The CarMax nationwide inventory jumped from just over 40,000 cars in the summer of 2017 to over 73,000 today. That’s the highest it’s been since I started tracking CarMax unicorns a year ago and it got me pondering on all things cosmic CarMax. For example, that 33,000 plus-up in stock equals a staggering $577 million* investment in cars in just a few months. I’m thinking like you and me, CarMax didn’t pay cash and owed somebody a helluva lot of money. You think they get dealer financing? I’m thinking CarMax needs to move some cars and hoping there are more unicorns and lower prices!
*The average CarMax vehicle sells for $19,677 with a gross profit of $2,178, indicating a rough guess each car costing CarMax $17,489. See “CarMax Reports Second Quarter Results, September 22, 2017″.
So I decided to do my own homemade “analytics” and dive deeper on what makes up an inventory of 73,000 cars. CarMax knows what they’re doing, and I suspect their inventory largely reflects what America wants in a car. So here’s what I learned. Continue reading “The $577 Million Car Loan and Other Fascinating CarMax “Analytics””
With every car I don’t buy I get smarter on this whole process. Or maybe dumber. Eventually I’m going to score a Porsche for the price of a Pinto, or I’ll give up and buy a minivan. Writing from a hotel room north of Raleigh, where I went to see this 2011 Jaguar XK. Not an XKR, but at $26,998 and only 34,000 miles I thought it might be the bucket list Jaguar for me without spending too much. I had set aside my pursuit of the Mercedes S600 (for now), thinking I can always buy a big sedan, but my knees and back are suggesting time is short for a sports car.
I thought the Jaguar looked vaguely familiar, a lot like the one I saw briefly in Baltimore last summer and was aghast at the pock-marked front fascia and more than a few touch up paint blemishes on the driver side. It was an XK that looked like it was half-way through puberty. But I never made an appointment to see it in Baltimore, just stopped by and eye-balled it, and couldn’t find the original ad. So I asked the young sales rep in Raleigh if this could be the same car. He sent me photos, and sure enough, the front end was clean and I hatched a plan to go see it.