CarMax goals: 10 new stores, more customer-sourced cars

About 55 percent of customers used CarMax’s omnichannel option during that quarter, up from 51 percent a year earlier. Omnichannel refers to technology and processes aimed at providing a seamless buying experience for consumers whether they shop online, in-store or both.

Another CarMax focus this year is adding self-service capabilities to “enhance in-store interactions, including appraisals and express pickups,” according to the company.

CarMax also revised financial targets first shared last May. The company now projects it will generate revenue of $33 billion to $45 billion and sell between 2 million and 2.4 million vehicles by its 2026 fiscal year.

That’s up from last year, when CarMax said it expected revenue of $33 billion and sales of 2 million vehicles by then.

CarMax is holding steady in its forecast that it will, by 2026, hold more than 5 percent of the market for used vehicles 10 years old or newer. The company estimates its share of that market was 4 percent in the 2021 calendar year and 3.5 percent in 2020.

CarMax, of Richmond, Va., is No. 1 on Automotive News‘ list of the top 100 retailers ranked by used-vehicle sales, with retail sales of 832,640 used vehicles in 2020.