carmax used cars

carmax used cars

Carmax Used Cars

The auto industry’s recovery from the financial crisis and the major bankruptcies of two of the three primary U.S. automakers has been impressive, and investors have seen its impact not just in automakers but also in related businesses like vehicle retail specialist CarMax (NYSE:KMX). The company specializes largely in used-car sales, and coming into its fiscal third-quarter report on Tuesday, CarMax investors were hoping that they would be able to share somewhat more in the strength that the overall industry has seen. Even as new-car sales start to plateau, CarMax said that it saw some strength in its unit sales that could point to better times ahead for the company. Let’s look more closely at the latest from CarMax and what lies ahead for the car retailer going forward.
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Carmax Used Cars

CarMax continues to look at growth in its store network to foster overall gains in sales and profits. During the fiscal third quarter, CarMax opened six new locations. Two of those were in brand new markets for CarMax, including Boise, Idaho and Grand Rapids, Michigan. The four others expanded CarMax’s existing presence in key markets, including Philadelphia, San Francisco, and the Florida community of Daytona. The company expects to open a dozen more stores within the next 12 months, including four during the current fiscal quarter.
carmax used cars 2

Carmax Used Cars

Circuit City issued the first CarMax stock in February 1997, when CarMax had seven locations. Initially, the stock was a tracking stock still under the umbrella of the Circuit City. CarMax officially split from Circuit City as of October 1, 2002, when it was spun off as a stock dividend for Circuit City shareholders, with shares also issued to those holding CarMax tracking stock.
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Carmax Used Cars

Looking more closely at the numbers, CarMax saw some important advances that could point to a brighter future. Comparable used-car sales growth climbed again, rising to 5.4% in unit terms, and that represents two straight quarters of advances from flat performance earlier in the fiscal year. Total used unit sales were up more than 9%, and CarMax reported that both increases in store traffic and stronger conversion figures contributed to the favorable sales performance in the used-car realm. Comparable sales growth was even stronger when you exclude customers who get financing through what CarMax calls its Tier 3 third-party finance providers, nearing the 10% mark.
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Carmax Used Cars

CarMax’s other businesses, however, once again lagged behind the used-car arena. Wholesale vehicle unit sales were down 2.2% from year-ago levels. Even though CarMax has grown its store network and boasted higher buy rates on appraisals, reduced appraisal traffic weighed on the segment’s results. Other sales and revenues were up 1%, with strength in revenue from extended protection plans and third-party finance fees. But decreases in new vehicle sales stemmed from last year’s sales of some of CarMax’s new car franchises.
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Carmax Used Cars

When fully stocked, the store will carry approximately 200 used vehicles. But its customers will have access, via the company’s CarMax app or carmax.com, to about 50,000 vehicles at CarMax’s other stores. For a fee, the company will move one of those vehicles to a store near a buyer.
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Carmax Used Cars

Customer Reviews Great App. Search is awesome. by deezlman What a great way to shop for and compare cars. Even if you were buying from someone else this is a wonderful and we’re comparing prices. I would go with CarMax though. 5 day return. TRUE no haggle price. Real value for your trade. Shipping from anywhere with no obligation (possibly, with a fee, depending on distance). Best way to buy. Great app by Pronuff Because of this app I bought a carmax car and it provides everything you would need to know before making your choice. Functionality is great with no crashes as far as I can tell. Even low speed internet can make use of this app so go for it! Great app! by 072468 This app is quick and efficient. Has plenty of ways to search and sort. I like it better than the website.
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Carmax Used Cars

