CarMax CEO says macro environment ‘challenging’

“Our deliberate actions are driving improved trends in the business, despite the challenging macro environment. Our unit performance in used, wholesale and consumer and dealer buys all improved sequentially from the year-over-year trends in the second half of fiscal year 2023. We also continued to deliver strong retail and wholesale gross profit per unit along with SG&A reductions,” said Bill Nash, president and CEO. “We are prioritizing projects that drive operating efficiencies and create better experiences for our associates and customers. We believe these steps will enable us to come out of this cycle leaner and more effective, while also positioning us for future growth.”