CarMax Inc. sells a whole lot of cars, trucks and SUVs, nearly 244,000 of them last quarter. And if its sales are a fair indication, used vehicles are holding their value.
The Richmond-based auto seller reported record second quarter results, with sales up 10.9 percent from a year ago.
CarMax had operating revenue of $3.6 billion. Net income climbed 10.2 percent to $154.5 million, or 70 cents per share. Total vehicle sales rose 6.3 percent.
The average price of a new vehicle CarMax sold last quarter was actually 1.2 percent cheaper than a year ago, at $26,991. Used car prices rose 4.1 percent to an average $20,215.
Its quarterly report does not break out the average age of used vehicles sold.
CarMax (NYSE: KMX) opened four new superstores during the quarter, with plans for 14 more in the next year. It currently has 139 used car stores in 70 markets.
The company operates close to a dozen new and used car stores in the Washington-Baltimore region.
