Well listen, thanks for joining us today, for your questions and your continued support. Highlights: CarMaxs share of the nationwide age 0-10 year old used vehicle market increased to a record 4.0% in calendar year 2021, up Using the new system, CarMax is beginning to make personalized car recommendations to online users based on past visits, geography and car history, improving the experience for buyers across the whole customer journey. Yes, so the fact that prices started to appreciate again after the back half of your quarter unexpectedly should indicate that you could have captured incremental margin on those unit sales, so your GPU exiting the quarter was probably stronger than it was in the beginning of the quarter? We also continue to invest in the strategic expansion of our store footprint and look for additional paths to create incremental value. I know you mentioned you expect it to continue to improve, as it did during the August quarter, but is this something where youre three, six months out? Connect with Bill Nuckols, Now. Changes in economic conditions or other factors that result in greater credit losses for CAFs portfolio of auto Customers can also opt to complete the car buying experience in-person at one of CarMax has more than 230 stores, more than 30,000 associates, and is proud to have been recognized for 18 consecutive years as one of the Fortune 100 Best Companies to Work For. CarMax, Inc. beats earnings expectations. While it remains below our targeted levels, we are on pace to grow our saleable inventory during the balance of the year. The two largest ones Id tell you, number one was the 90-day warranty that you mentioned, and when you think about it, right, our comps this year in the first quarter were 99%. Gunter, Manager, Investor Relations, (804) 935-4597, Media Inquiries Theres other factors that go into that, so I would think its fairly consistent throughout the quarter is the way you should think about it. The inventory being that down, that substantially down inventory would be just in itself a significant headwind. Joe Wilson. I mean, year-over-year the acquisition prices are up about $6,000, and I think Enrique talked about in his opening remarks--or Jon talked about in his opening remarks about how that may push some used car customers just out of the market. How is it tracking versus what you view as the real health, the underlying health of your business? Now offering home delivery and expedited pick-up RICHMOND, Virginia (January 7, 2010) CarMax, Inc. (NYSE: KMX), the nations largest retailer of used cars, today announces its new personalized car buying experience is now available to customers in Colorado. if a vehicle is the right fit, allowing them to return the car for any reason for a full refund up to 1,500 If you look at last years second quarter to where were this second quarter, were about 15% light. Thank you. March was not only a record, all-time high record, but it was a record for the month. statements are the following: For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year But there is higher risk there, so theres a funding aspect there. Bill Nash - CarMax | ZoomInfo words such as anticipate, believe, could, estimate, expect, intend, may, outlook, plan, predict, In relation to our acquisition of Edmunds, were very pleased with our progress as our teams have hit the ground running on new innovations. In our current credit platform construct, we feel we do that, so those are the economics at play that answers your question. Twitter; Facebook; Auctioneer ID # CarMax leadership within the companys field operational leadership team. CarMax has more than 230 stores, more than 30,000 associates, and is proud to have been recognized for 18 consecutive years as one of the Fortune 100 Best Companies to Work For. Katharine Kenny - Vice President, IR. For 11 consecutive years, the Goochland County-based chain has earned a spot on Fortune magazines nationwide list of the 100 best companies for which to work. Sorry, but another question on retail GPU here. Kenny, Vice President, Investor Relations, (804) 935-4591Celeste I think with the self sufficiency, that certainly helps. Customers living in the Volunteer State within a 60-mile radius of CarMax stores in Biography of Bill Nash WebThe colleagues of Bill Nash. I know you said you kept your prices competitive, but it also doesnt seem, at least based on our work, that you are meaningfully outperforming peers on volumes either, so how do I tie that all together? and 24-Hour Test Drives. Now that being said, we do expect to lever over the longer term because at the same time that were investing, we also have cost efficiency plays, whether its the CECs or whether its the buying organization or whether its other channels as well. WebBill Nash is President/CEO at Carmax Inc. See Bill Nash's compensation, career history, should, will and other similar expressions, whether in the negative or affirmative. Then the second piece is, similar to SG&A, we just had prior year one-time COVID-related savings in support pay and the employee retention credit plan as well, that are more shorter term in nature. WebIn addition, CarMax Auto Finance originated more than $9 billion in receivables during fiscal 2022, adding to its nearly $16 billion portfolio. In the second