Company: KMX
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001170010-25-000024
Chunk: 65

Company: CARMAX INC
Filing Date: 2025-04-11
Form: 10-K
Item: Item 7
Chunk 65
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 OF 3-DAY PAYOFFS)Years Ended February 28 or 29 (1)202520242023CAF (2)45.0 %45.8 %45.4 %Tier 2 (3)18.0 18.9 22.0 Tier 3 (4)7.1 7.0 6.5 Other (5)29.9 28.3 26.1 Total100.0 %100.0 %100.0 %

(1)    Calculated as used vehicle units financed for respective channel as a percentage of total used units sold.

(2)    Includes CAF’s Tier 2 and Tier 3 loan originations, which represent approximately 2% of total used units sold.

(3)    Third-party finance providers who generally pay us a fee or to whom no fee is paid.

(4)    Third-party finance providers to whom we pay a fee.

(5)    Represents customers arranging their own financing and customers that do not require financing.

CHANGE IN USED CAR STORE BASE Years Ended February 28 or 29 202520242023Used car stores, beginning of year245 240 230 Store openings5 5 10 Used car stores, end of year250 245 240 

During fiscal 2025, we opened 5 stores in existing television markets (El Paso, TX; Gainesville, GA; Alliance, TX; Mays Landing, NJ; and Visalia, CA).

32

Used Vehicle Sales

Fiscal 2025 Versus Fiscal 2024.  The 0.8% increase in used vehicle revenues in fiscal 2025 was primarily driven by a 3.1% increase in used unit sales, partially offset by a 2.8% decrease in average retail selling price, or approximately $800.  The increase in used units included a 2.2% increase in comparable store used unit sales.  Online retail sales, as defined previously, accounted for 15% of used unit sales in fiscal 2025, compared with 14% in fiscal 2024.  During fiscal 2025, we experienced a decline in comparable store used unit sales in the first quarter, which was more than offset by gains in the second, third and fourth quarters.  Comparable store used unit sales in March 2025 were higher than our fourth quarter fiscal 2025 results