“CarMax had an outstanding first quarter,” CarMax CEO Bill Nash said in a statement. “I’m proud of our team and its commitment to delivering an exceptional experience to both our retail and wholesale customers, which drove our strong growth in sales, gross profit and earnings.”
CarMax stock closed Friday up 3.18 percent to $85.64.
CarMax’s auto finance income also rose 0.3 percent to $116 million.
CarMax said its omnichannel capabilities are slated to be available to most of its customers by the end of its 2020 fiscal year, or early 2021. Those omnichannel efforts include online pricing estimates and appraisals, vehicle home deliveries and expedited pickups at stores.
During its first quarter, CarMax opened stores in Waco, Texas; McAllen, Texas; and Memphis, Tenn. It plans to open 14 more stores by the end of May 2020, including four in television markets new to the retailer — Lubbock, Texas; Palm Desert, Calif.; Gulfport, Miss.; and Fort Wayne, Ind. The other stores will be expansions in existing markets.