CarMax reports third-quarter loss
- December 22, 2008
Used car retailer CarMax Inc. reported a $21.9 million loss during the third quarter as sales sank 23 percent for the quarter.
The Goochland County company reported sales of $1.46 billion, compared with $1.89 billion for the same time period a year ago. Last year, CarMax’s third-quarter profit was $29.8 million.
In response, the company has imposed a hiring freeze at its headquarters, will temporarily stop store growth, and reduce staffing by attrition.
CarMax’s financing arm, which reported a loss of $15.4 million, was hurt by a $23.8 billion write-down in the value of the company’s bonds and $16 million for loan adjustments on bad loans.