CarMax Q1 EPP revenues increased 20.5%
Staff Writer | June 21, 2017
CarMax reported results for the first quarter ended May 31, 2017.
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Total used vehicle unit sales grew 14.1% and comparable store used unit sales rose 8.2% versus the prior year’s first quarter.
The comparable store sales performance reflected continued solid improvement in conversion resulting from strong execution by company's store teams and company's digital initiatives.
Wholesale vehicle unit sales were flat compared with the first quarter of fiscal 2017, as contributions from the growth in company's store base were offset by a reduction in appraisal traffic.
In particular, age 7-to 9-year old wholesale vehicles continued to be in shorter supply.
Other sales and revenues increased 12.3% compared with the first quarter of fiscal 2017, primarily reflecting improvements in extended protection plan (EPP) revenues.
EPP revenues increased 20.5%, largely due to the growth in company's used unit sales, as well as modest favorable adjustments to cancellation reserves resulting from lower cancellation activity.
Gross Profit. Total gross profit increased 13.3% versus last year’s first quarter, to $648.9 million. Used vehicle gross profit rose 14.7%, driven by the 14.1% increase in total used unit sales.
Used vehicle gross profit per unit was largely consistent at $2,212 versus $2,202 in the prior year period.
Wholesale vehicle gross profit increased 1.7% versus the prior year’s quarter, reflecting an increase in wholesale vehicle gross profit per unit to $1,012 from $995, together with the flat wholesale unit sales. ■ What to read next
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