CarMax Inc said on Friday that vehicle affordability remains a challenge due to high interest rates and low consumer confidence, but cost cuts helped the used-car retailer post a quarterly profit beat.
said on Friday that vehicle affordability remains a challenge due to high interest rates and low consumer confidence, but cost cuts helped the used-car retailer post a quarterly profit beat.
Although used-car prices have cooled of late, retailers have been hit hard as inflationary pressures and improving new vehicle supply have put off consumers from purchases of pre-owned automobiles. The industry has also been struggling to offload cars that were purchased at higher prices, forcing companies such as CarMax and Carvana"In the current environment, we expect this year's second-quarter and full-year margins will be similar to last year," Nash added.
Excluding a one-time benefit, CarMax cut selling, general and administrative expenses by 5.7% in the first quarter.
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