Gross Profit . Total gross profit increased 11% to $381.7 million. Used vehicle gross profit rose 16%, driven by the increase in total used unit sales, while used vehicle gross profit per unit remained comparable with the prior year period at $2,149. Wholesale vehicle gross profit was similar to the prior year’s quarter, as the 4% increase in wholesale unit sales was offset by a decrease in wholesale vehicle gross profit per unit, which declined $36 to $887. Other gross profit rose 2%, reflecting flat ESP revenues and the decrease in net third-party finance fees, as well as higher service department profits.SG&A . Selling, general and administrative expenses increased 11% to $284.4 million. The increase primarily reflected both the 12% increase in our store base since the beginning of last year’s third quarter (representing the addition of 13 stores) and higher variable selling costs resulting from our 10% increase in comparable store used unit sales. SG&A per retail unit declined $98 to $2,295, as our comparable store used unit sales growth generated overhead leverage.
CarMax Reports Record Third Quarter Results
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