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Stock impact report

Used-Car Prices Extend Free Fall as Rising Supply Hurts Dealers [BNN Bloomberg (Canada)]

CarMax Inc (KMX) 
Last carmax inc earnings: 4/2 06:50 am Check Earnings Report
US:NYSE Investor Relations: investors.carmax.com/home/default.aspx
Company Research Source: BNN Bloomberg
The widely watched Manheim Used Vehicle Value Index last month was down 14.2% from a year ago, while unadjusted used-car prices tumbled 12.4% in that span, the automotive auctioneer said Wednesday. The index fell to the lowest level since August 2021 as used-car sales declined 10% in November. Used-car prices have been plunging as the Federal Reserve has raised interest rates to slow the highest inflation in 40 years. Earlier in the pandemic, new- and used-car prices soared amid semiconductor shortages and other supply-chain bottlenecks. But as those broke, inventories began to rise, especially on used-car lots, sending prices and profits sharply lower at rental companies and car dealers, including CarMax Inc and Carvana Co. Read more: CarMax Woes Flash Warning Signs for Auto Market Carvana's stock fell as much as 47% Wednesday after Bloomberg reported its creditors had banded together to work with the company on a debt restructuring. CarMax fell 1.7% at 2:18 p.m. Manheim, a Show less Read more
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