CarMax Used Vehicle Sales Decline as Rival Carvana Gains Ground

Deep News12-19 05:00

U.S. used-car retailer CarMax (KMX) fell 3.14% in late trading Thursday after reporting third-quarter results. Adjusted earnings per share came in at $0.43, beating Wall Street's consensus estimate of $0.31. Same-store sales dropped 9% year-over-year, consistent with preliminary figures released in November—when the company abruptly ousted longtime CEO Bill Nash.

In the fiscal third quarter, CarMax sold 169,557 used vehicles to retail customers, marking an 8% decline from the prior year. The company indicated it expects further reductions in used-vehicle gross margins in Q4, believing this move could help stimulate sales.

CarMax's declining used-car sales are increasingly approaching levels seen by rival Carvana Co. (CVNA), with Wall Street anticipating the gap will continue to narrow. Wedbush Securities analysts noted in November that they expect Carvana's retail sales to surpass CarMax by Q4 2026—six months earlier than initially projected.

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