CarMax FY2024 results dragged down by affordability and other headwinds, said CEO

While the used-car market for CarMax’s fiscal year 2024 was slightly less volatile than the previous year, the market still faced affordability challenges, negatively impacting the company’s results, CarMax president and CEO Bill Nash said in a press release.

“We believe vehicle affordability challenges continued to impact our fourth quarter unit sales performance, with ongoing headwinds due to widespread inflationary pressures, higher interest rates, tightened lending standards and low consumer confidence,” Nash said.

He put a more positive spin on the situation during the fourth quarter earnings call on April 11, however ...