As CarMax adapts to a shifting automotive landscape, the company is focused on improving the customer experience to maintain its leadership as the nation’s largest used car dealer. Despite a 12.7% decrease in wholesale sales (where vehicles are auctioned off to auto dealers), CarMax on...
With consumers unwilling to trust eCommerce channels to complete their car-buying journeys, the online auto sales industry is seeing shifts. For instance, Bloomberg reported this week that private equity firm Thoma Bravo is looking into selling Canadian digital automotive marketplace Trader, which it acquired in...
The majority of consumers now seek out both digital and physical channels in their car buying journey, according to CarMax, and this omnichannel adoption continues to grow. The used vehicle retailer shared on a call with analysts Friday (June 21) discussing its first-quarter fiscal 2025...
CarMax is deploying tech solutions to boost efficiency as it continues to deal with a tough environment for buying and selling used cars. “Fiscal 2024 was a challenging year across the used car industry as vehicle affordability and widespread macro factors continue to pressure sales,” CarMax...
June 28, 2024
With consumers unwilling to trust eCommerce channels to complete their car-buying journeys, the online auto sales industry is seeing shifts. For instance, Bloomberg reported this week that private equity firm Thoma Bravo is looking into selling Canadian digital automotive marketplace Trader, which it acquired in 2016. The company’s valuation could be $2.9 billion or more […]
December 28, 2022
Online car buying, where digital tools handle the tedious stuff, is remaking automotive checkout experiences. This was the takeaway from a conversation for PYMNTS’ Commerce Voices Series sponsored by Checkout.com,...
April 11, 2024
CarMax is deploying tech solutions to boost efficiency as it continues to deal with a tough environment for buying and selling used cars. “Fiscal 2024 was a challenging year across the used car industry as vehicle affordability and widespread macro factors continue to pressure sales,” CarMax President and CEO Bill Nash said Thursday (April 11) during the company’s […]
September 28, 2023
Some would-be car buyers are putting off purchases due to higher interest rates, according to used auto retailer CarMax. They are “staying on the sidelines” due to both interest rates...
January 24, 2023
CarMax is rolling out artificial intelligence (AI)-powered vehicle inspection systems across its wholesale business. The used car retailer has partnered with AI technology company UVeye on systems that assess vehicles...
September 29, 2022
Difficult economic conditions are leading car shoppers to look for less-expensive used vehicles, CarMax President and CEO Bill Nash said Thursday (Sept. 29) during the company’s quarterly earnings call. CarMax’s...
