CarMax Inc. posted a record third-quarter fiscal 2022 revenue and earnings results, surpassing market estimates, according to a press release by CarMax Inc on Wednesday.

  • The car retailer reported record net revenues of $8.5 billion, an increase of 64.5% year-over-year. Net earnings per diluted share stood at $1.63, representing a 14.8% increase YoY.
  • Bill Nash, the CEO, stated that the top-line momentum was expected to continue into the quarter and helped to boost all-time record revenues, further adding that they bought more cars from customers than any other time in history.
  • Surging demand for the company’s online offerings was the key driver behind the growing revenues, with sales of car units increasing 29.3% YoY to 415,054 units for the quarter.

The total gross profit of the company increased by 32.5% to $836.6 million in Q3 compared to the same period last year. KMX down -2.58%