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Used Car Retailer CarMax Q1 Profit Drops 33%

Posted on AllSides June 21st, 2024
From The Right

CarMax reported a 33% fall in first-quarter profit Friday, as lower margins from vehicles sold continued to impact the used-vehicle industry. Pre-owned vehicle retailers have had a bumpy ride with profitability worsening over the last few years as new vehicle availability improved. Better offers and trade-in deals on new vehicles have also kept potential buyers at bay from considering used vehicles. Used vehicle dealers have been forced to sell cars at heavily discounted rates, a stark difference to the pricing power they commanded during the pandemic, when new vehicle supply...

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