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Carmax

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CarMax slashes 145 corporate jobs, with Richmond area hit hard
business18 days ago

CarMax slashes 145 corporate jobs, with Richmond area hit hard

CarMax laid off about 145 corporate employees, including roughly 60 in the Richmond area, as part of a leaner corporate plan affecting offices in Richmond, Dallas, Atlanta and CarMax’s Edmunds unit in California. The cuts touched multiple departments, with about 60 in technology among the affected. Those laid off were notified Friday and will be paid through Oct. 2 with severance eligibility, and roughly 70 internal corporate openings remain for potential rehire. The move follows leadership changes and several rounds of layoffs since 2024, even as CarMax reports quarterly sales growth and remains a major employer with a Richmond footprint.

Wrapped Cybertruck yields a surprisingly solid CarMax quote in Utah
technology1 month ago

Wrapped Cybertruck yields a surprisingly solid CarMax quote in Utah

A Utah man, whose forest-green Cybertruck had ~3,000 miles on it and wasn’t in his name, took the vehicle to CarMax for an appraisal and was stunned by a $76,000 offer. While the number drew disbelief, Kelley Blue Book values for a 2024 Cybertruck AWD suggest resale figures around the low to mid $70k range, meaning the offer was not as far off the market as hype suggested.

CarMax posts Q1 beat as Barr outlines multi-year turnaround plan
business3 months ago

CarMax posts Q1 beat as Barr outlines multi-year turnaround plan

CarMax beat Q1 earnings and revenue estimates (EPS $1.31 on $8.01B revenue), but margins and gross profit per used vehicle declined, fueling questions about growth under new CEO Keith Barr. Barr described a multi-year turnaround focused on growth, lean operations and a smoother online-to-store experience, with early changes such as showing monthly payments and an AI call agent.

CarMax Shares Drop 20% Amid Declining Used Car Market
business1 year ago

CarMax Shares Drop 20% Amid Declining Used Car Market

CarMax experienced a significant drop in used car values this summer due to aggressive pricing by competitors, leading to a 6.3% decline in same-store sales and a 20% plunge in shares. The company faced a rapid $1,000 per vehicle depreciation over a month, amid shifting consumer preferences towards older, higher mileage vehicles and a challenging inflationary environment. Despite earlier price hikes driven by tariffs, prices have since fallen, prompting CarMax to lower retail margins and adjust strategies to remain competitive in a tough market.

CarMax's Unusual Stock: 11 Identical Lime Green Ford F-150s
automotive1 year ago

CarMax's Unusual Stock: 11 Identical Lime Green Ford F-150s

CarMax recently listed 11 nearly identical lime green 2022 Ford F-150s, which were previously used as fleet vehicles by tool manufacturer Ryobi. These trucks, painted in a unique shade directly at the factory, were part of Ryobi's Leadership Development Program for college graduates. Despite their basic XL trim, they included features like Apple CarPlay and Android Auto. With Ryobi phasing out the program, more of these trucks may appear on CarMax lots, though potential buyers should check service histories due to maintenance concerns.

CarMax Offers Fleet of Unique Lime Green F-150 Pickups
automotive1 year ago

CarMax Offers Fleet of Unique Lime Green F-150 Pickups

CarMax is selling 11 identical lime green 2022 Ford F-150 XL models across the U.S., likely previously owned by Ryobi, a tool manufacturer known for its fleet of lime-green trucks. These basic work trucks, scattered from Washington to Massachusetts, are priced between $21,998 and $26,998, depending on mileage. The trucks' unique color and configuration suggest they were part of a fleet, although this remains unconfirmed.

CarMax Q1 Profit Drops 33%, Stock Reacts to Mixed Earnings
business2 years ago

CarMax Q1 Profit Drops 33%, Stock Reacts to Mixed Earnings

CarMax reported a 33% decline in Q1 profit, attributing the drop to inflation, high interest rates, and tighter lending standards. Despite the profit decline, shares rose by 2.9%. The company saw an 8.6% decrease in vehicle purchases and a 3.1% drop in retail used unit sales. Analysts are divided, with some focusing on the company's cost discipline and others on its market share struggles.