Other sales and revenues declined 1% compared with the prior year’s second quarter, as an increase in extended service plan (ESP) revenues was more than offset by a reduction in net third-party finance fees. Third-party subprime providers, who purchase subprime financings at a discount, originated 14% of used vehicle unit sales in the current quarter compared with 7% in the prior year quarter. ESP revenues climbed 18% largely due to the growth in our retail vehicle sales and an increase in ESP penetration.Gross Profit . Total gross profit increased to $368.0 million from $354.3 million in the second quarter of fiscal 2012, as increased used vehicle gross profits more than offset modest reductions in wholesale, new and other gross profit. Used vehicle gross profit climbed 8% to $241.8 million driven by the 8% increase in used unit sales. Used gross profit per unit remained similar at $2,172 versus $2,178 in last year’s second quarter. Wholesale gross profit declined 5% to $75.1 million, reflecting the combination of the 2% decrease in wholesale unit sales and a 2% reduction in wholesale gross profit per unit to $907 from $929 in the prior year quarter. Other gross profit fell less than 1% to $49.5 million, similar to the change in other sales and revenues.
CarMax Reports Quarterly Results
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