CarMax sales are up, but net income down 25%… how?
The data shows dealerships across the country will face similar struggles
carmax buy my car
CarMax’s most recent earnings reported an increase in unit sales, but net income was down more than 25 percent due to a 9 percent increase in inventory level - proving that inventory is more costly than ever.
According to the Manheim Index, used car prices are down a staggering 13.7 percent from April 2023. As reported by the Car Dealership Guy, this is primarily driven by increased supply of cheap new inventory, which consumers are opting for more and more.

Perhaps this sounds all too familiar, and if not, it’s a reality your dealership needs to face head on. No amount of sales can outpace the depreciation you are facing, your best bet is to move used units quickly. Carmigo can help. Talk to your Carmigo Dealer Sales Rep today about how we can help you identify your slow turning inventory and easily turn it into cash.
Updates from Carmigo
Last Week's Promotion by the Numbers
We gave away $500 for every 5 cars sold last week. Here’s the results:
Cars Sold
0 +
in Total Prizes Awarded
$ 0 K
Participating Dealers
0 +
Product Team Quickfire

A quick look at how our product team has been improving Carmigo

Many dealers requested to add a filter for Carmigo Inspected cars on our buying interface – so we added it.
Searching by VIN in Turn used to require the full VIN. Now you can find cars with just a partial VIN.
Our buying interface for the one-day auction and marketplace is now sorted by pages, making it easier to navigate.
These are just a few of the many improvements the team has made this month. If you have feedback on how to improve the Carmigo experience, share it with your Carmigo Dealers Sales Rep and they can share it with the product team. We love hearing feedback from our users.