If you are looking for a new vehicle but do not have the dough to buy a shiny new car or large vehicle, you can still have a car if you know where to look. There are companies like CarMax which offers used vehicles for sale. The used vehicles that the company offers top consumers are still in good condition even down to their wiper blades so it is a good choice for cash strapped auto buyers.
Recently, CarMax reported its performance in the market for the third fiscal quarter. Here are the most noteworthy figures according to The Auto Channel.
- Total sales increased 7% to $1.89 billion from $1.77 billion in the third quarter of last year.
- Comparable store used unit sales were flat compared with a 13% increase during the prior year's third quarter.
- Total used unit sales grew 9% versus an 18% increase in the third quarter of fiscal 2007
- Net earnings declined 34% to $29.8 million, or $0.14 per share, compared with $45.4 million, or $0.21 per share, earned in the third quarter of last year.
- As previously reported and included in the September revision to our fiscal 2008 expectations, CarMax Auto Finance (CAF) income was adversely affected by increased funding costs for our 2007-3 public securitization, which reduced CAF income by $8 million before taxes.
- An increase in the cost of funding receivables through the asset- backed commercial paper market resulted in an additional $4.6 million pretax reduction in third quarter CAF gain income related to receivables in the warehouse facility that had been originated in previous quarters.
- The increase in the cost of funding receivables through the asset- backed commercial paper market also had an adverse impact on CAF's gain percentage in the third quarter. CAF's gain on loans originated and sold in the quarter declined to 3.6% compared with 4.3% in last year's third quarter.
- For the fiscal year ending February 29, 2008, we now expect comparable store used unit sales growth of approximately 2% and earnings per share in the range of $0.87 to $0.93. Compared with our prior expectations, the decline in the expected earnings range is largely the result of higher funding costs at CAF.
Looks like not only the Big Three are having problems with selling vehicles to auto buyers eh?