CarMax quarterly sales increase 23 percent

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Used car retailer CarMax Inc. reported a 23 percent increase in sales during the third quarter.

The Richmond company said sales increased to $2.1 million in its third quarter, compared with $1.7 million in the third quarter of 2009. Sales at comparable stores increased 16 percent in the quarter.

“We are pleased to report another quarter of solid increases in sales,” Tom Folliard, president and CEO, said in a statement. “Comparable store used unit sales increased 16 percent, representing our strongest comps in several years.”

CarMax said the increase in sales came primarily from an increase in customer traffic as well as a rise in sales conversion, which reflected better consumer credit availability.

Net income during the quarter increased 10 percent to $82.4 million, from $74.6 million during the third quarter of 2009.

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