Largest used car retailer reports $82 million profit

(December 21, 2010) DETROIT — CarMax Inc.has reported that its third-quarter profits improved by 10 percent over the same quarter last year because of stronger wholesale vehicle sales.

The nation's largest used car retailer, which competes with America's Car-Mart Inc., said it expects to open five superstores in 2012.

For September-November, the company earned $82.4 million, or 36 cents a share, a 10 percent improvement over earnings of $74.6 million, or 33 cents a share, a year ago.

Revenue rose 23 percent to $2.12 billion helped by a 41 percent jump in wholesale vehicle sales.