CarMax Shares Sink as Profits Fall Short on Sluggish Sales
- Cites higher prices, interest rates, lending standards
- ‘Monthly payments 40%-50% above pre-pandemic levels’: Truist
A CarMax dealership in Houston, Texas.
Photographer: Mark Felix/BloombergThis article is for subscribers only.
CarMax Inc. fell short of Wall Street profit estimates for the quarter as lower sales and high interest rates for loans continue to weigh on the used car business.
Adjusted earnings for the fiscal second quarter were 75 cents a share, according to a statement from the Richmond, Virginia-based company, below the 77-cent average of analysts’ estimates compiled by Bloomberg.