Want Loans? The action may now be with used cars

Richmond, VA/ April 1, 2010:  According to financial statements released today by CarMax, the nation's largest retailer of used vehicles, used car sales are up and the trends are positive.

CarMax reported results for their fourth quarter and fiscal year, which ended February 28, 2010. Their numbers indicate:
  • Comparable store used unit sales increased 12% for the fourth quarter and 1% for the fiscal year.
  • Total used unit sales rose 13% in the fourth quarter and 3% for the fiscal year.
"We are pleased to report strong fourth quarter and fiscal year results, especially given the difficult market conditions we faced," said Tom Folliard, president and chief executive officer. Our fourth quarter represented our third consecutive quarter of year-over-year increases in unit sales and earnings. The 12% increase in comparable store used unit sales reflected roughly equal contributions from improvements in customer traffic and sales execution."

Santander Consumer USA underwrites many of the loans that originate through CarMax

Posted by Mark Rodrigues at 4/1/2010 8:57 AM
Categories: Selling Strategies, Lending
Tags: CarMax loans auto
 

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