Pre-earnings channel check · Dealer group
CarMax, Inc. (KMX) · Q2 FY2027
Q2 FY2027 (quarter ended 31 August 2026) · published Sep 20, 2026 · 34 min read · reported Tue, Sep 29, 2026
What the report says
North American Vehicle Transaction Signal
CarMax sold 215,133 used vehicles in our data in the June-to-August quarter, 14.3% more than a year ago, at an average last listed price of $27,855, up 6.4%. Its share of the used vehicles we track rose 0.60 percentage points to 4.09%. The typical car sold 1.6 days faster than a year ago, and hybrids, which clear faster than any other drivetrain at 31.5 days, grew 49.5%.
Realized pricing is firmer than a year ago: the average car sold 1.10% below its opening ask against 2.10% last year, with fewer cars discounted at all. The caution sits in the unsold stock rather than in what is selling. The asking premium on unsold inventory has gone 3.8%, 4.5%, 5.8% across the three periods, the lot has moved upmarket while the fastest sold growth stays at the affordable end, and sequential days on market rose on nine of the ten largest nameplates.
Inventory is flat on the quarter, 89,014 units against 89,182 in May, and the share of stock over 90 days sits below where it was a year ago at 8.2% against 8.7%. Growth, pricing and share are positive and material. The measure that would change this call is the asking premium on unsold stock, alongside the uptick in August's discount breadth.
Full details are in the report.
16 sections · 20 tables · methodology, quality checks and glossary included
Inside
Summary
- Our Overall Take
- The Quarter in Numbers
- Eight Signals at a Glance
Full analysis
- 00Data Scope Notice
- 01North American Vehicle Transaction Signal
- 02Signal Table
- 03Sold Volume Summary and Market Share
- 04Top Selling Makes
- 05Active Inventory Composition
- 06Discount from First Listed Price
- 07Days on Market and Days Supply
- 08Electrified Vehicle Sell-Through
- 09Bull Case
- 10Bear Case
- 11Management Verification and Watch Items
- 12Methodology Note
What this report covers
MarketCheck data on used and new vehicle sales and inventory at CarMax's U.S. stores. What we cannot see: CarMax Auto Finance, its income, loan loss provisions and interest margin; extended protection plan economics; wholesale auction volumes; reconditioning and other costs; and selling and administrative expense. CarMax Auto Finance alone contributed $140.2 million of income in the quarter ended 31 May 2026 (CarMax Form 10-Q for that quarter). A strong or weak signal here reads on the car-selling side only and does not by itself predict total company profitability. Section 12 sets out what the data can and cannot support.
Not investment advice. MarketCheck is a data and analytics company, not a registered investment adviser or broker-dealer. The report describes North American retail vehicle activity only and carries its full disclosures.