FI showroom red and grey logo
MenuMENU
SearchSEARCH

CarMax to Slow Expansion After June/July Decline

Used vehicle retailer CarMax Inc. said Wednesday that its same-store used-unit sales fell 17 percent in the months of June and July as high gas prices drove customers away from vehicle purchases.

by Staff
August 6, 2008
2 min to read


RICHMOND, Va. (AP) — Used vehicle retailer CarMax Inc. said Wednesday that its same-store used-unit sales fell 17 percent in the months of June and July as high gas prices drove customers away from vehicle purchases.

CarMax originally withdrew its fiscal-year sales and earnings guidance in June, after posting a steep drop in sales beginning Memorial Day weekend. From the Memorial Day weekend through the end of May, CarMax said its same-store sales — or sales at stores open at least a year — fell 5 percent.

Ad Loading...

Sales continued to fall in June and July, resulting in an average drop of 17 percent for the two months, the company said.

As a result, CarMax said it reduced its used vehicle inventory by about 9,500 units during those two months and adjusted the vehicle mix to reflect changes in consumer preferences.

The company said it also has worked to lower its variable store staffing levels, mainly through scheduling and attrition, is re-evaluating all open positions and is continuing to focus on controlling overhead expenses.

CarMax said it also plans to temporarily slow its store growth and push back some store openings to the next fiscal year.

"While this is clearly a difficult environment for us, we remain confident in our superior consumer offer and our long-term growth opportunity," Chief Executive Tom Folliard said in a news release.

Ad Loading...

The company said at its annual meeting in June that it planned to new stores and expand even amid difficult economic environment. At the time, CarMax said it expected to increase its number of stores to between 200 and 300 stores within 10 years and expand outside its current markets. The company currently operates 98 locations.

Topics:F&I

More F&I

Woman in casual clothing sitting at a desk
F&Iby Rick McCormickMarch 31, 2026

Curb The Confusion

Talk to F&I customers like you’d talk to a friend, without industry lingo or sales-like questions, and use hard proof to show, not tell, them about a need.

Read More →
Photo of man's hand on laptop computer keyboard with blank screen
F&IMarch 16, 2026

There Is Always one More Product

Helping F&I customers understand complementary offerings is likely to lead to more sales, based on the success of a high-performing practitioner of the philosophy.

Read More →
REGISTER FOR EFI 2026
F&Iby Kate SpataforaMarch 16, 2026

EFI Conference Extends Early Bird Discount as Room Block Nears Capacity

Ethical F&I Manager's Conference will take place at The Cosmopolitan Las Vegas on April 13–15, 2026.

Read More →
Ad Loading...
Industryby StaffMarch 6, 2026

Explore the 12 Rules for an F&I Life at EFI

EFI 2026 will take place April 13–15 at The Cosmopolitan Las Vegas.

Read More →
F&IMarch 4, 2026

Creating Your Own Economy

In this video, Reese Dailey explains how effective follow-up drives better results across the dealership, including increased sales, higher F&I penetration, and stronger customer retention.

Read More →
Industryby StaffMarch 2, 2026

Prove You Can Do F&I at EFI

‘So You Think You Can Do F&I’ is a live role-play contest taking place at the 2026 Ethical F&I Managers Conference.

Read More →
Ad Loading...
Image of two human hands, one holding the word yes, the other the word no
F&Iby Hannah MitchellMarch 1, 2026

Expect Yes in the F&I Office

It may be human nature to back off when a customer seems to say no to a product or service. But experts say F&I managers should operate as though the answer will be the opposite.

Read More →
Industryby Lauren LawrenceFebruary 25, 2026

Report Finds Year-End F&I Strength

Deal volume ebbed and flowed throughout 2025, but product performance remained steady, according to automotive technology and data intelligence solutions provider StoneEagle.

Read More →
Industryby Hannah MitchellFebruary 23, 2026

Some Auto Brands Cheaper to Insure

A new top 10 list ranks the least expensive for average full insurance coverage on a clean driving record and high driver credit scores.

Read More →
Ad Loading...
F&IFebruary 13, 2026

Business Office Blueprint

Try following these 20 steps to greater success in the dealer F&I office this year.

Read More →