quarter, approximately 9% of our retail unit sales were online, consistent with our first quarter and up from the prior years quarter of 3%. Carmax develop and retain talent to support the companys business and its We also continue to leverage artificial intelligence to ensure that our photos are consistently high quality to best represent our inventory. [emailprotected], CarMax Announces New Chief Human Resources Officer, http://www.businesswire.com/news/home/20170411005978/en/. Thank you. CarMax CarMax auto finance, or CAF continued to deliver solid results with income of $200 million. CarMax Yes, service this quarter, we were upside down $40 million year-over-year on the quarter, and we estimate that a material amount of that were headwinds we faced in the quarter, that were really shorter term in nature. Changes in the availability or cost of capital and working capital financing, including changes related to the Search used cars, research vehicle Linked companies : CarMax, Inc. Were really focused on driving our top line. So yes, there are some headwinds there, but were progressing both on the inventory side and both on the staffing, and feel great about some of the opportunities that we have that things like self sufficiency and IO give you. CarMax To meet these expectations, CarMax customers in Atlanta can now complete the entire car buying process from the comfort of their home - including financing, appraisal and paperwork - without ever having to visit a store. On the surface, the ecommerce model doesn't appear to suit car shopping. SG&A as a percent of gross profit was 70.4% compared to 58.8% during the prior year second quarter. You can hear CarMax CMO Jim Lyski speak at eTail Boston 2019, taking place in August at The Sheraton, Boston. The CRM system also allows CarMax to make better use of customer data. Where are they coming from? Liked by Grady Nash. CarMax has 220 stores, over 25,000 Associates, and is proud to have According to CarMax consumer research, 96% of used car shoppers said they would likely take advantage of test driving Were not holding back on our level of investments, and you can see that in our spend and in our capex, that we are investing aggressively. Bill Nash Carmax Let me share a few examples. CONTACT. Okay. New CEO Bill Nash $11,588,743 View details. William Nash Net Worth, Biography, and Insider Trading CarMax with the primary responsibility of leading CarMaxs strategy to attract, of new accounting requirements or changes to U.S. generally accepted accounting principles. Total revenues resulting from online transactions was 28%. Mr. Newberry was promoted to senior vice president, store operations in November 2017, responsible for the field operations for the sales, service and merchandising organizations. [emailprotected], Customer Relations pickup, available nationwide, and home delivery, Do you [indiscernible] to raise prices? 2023 All Rights Reserved. Carmax For wholesale, units sold were up 41.4% from a record second quarter last year. Phone Email. 1155 Gratiot Avenue Detroit, Michigan 48207-2997 (877) 812-1584. WebEVP, Human Resources and Administration at CarMax. Largest Used Car Retailer Completes Roll Out of Online Car Buying View Bill Nash's verified business profile at CarMax. The failure or inability to realize the benefits associated with our strategic investments. We achieved an additional reduction year-over-year from our core CDC cost structure during the second quarter. Self sufficiency gives us a lot of opportunities as we go forward, but I think at the same time, we are in this for the long term and we want to make sure customers are getting great value every day, and so were going to continue to weigh all factors as we go forward. During the quarter, we observed strong offers from our Tier 2 partners as they competed for additional volume within the CarMax channel. We feel very comfortable about where our margins are. CarMax Reported EPS is $1.16, expectations were $0.79. Cliff has been instrumental in building CarMaxs industry-leading store operations, said Bill Nash , CarMax president and CEO. We believe these decreases are due in large part to the higher average selling prices seen across the industry. Read More . CarMaxs headquarters are located at 12800 Tuckahoe Creek Pkwy, Richmond, Virginia, 23238, United States How do I contact CarMax? The instant offer program that we launched that has had tremendous success is just an example of one of those investments that just provides an outstanding ROI, so were going to continue to invest. We are on track to bring this capability to all of our retail consumers by the end of the fiscal year. I just wanted to follow up in terms of a housekeeping question around SG&A. Carmax miles. Having been in business for 25 years, CarMax has truckloads of customer data, but it wasn't using that information effectively - until now. Our next question comes from David Whiston with Morningstar. April-May-June-July-August have all in their respective been a record month for us, so we feel great about that. Bill Nash WebCarMax CEO Bill Nash (91) and The Martin Agency CEO Kristen Cavallo (91) showed their Duke pride by putting JMU on the national stage after CarMax selected Martin to lead its advertising efforts in April. Approximately 55% of retail unit sales were omni sales this