Gross Profit . Total gross profit increased 18% to $434.7 million. Used vehicle gross profit rose 21%, consistent with the increase in used unit sales, and used vehicle gross profit per unit remained comparable to the prior year at $2,174. Wholesale vehicle gross profit increased 3%, as the 10% increase in wholesale unit sales was partially offset by a decrease in wholesale vehicle gross profit per unit, which declined $58 to $849. Other gross profit increased 27%, driven by stronger ESP and service department profits, partially offset by the reduction in net third-party finance fees.SG&A . Selling, general and administrative expenses increased 11% to $283.2 million. The increase reflected both higher variable selling costs resulting from the 16% increase in comparable store used unit sales and the 12% increase in our store base since the beginning of last year’s second quarter (representing the addition of 13 stores.) SG&A per retail unit declined $174 to $2,067, as our comparable store used unit growth generated significant overhead leverage.
CarMax Reports Record Second Quarter Results
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