CarMax logged higher profit and sales in the latest quarter, as the used-care retailer sold more vehicles at higher prices.

The company reported net earnings of $165.3 million, or $1.16 a share, for its three months ended Aug. 31, compared with $95.4 million, or 64 cents a share, a year earlier. Analysts polled by FactSet expected quarterly earnings of 73 cents a share.

Net sales and operating revenues jumped 19% to $7.88 billion, ahead of Wall Street models for $7.09 billion.

Combined retail and wholesale unit sales came in at 387,735, up 15% from a year ago.

Retail used unit sales increased 14%, while wholesale units increased 16%. The average selling price for used vehicles climbed 6.3% to $27,623, while the average selling price for wholesale vehicles ticked up 1.8% to $8,036.

Chief Executive Keith Barr said the company's recent-quarter results reflect solid execution against its turnaround strategy, dubbed "Shift into GEAR." Under the strategy, CarMax is aiming to provide customers with great offerings and an easy shopping experience, while also adding value and running lean.

CarMax said it continues to price competitively in order to drive sales, while working to enhance its in-store experiences and digital capabilities. At the same time, the company is taking steps to expand profitability and cut costs out of the business.

Looking ahead, CarMax said it plans to resume share repurchases during the current quarter. The company had $1.31 billion remaining under its existing buyback authorization as of the end of the quarter.

Shares rose 3.6%, to $58.60, in premarket trading.