitization trust.
CarMax stock falls more than 10% as CEO steps down
Shares of CarMax Inc. fell more than 10% during premarket trading Thursday after the used car retailer announced the unexpected departure of CEO Bill Nash. CarMax said board member David McCreight, a retail clothing executive who has served as CEO of Lulu's Fashion Lounge Holdings, will serve as interim CEO
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CarMax Inc. Profile
| - Industry | - Sector | William D. Nash CPA CEO | LSE Exchange | US1431301027 ISIN |
| US Country | 30,048 Employees | - Last Dividend | 27 Mar 2007 Last Split | 4 Feb 1997 IPO Date |
Overview
CarMax, Inc., together with its subsidiaries, is a premier retailer of used vehicles in the United States, established in 1993 and headquartered in Richmond, Virginia. The company functions through two main segments: CarMax Sales Operations and CarMax Auto Finance. CarMax distinguishes itself by offering a broad spectrum of high-quality used vehicles, including domestic and imported cars, luxury models, and eco-friendly hybrids and electric vehicles. It's known for its comprehensive customer care offerings, including extended protection plans at the time of sale and a transparent financing process for customers across various credit profiles.
Products and Services
- Range of Used Vehicles
CarMax offers an extensive selection of used vehicles, accommodating numerous customer preferences for make, model, and type. This includes everything from domestic and imported models to luxury vehicles and environmentally-friendly options like hybrid and electric vehicles. Their inventory is designed to cater to diverse customer needs, ensuring a variety of choices in terms of price, features, and performance.
- Extended Protection Plans
At the point of sale, CarMax provides customers the option to purchase extended protection plans. These plans are devised to give buyers peace of mind by covering various unforeseen repairs and services post-purchase, further enhancing the value and reliability of their investment.
- Wholesale Auctions
The company also engages in the sale of older vehicles, typically those around 10 years old and with more than 100,000 miles, through wholesale auctions. This aspect of the business caters to a market segment interested in acquiring or dealing with older used vehicles, showcasing CarMax's diverse market approach.
- Reconditioning and Vehicle Repair Services
CarMax is equipped to provide comprehensive reconditioning and vehicle repair services. These services are integral to ensuring that each vehicle meets the company's high standards before being sold and continue to support the customer's ownership experience by maintaining vehicle quality and performance over time.
- Financing Alternatives
To accommodate customers across the credit spectrum, CarMax offers various financing alternatives through CarMax Auto Finance and through arrangements with numerous financial institutions. This inclusive financing approach is designed to facilitate the purchase process for customers, offering competitive and customizable financing options to suit different financial situations.
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