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CarMax’s Woes Renew Concerns About Shaky Used-Vehicle Market
- Dealer cites ‘affordability challenges’ hurting unit sales
- Used-car prices have come down from highs during pandemic
Vehicles at a CarMax dealership in Louisville, Kentucky.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
CarMax Inc. stumbled through another difficult quarter, dragging down stocks across the automotive industry and deepening concerns over the unsteady US used-car market.
The auto dealer cited high inflation and low buyer confidence among the factors that are cooling the once-hot sector. CarMax on Thursday reported third-quarter earnings and sales that fell well short of Wall Street’s already depressed expectations.