CarMax Sales Soar on Renewed Interests in Used Cars, Profit Misses

Auto dealer CarMax benefited greatly from America's renewed interests in second-hand cars, but the growth is not as fast as some had hoped. Its latest earnings missed quarterly profit estimates and shares are lower on Tuesday. Profit came in at $0.64 a shares. That's three cents short of expectations. Revenue climbed more than 10% to $3.6 billion. That was better than estimated. CarMax sold more than 143,000 used cars during the quarter, much better than a year ago. The number of wholesale vehicles also jumped 7%. CEO Tom Folliard said, "The continued growth in our store base and improvements across our used [and] wholesale operations all contributed to our record second quarter earnings per share." He hopes the growth will continue and be reflected accordingly. Over the past year, shares of CarMax were almost unchanged.