CarMax reported a drop in third-quarter revenue and profit on Thursday, hurt by weaker demand for and falling prices of used vehicles in the U.S.
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CarMax
reported a drop in third-quarter revenue and profit on Thursday, hurt by weaker demand for and falling prices of used vehicles in the U.S.
Shares of CarMax were down about 7% in premarket trade.
The largest U.S. used-car retailer has faced difficulty reselling vehicles at the higher prices it paid for them, as a marketwide dip followed a tariff-induced demand surge earlier this year.
Tesla is facing stiffer competition globally from electric vehicle players, especially low-cost competitors from China.
Fall in operating profits also due to losses on electric car sales in US but 50% drop is less than manufacturer estimated
Carmaker exceeded Wall Street’s expectations with more than $26bn in revenue, but saw a 37% drop in profits
The world's largest automaker by sales volume saw a 1.89% year-on-year rise in revenue during the fourth quarter ended March.
Toyota Motor reported higher-than-expected operating profit for the June-quarter, even as the auto company grapples with U.S.…
Major car makers including Ford, GM and Volvo took hits because of tariff associated costs.
