Used Car Sales Slump at CarMax as Affordability Issues Weigh on Customers

Used car affordability issues weighed on CarMax's Q2 sales due to high inflation, interest rates, and low consumer confidence.
CarMax's total used car sales fell 7.4% and comparable store used sales fell 6.5% year-over-year in Q2.
CarMax's average used car retail selling price dropped about 4% in Q2 compared to last year.
CarMax CEO said trade-in cycles are longer as customers face affordability issues, especially lower credit customers.
CarMax's Q2 revenues fell 13.1% year-over-year and net earnings narrowed from last year.

foxbusiness.com

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