quarter, flat to the first quarter and up from the prior years second quarter of 49%. inventory. Richmond, Va. February 21, 2018 CarMax, Inc. (NYSE :KMX ), the nation's largest retailer of used cars , announced plans to provide one-time bonuses to most hourly and commissioned full-time and part-time associates as a result of the recently passed Tax Cuts and Jobs Act of 2017. The volatility in the market price for our common stock. BILL NASH CarMax Rolls into Texas with New Online Experience. What you called out in 2Q was helpful, $25 million, $30 million. variety of vehicle delivery methods, including home delivery, Oppenheimer believes CarMax, Inc (NYSE: KMX) could take every opportunity to improve its prospects in the near term. Our next question comes from Adam Jonas with Morgan Stanley. CarMax We remain committed to ensuring we are efficient in our spend and we expect that targeted areas of focus will continue to deliver improvements over time. available to most customers. Bill Nash Employees 32,647. One of the areas weve enhanced is our financing process. Now, obviously well talk more in detail about that at the end of the third quarter. Yes, and we manage it differently than a lot of the other publicly traded auto retailers. We are excited to announce the promotion of Enrique Mayor-Mora to senior vice president and CFO, said Bill Nash, president and CEO. Other gross profit also benefited from an $18 million improvement in third party finance fees with income of $3 million compared with $15 million in costs last year. Just a question on two pressure points. Im not showing any further questions at this time. Download the Agenda for more information and insights. Our first question comes from Brian Nagel of Oppenheimer. Its obviously a competitive marketplace though, too. So, we had to clean it up and get the core personalization capabilities set into motion. Carmax - Governance - Board of Directors - Person Details CarMax Pay Rank By Title In Retail & Wholesale industry. Highlights: CarMaxs share of the nationwide age 0-10 year old used vehicle market increased to a record 4.0% in calendar year 2021, up 3/3/2023 7:20 PM. Investor Contact. This was driven by lower Tier 3 volume compared with last year and our renegotiated third party finance fees. challenges, opportunities or prospects, including without limitation any statements or factors regarding expected October 14, 2016 at 3:03 PM. Thank you. Theyre the reason of our success, and during this time period, you know every employer is out there looking for staffing, and were no different. Well David, just so were clear, the GPU, if you look at it--like, last year, second quarter was a record GPU and were only a little bit off of that, so I would say if you look at our historical average, were on the higher end of GPU. Our average flow to our website was about--its a little more than 34 million a month, so thats another example where you feel like the investments paying off. Contact Bill Nash is a Board Member at CarMax based in Richmond, Virginia. CarMax WebInvestor Contact. Bill Nash's email & phone number - President at CarMax | SignalHire Lyndsay Baker At Carmax Inc., we promise to treat your data with respect and will not share your information with any third party. RICHMOND, Virginia (May 15, 2023) CarMax, Inc. (NYSE: KMX), the nations largest retailer of used cars, announced the release of its 2023 Responsibility Report. As far as staffing, yes - during the quarter, although we were able to build inventory, we did have some headwinds even on the staffing side; but again, I think staffing in general, were making great progress. Weve been focused on completing the rollout of our 100% self-service experience, where customers can independently complete the entire car buying process online if they so choose. Then moving forward, again we are in growth mode and were investing accordingly, and at the same time and as I speak to every quarter, we do look at opportunities to get more efficient. The failure or inability to adequately protect our intellectual property. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. WebUsed Mercedes-Benz near Ashburn, VA for Sale on carmax.com. CarMax Given we recognize income over the life of our loans, we will benefit from this higher net interest margin across multiple years. Thank you for the questions, Brian. WebAutomotive News All-Stars, Digital Retail - Bill Nash, Automotive News magazine, 2021 10 Best Workplaces for African Americans , FORTUNE and ESSENCE magazines, 2015 Top 50 Best Companies for Latinas to Work for in the U.S. , Latina Style magazine, 2021-2022 SEC.gov CarMax Well continue to do so and even in that scenario, we have enough cash to buy back shares. We also continue to advance what we believe is industry-leading digital merchandising, which is critical to providing customer an immersive experience with our inventory as they shop remotely. On your second question, how we talk about used and wholesale, yes - we do talk a little bit differently about that, but I think that really goes back to a little bit of what I talked about on analyst day, which is--you know, people always think about us as this used car retailer, and that is in fact great, but were much more than that. Are you going to be able to get SG&A leverage until we get through the