We are stable at about 60%, and we would expect that to continue moving forward as well. Good morning, Craig. This is largely driven by the timing of strategic investments and growth-related costs as well as heightened inflationary pressures. William Nash Net Worth, Biography, and Insider Trading I think the other thing is all these customers are buying today, its not like they are going to all decide to trade in a year from now or 2 years from now or 3 years from now. Your question on average age of vehicles, we did from a retail standpoint, we did see a shift to a little bit older car, which obviously is a little bit cheaper. We will go next to John Healy with Northcoast Research. So Im really not worried about that, and we will be able to pivot on that. Popular Roles. Bill Nash. And the other thing I would point out is that market share growth is primarily its coming through comps. And then are you shipping average age of your inventory somewhat older to try to make the price points more affordable? Well, listen, I want to thank all of you for joining the call today and your questions and your support. This chart shows William D Nash's buying and selling at CarMax by year and by quarter. Yes. Did I get all your questions? If I had to rank in order of magnitude, and again, this is its hard to exactly quantify each one. I guess Im curious about the online instant appraisal tool. Ill take our next question from Brian Nagel with Oppenheimer. In fact, our retail market share growth this past year was the highest its been during my tenure as CEO and is a reflection of our focus on delivering the most customer-centric experience in the industry. I appreciate it. Checkout CarMax Career & Latest Jobs opening-CareerBliss And finally, rolling out the finance-based shopping capabilities that Jon just described, our e-commerce engine, combined with our unparalleled nationwide physical footprint, is a key value to our customers and helps us provide what we believe is the best experience in the used car industry. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz- und Cookie-Einstellungen oder Datenschutz-Dashboard klicken. CarMax, Inc. (KMX) CEO Bill Nash on Q4 2022 Results - Seeking Alpha Mr. Nash received a Bachelor of Business Administration degree with a concentration in accounting from James Madison University. We will go next to Seth Basham with Wedbush Securities. . Maybe you could shed some light on that? But I would tell you, I dont think it was a big story. CarMax CEO Bill Nash Email Address, Salary, Net Worth and Education The company was founded in 1993 and is based in Richmond, Virginia. Despite posting a decline in sales during our fiscal fourth quarter, comparing our results to published used vehicle SAAR data suggest that we continued to take share during the quarter. The most recent insider tranaction occured on July, 20th when SVP Jon G Daniels sold 7,783 shares worth more than $663,500.75. Again, we are very proud of the strong results for fiscal 22 as they are in large part due to our relentless focus to provide our customers the best experience in the industry. And the capital expenditures that Enrique talked about earlier, thats all part of our natural planning process. However, we began to see pressure after the holidays that continued through the end of the quarter. CarMax Business Update Related to Coronavirus If you have an ad-blocker enabled you may be blocked from proceeding. In our retail business, total unit sales in the fourth quarter declined 5.2% and used unit comps were down 6.5% versus the fourth quarter last year. Press Release EPS of $1.56 beats by $0.02 | Revenue of $9.31B (20.97% Y/Y) beats by $231.29M CarMax, Inc. ( NYSE: KMX) Q1 2023 Earnings Conference Call June 24, 2022 9:00 AM ET Company. Bill Nash is President/CEO at Carmax Inc. See Bill Nash's compensation, career history, education, & memberships. I know there is a lot there, but I think its important to kind of cover all of that, sorry. Last, but most importantly, I want to thank all of our associates for the work that they do. We will go next to Michael Montani with Evercore ISI. Ill let Enrique talk about the SG&A. They are truly the keys to our success. Third, growing vehicle acquisition through attracting new customers and pursuing partnerships as we expand our appraisal offering to dealers and other businesses. Our full year results reflect significant growth in sales, market share and earnings as well as a solid progress on our strategic initiatives. You got some profit sharing, just I think it was more driven by people just lack of driving, things like that. Its just a huge opportunity for us, and thats where were going to continue. Your line is open. No. Yes, good morning, John. CarMax shares crater as earnings miss signals the end of the - CNBC And I cant see us necessarily taking a step back on our advertising. Historically, Q4 is not going to be one of the highest CAF penetration quarters, obviously being wedged up against tax time. You can do a three-day payoff. Most recently, William D. Nash sold 170,646 shares of the business's stock in a transaction on Monday, July 3rd. Of this total $1,232,297 was received as a salary, $1,049,781 was received as a bonus, $7,499,999 was received in stock options, $1,365,652 was awarded as stock and $441,014 came from other types of compensation. Thanks for taking the question. We did see that clearly impact our penetration, but we think its the right thing to do as we manage our margin. Got it. But weve certainly navigated that before and been very successful as consumers want something different. And I guess what I wanted to do