S&P Futures
3,924.25 +8.00 (+0.20%) Dow Futures
31,516.00 +29.00 (+0.09%) Nasdaq Futures
12,170.50 +30.00 (+0.25%) Russell 2000 Futures
1,765.20 +3.50 (+0.20%) Crude Oil
108.15 +0.53 (+0.49%) Gold
1,835.50 +5.20 (+0.28%)
Pre-Market:
- Barrons.com
Carvana Sought to Disrupt Auto Sales. It Delivered Undriveable Cars.
Carvana sought to disrupt the used-car market. Sales soared, but then came the less glamourous business of actually registering the cars.
- Investor's Business Daily
CarMax Stock Jumps As KMX Earnings Top With Used Car Prices Spiking 28%
CarMax reported better-than-expected quarterly earnings early Friday as strong pricing for used cars offset weaker volumes. CarMax stock jumped Friday, retaking a key level. "GPUs (gross profit per unit) were especially strong, above the historical band despite the increase in wholesale prices," Stephens analyst Daniel Imbro wrote in a note to clients on Friday.
- The Wall Street Journal
Used-Car Sellers Not Running Out of Gas Just Yet
Last year, used-car retailers were on a roll, fueled by new-vehicle shortages, low interest rates and a strong consumer. CarMax the largest such retailer in the U.S., reported on Friday that its total revenue grew 21% in the quarter ended May 31 compared with a year earlier—higher than the 18% increase analysts polled by Visible Alpha were expecting. The boost in revenue was mostly thanks to higher prices: While CarMax sold 11% fewer used cars, consumers had to shell out $6,311 more per vehicle on average, a 28% increase from a year earlier.