end of calendar year 2022? Obviously Ive already said were pleased with overall comps for the quarter. Bill is the most engaged, employee for used CEO I have ever had the privilege to work under in my entire, thus far, in 30 plus years. We also saw a decrease in application volume and conversion to sale for applications in the lower portion of the credit spectrum. Thank you. Thats helpful, Bill. Offsetting this favorability, service was down $40 million, primarily the result of rolling over of favorable items from the prior years quarter and short term headwinds during this years quarter. CarMax We also bought 59% more cars from consumers in the second quarter this year versus last year and achieved record self sufficiency of approximately 70%. Thats a 15% increase from our record first quarter number. For their first ad campaign together, the companies highlighted car stickers as a mode of self-expression. John will provide more details on customer financing and CAF contribution shortly. The effect and consequences of the Coronavirus public health crisis on matters including U.S. and local Securities Litigation Reform Act of 1995. "It was more like a data swamp. will continue to set the trend of the future of automotive retail. For the second quarter, CAFs penetration net of three-day payoffs was 43% compared with 42.6% a year ago. Contact Information. Im just curious if you think the dynamics will be relieved until we get there, and then also as you think about the staffing levels, finding folks at reasonable prices is getting harder and harder, so that cost inflation on the SG&A side and staffing up might be difficult as well. that could cause actual results and outcomes to differ materially from those contained in the forward-looking move our people forward.. Security breaches or other events that result in the misappropriation, loss or other unauthorized disclosure of Is this happening to you frequently? Bill Nash - President and CEO. Bill Nash, President & CEO of CARMAX - YouTube CarMax makes selling your car easy too, by offering We also--look, for 17 years in a row, weve been one of the best places to work, which is a great thing from an employer brand standpoint, so again even on the staffing side, we feel great about the trajectory that were going on. loans receivable than anticipated. Next quarter or whenever, does this go back to the 20% to 30% gross margin rate youve historically had, or is there something, like some kind of a lag, to all this warranty stuff that we should be thinking about? It just seems like its going to be hard to pull off. We did make great progress sequentially every month. Forbes Lists #124. Customers can also now head online to reserve models in store to try out later at a convenient time. Factors related to the geographic concentration of our stores. I mean, you have such an unbelievable--once in a generation growth opportunity, youre up against competitors that have a license to lose money and zero expectation to return cash. In the second quarter, we bought approximately 188,000 vehicles from customers through our online instant appraisal, which represents about half of our total buys from customers. RICHMOND, Va.--(BUSINESS WIRE)--Apr. David Lowenstein AVP, Investor Relations. Now we use this information to drive efficiency and improve the experience.". service; and the regulatory environment in which we operate. View source version on businesswire.com: http://www.businesswire.com/news/home/20170411005978/en/, Media Contacts[emailprotected], in-store, and a seamless integration of both. WebAt CarMax Dulles one of our Auto Superstores, you can shop for a used car, take a test Now Id like to turn the call over to John. Our filings are publicly available on our investor information home page at Bill, the surge in vehicles sourced from your online appraisal tool is really impressive. You just cant look in quarter to quarter just because theres so many things that pop in and out of a quarter; but for the full year, we feel pretty good about that. Executive VP & Chief Operating Officer. Yes, good morning Michael. Last year in the first quarter, they were negative 42%, and so youre looking at a lot more volume from a 90-day perspective warranty work that carries over into the subsequent quarter, so that very much is a timing play right there. In addition, CarMax has extended its 7-Day Money Back In regard to our share repurchase program, we remain committed to returning excess capital to shareholders and repurchased approximately 1.8 million shares in the quarter for approximately $220 million. CarMax has more than 24,000 associates nationwide. Overall, so its an operating segment, Edmunds is-were going to be reporting on it as an operating segment, not a reporting segment, so were going to be reporting moving forward on their revenues, on their gross profit, but thats the extent to which were going to report on them. CarMax Bill Nash 12800 Tuckahoe Creek Parkway Richmond, VA 23238. At CarMax, well buy your car even if you dont buy ours. It hung in there for a little while. That includes investing in digital capabilities to enhance all aspects of our omnichannel experience, such as online vehicle acquisition which is already generating a strong ROI. New CEO Bill Nash
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