is build on the comment you just made. Thats a creative way to get like 14 questions into the first one. Good morning and thanks for taking the question. Other gross profit was $107 million, down 4% from last years fourth quarter. Are you talking about from a production capacity? Investor Relations Department But again, the way I think about it is and Jon talked a little bit about this. Our next question comes from Sharon Zackfia with William Blair. Senior Manager, Investor Relations. They purchased a total of 8,220 shares worth more than $501,255.60. I do feel like we have got the capacity we need. Good morning, on CAF penetration, more three-day payoffs. CarMax, Inc. (NYSE:KMX) Q3 2021 Earnings Conference Call December 22, 2020 9:00 AM ETCompany Participants. Bill Nash, President & CEO of CARMAX - YouTube Our intent continues to be to operate service-as-a-profit center, which from quarter-to-quarter can be impacted by sales trends and staffing disruptions. From an affordability standpoint, youve got interest rates going up. Additionally, Mr. Nash receives a salary of $2,720,000.00 as CEO at CarMax. So I think that certainly weighed in on the quarter. Learn more here. How confident are you in terms of being able to pass through any benchmark rate increases or widening in ABS market? First, as John mentioned earlier, we are deploying a more sophisticated version of our finance-based shopping capability that enables real-time decisions and offers our customers the ability to pre-qualify for a loan with no impact to their credit score. On the SG&A front, expenses for the fourth quarter increased to $621 million, up 23% from the prior years quarter due to continued investment in our strategic initiatives and in marketing, the consolidation of Edmunds and growth costs related to the increase in appraisal buys, new stores and customer support at our customer experience centers or CECs. We feel really good about our reserve right now, and we have a good handle on the business. This increase was driven primarily by wholesale vehicle margin of $177 million, which was up 73%. At this time, I will hand the call back to Bill for any closing remarks. Thanks for the question. Yes, I think so. Recall from our second quarter call in September, one of our providers implemented a timing shift in their performance period for profit sharing revenues. And I would tell you, I think we are at a point where there are certain things we want to make sure that we advertise and get out there, especially as we have new functionality. So this year was timing was very similar last year. We reported fourth quarter retail gross profit per used unit of $2,195, up $109 per unit versus the prior year period. I'm 21, I sell cars at Carmax, before this I sold cable door to door for then security systems door to doo. We will go next to Daniel Imbro with Stephens. CarMax Reviews: What Is It Like to Work At CarMax? | Glassdoor So I would say that was certainly up this quarter. CarMax, Inc. (NYSE:KMX) Q4 2022 Earnings Conference Call April 12, 2022 9:00 AM ET, Bill Nash - President and Chief Executive Officer, Enrique Mayor-Mora - Senior Vice President and Chief Financial Officer, Jon Daniels - Senior Vice President, CarMax Auto Finance Operations. Wholesale unit sales were up 43.8% from the fourth quarter last year and gross profit per unit was $1,191 compared to $990 a year ago. Yes. Community; . Im just not sure. So you got to keep in mind the tremendous amount of cars that were buying through the A lane, to the appraisal lane, as well as an increase in our wholesale business. There is a lot in that question. So, I dont think we are targeting a penetration, and I would expect it to ebb and flow over time, especially as prices come down. Its like a 12-part, one-part question. I also mentioned around the longer terms. I am here today with Bill Nash, our President and CEO; Enrique Mayor-Mora, our Senior Vice President and CFO; and Jon Daniels, our Senior Vice President, CarMax Auto Finance Operations. Whether you're a mechanic, painter, inventory associate, or anything in between, you'll be joining a dedicated team that loves what they But I would probably say that the high prices are at the top of the list, followed by the COVID surge. This increase in spend is driven by long-term growth capacity initiatives for our auction, sales and production facilities in addition to continued investments in technology. We feel great about we have certainly increased that by share. The reason we only look on an annual basis is because it was really like a two-month to three-month lag there. I think we actually right after we saw the COVID surge, I think as were kind of transitioning out of that, we started to see kind of just lack of consumer confidence. Please go ahead. So first of all, I feel really great about our IO success. And have the trends youve seen as tax refunds got paid out changed your opinion of the underlying health of the consumer kind of as you look for the rest of fiscal 23 ahead of us? For the fourth quarter of FY 22, our diversified business model delivered total sales of $7.7 billion, up 49% compared with last years fourth quarter, driven by growth in average selling prices and wholesale volume gains partially offset by a decline in used units sold. Weve continued to innovate, to aggressively invest in core areas of our business and to pursue new growth opportunities. Weve often shared where we will price test down or up randomly. I think thats a big factor that will help mitigate just some of the overall price inflation in both new and used cars.
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