Used-car sales soar at CarMax

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CarMax reported a 25 percent increase in its fourth quarter primarily because of a surge in used-car sales.

The Goochland County-based company said net sales during the last quarter rose 24.7 percent to $1.8 billion from $1.5 billion during the same period last year. Used car sales rose 24.5 percent.

Profit during the quarter doubled to $75.4 million.

For the year, which ended Feb. 28, CarMax reported a 7.1 percent increase in net sales to $7.5 billion. Net income for the year was more than three times that from the previous year. Net income for fiscal year 2010 was $281.7 million, compared with $59.2 million.

Because of increased sales, CarMax said it will open three stores this year, between three and five stores in fiscal year 2012 and between five and 10 stores between fiscal year 2013.

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