CarMax Shares Plunge 25% as Earnings Slide with Used Car Sales Fall of 6.4%

Used car retailer CarMax reported weaker-than-expected second quarter earnings which sent a message across the whole car industry of a weakening used car market. Both retail and wholesale units sold tumbled yr/yr were way below forecasts. $KMX stock lost around one quarter of its value today on the result.  No doubt higher interest rates and other macroeconomic headwinds, such as high inflation have hit the car industry with force. With that other auto retailers fell today including Carvana (CVNA -21%), AutoNation (AN -10%) … Continue reading “CarMax Shares Plunge 25% as Earnings Slide with Used Car Sales Fall of 6.4%”