CarMax CEO Says Competitive Pricing Helped Drive Sales in F2Q
Dow Jones
Sep 29
0844 ET - CarMax says its turnaround starts with great deals: "We will give customers every reason to choose CarMax by offering a great car at the right price," CEO Keith Barr says on a call with analysts. The used-car retailer, which is currently prioritizing sales volumes over gross margins, says it took steps to strengthen its price competitiveness during the recent quarter. CarMax has improved its pricing algorithms by incorporating local market insights more granularly, as well as by expanding comparison points across a broader set of vehicles, Barr says. "These enhancements resulted in sharper pricing that resonated well with our customers and supported our sales," he adds. CarMax climbs 5% premarket, after posting higher F2Q profit and sales.
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