There is never one cockroach… never one bad quarter; This is a seriously mismanaged company.
Today the company pre-announced the quarterly results because they fired the CEO.
Member of the Board David McCreight Named Interim President and CEO; Chair of the Board, Tom Folliard, to be Interim Executive Chair of the Board ( he was CEO 2006 to 2016)
Search for Permanent CEO Underway
Provides Preliminary Outlook for Fiscal Year 2026 Third Quarter Financial Results
Comparable store used unit sales decrease of 8%-12%;
Sharp depreciation in the wholesale business
The stock is an unmitigated disaster, this is nothing to do with the used card market; This is all self-inflicted wounds, and poor execution.
My current car is a Carmax purchase (2.5 years ago). The one major problem I had with Carmax was the payment options. Even after delivering them a cashier check from my financial institution, I still had to jump through hoops to validate there was a transaction in my accounts.
Because $KMX is not a car dealership but a car financing company. They will force, as much as possible, to buy using their financing. They don’t realize/ understand that is really driving some/ many customers away. I am not sure it really encourages people to finance through $KMX but it certainly drives people away.
Sometimes, organizations, like people have some bad habits developed over time and just can’t recognize and will refuse to change as long as possible.