CarMax Inc: How Are They Embracing Generative AI For Improving Efficiency & Strategic Expansion?

CarMax, a leading used car retailer in the United States, reported its Q3 fiscal year 2024 results indicating a continuation of a strategic plan that has led to sequential year-over-year improvements across key business areas for four consecutive quarters. Total sales for Q3 FY ’24 were $6.1 billion, down by 5% compared to the previous year due to lower retail and wholesale prices and lower retail volume, partially offset by higher wholesale volume. Retail unit sales declined by 2.9% while used unit comps were down by 4.1%.