CarMax is the United States’ largest used-car retailer and a Fortune 500 company. The first CarMax location opened in September 1993. As of March 2017, the company had 173 locations. Prior to the first store being built, DeVito/Verdi was hired as the advertising agency and creative resource. The company executed the campaign and additional TV advertisements over the course of a number of years in support of the launch and the initial wave of stores.
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CarMax shareholders weren’t entirely comfortable with the report, sending the stock down less than 1% in pre-market trading following the announcement. Ideally, CarMax would like to see better performance not just in unit sales but also in pricing and margins in order to take maximum advantage of the opportunity it has to participate in the strength of the auto industry.
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April Adams April 27, 2017 App doesn’t stop. You can’t back out of it. You have to kill it to stop it from running in the background and draining your battery. Full Review CarMax April 27, 2017 April, sorry for the trouble. This is unusual sounding behavior, would you please email is at carmaxapps@carmax.com so we can dig into what’s happening?
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CarMax April 27, 2017 April, sorry for the trouble. This is unusual sounding behavior, would you please email is at carmaxapps@carmax.com so we can dig into what’s happening?
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A typical CarMax store is approximately 59,000 square feet (5,500 m2), carries an inventory of 300–400 vehicles, and turns its inventory over eight to ten times a year. On average, a CarMax location employs 40 sales associates. Each car goes through a thorough 125-point inspection process, beyond any state-required inspections, and includes a 30-day warranty and a five-day money back guarantee.
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The Grand Rapids-area store is decorated in the familiar CarMax blue and yellow color scheme with desks and counters sporting light wood grain. CarMax considers it to be a midsize store, designed for a market with a TV viewing population of roughly 600,000 to 3 million viewers.
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During the 12-month period ending February 28, 2015, the company sold 582,282 used cars. According to the CarMax fiscal year 2009 report released on April 2, 2009, the company opened 11 used car superstores, including superstores in 5 new markets.
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Great App. Search is awesome. by deezlman What a great way to shop for and compare cars. Even if you were buying from someone else this is a wonderful and we’re comparing prices. I would go with CarMax though. 5 day return. TRUE no haggle price. Real value for your trade. Shipping from anywhere with no obligation (possibly, with a fee, depending on distance). Best way to buy.
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Why buy or sell with us? Buying Selling focused-on-you value-prop–promo–icon We’re focused on you No matter where you’re going, we’ll help you find the right car to get there. refund value-prop–promo–icon Buy With Confidence Our 5-Day Money-Back Guarantee means you can bring it back for a full refund. no-haggling value-prop–promo–icon There’s no haggling Breathe easy – we don’t play pricing games. We offer one fair price. Shop Now any-car value-prop–promo–icon We’ll Buy Any Car Get an offer for your car no matter the make, model, or mileage. Yes, we just like cars that much. stopwatch value-prop–promo–icon We’re Quick With Appraisals Our free appraisals take as little as 30 minutes. We know your time is important, and we’ll make the most of it. offer-check value-prop–promo–icon We make great offers Guaranteed for seven days at any CarMax. Mull yours over or walk out with payment in hand. Schedule An Appraisal
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Buying Selling focused-on-you value-prop–promo–icon We’re focused on you No matter where you’re going, we’ll help you find the right car to get there. refund value-prop–promo–icon Buy With Confidence Our 5-Day Money-Back Guarantee means you can bring it back for a full refund. no-haggling value-prop–promo–icon There’s no haggling Breathe easy – we don’t play pricing games. We offer one fair price. Shop Now any-car value-prop–promo–icon We’ll Buy Any Car Get an offer for your car no matter the make, model, or mileage. Yes, we just like cars that much. stopwatch value-prop–promo–icon We’re Quick With Appraisals Our free appraisals take as little as 30 minutes. We know your time is important, and we’ll make the most of it. offer-check value-prop–promo–icon We make great offers Guaranteed for seven days at any CarMax. Mull yours over or walk out with payment in hand. Schedule An Appraisal
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focused-on-you value-prop–promo–icon We’re focused on you No matter where you’re going, we’ll help you find the right car to get there. refund value-prop–promo–icon Buy With Confidence Our 5-Day Money-Back Guarantee means you can bring it back for a full refund. no-haggling value-prop–promo–icon There’s no haggling Breathe easy – we don’t play pricing games. We offer one fair price. Shop Now any-car value-prop–promo–icon We’ll Buy Any Car Get an offer for your car no matter the make, model, or mileage. Yes, we just like cars that much. stopwatch value-prop–promo–icon We’re Quick With Appraisals Our free appraisals take as little as 30 minutes. We know your time is important, and we’ll make the most of it. offer-check value-prop–promo–icon We make great offers Guaranteed for seven days at any CarMax. Mull yours over or walk out with payment in hand. Schedule An Appraisal

Published on Apr 19, 2017 | Under Car | By michael ellis
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