The growing used vehicle retailer CarMax is reporting first quarter 2026 revenues of $8 billion, up by some 6.2% over the previous quarter.
The increase was largely driven by “lower prices,” notes the Wall Street Journal, “which pressured margins and resulted in lower profits.”
Based in Richmond, CarMax was founded in 1993 and has seen its locations, as of last year, grow to just over 350 nationally.
The company’s business model is a simple one: it sells only used vehicles. Car owners list online their vehicles for sale with CarMax, while potential car-buyers can review a vehicle and even purchase it, also online.
All transactions are done without the participation of a car lot salesperson.
The company’s latest earnings report notes that overall unit sales in the first quarter of this year were up to just over 392,000, representing a 3.3% jump from the last quarter.
In a statement, chief executive officer Keith Barr remarked, “We are entering this fiscal year with a clear strategy that is driving early results.”
The company opened a new store last year in Rogers, Arkansas and another outlet during the first quarter of this year in Locust Grove, Georgia.
Earlier this year, the company announced plans to build four new stores, two of which will be reconditioning and auction centers, and two that will be only used for auction purposes.
CarMax currently has half a dozen outlets in Arizona; seven in Colorado; two in New Mexico; and 31 in Texas.
June 26, 2026
By Garry Boulard
Carmax advertisement
