Used car dealership chain CarMax 3Q profit rises

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Associated Press

Posted on December 20, 2012 at 12:01 PM

RICHMOND, Va. (AP) — Used car dealership chain CarMax Inc. says its third-quarter profit increased more than 15 percent as improved inventory, financing and consumer sentiment drove up sales.

The Richmond, Va., company said Thursday that it earned $94.7 million, or 41 cents per share, for the period ended Nov. 30, up from $82.1 million, or 36 cents per share, a year ago.

Revenue grew 15 percent to $2.6 billion.

The results beat analyst expectations of 39 cents per share on revenue of $2.47 billion.

The company said sales at stores open at least one year rose 12 percent, used vehicle unit sales rose 16 percent and wholesale vehicle unit sales increased 10 percent.

CarMax runs more than 115 stores that mainly sell used cars and trucks.

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