PodcastEarnings Unscripted: Stock Earnings Calls & AnalysisSeptember 30, 2026
CarMax (KMX): Routing 100% of customer calls to AI [Q2 2027]
CarMax is trading retail margin for volume, financed by aggressive sub-prime lending and AI-driven cost cuts, with securitization market health as the key risk.
- Margin-for-volume trade: CarMax cut gross profit per retail unit by over $100, driving 14% retail volume growth and an 81% YoY EPS jump on $7.9B revenue.
- FTC tailwind: New rules forcing all-in advertised pricing exposed rivals' hidden fees, doubling the number of CarMax listings tagged "great deals" on sites like Cars.com.
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