CarMax reports Q3 total retail used units sold decreased 20.8%

Total retail used units sold decreased 20.8%, while used unit sales in comparable stores were down 22.4%; strength in margin management delivered solid gross profit per retail used unit of $2,237, in line with the prior year third quarter. Total wholesale units sold decreased 36.7%; despite a decrease of $165 per unit from the record prior year third quarter, wholesale gross profit per unit remained strong at $966. Both volume and margins were impacted by steep market depreciation as well as retail selectivity. Bought 238,000 vehicles from consumers and dealers, down 39.8% versus last year’s record third quarter, due to steep market depreciation and our response to deliberately slow buys.