<p>CarMax Inc ((KMX)) 已召開其第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
<h3>享受 TipRanks Premium 50% 折扣，放心投資</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，幫助您做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，使您的投資組合始終處於最大潛力的狀態</li>
</ul>
<p>CarMax 財報電話會議揭示了艱難的市場，專注於成本削減和數字化推進</p>
<p>CarMax 最近的財報電話會議描繪了一幅公司面臨真實壓力的圖景，需求減弱、單位銷量下降和利潤壓縮，但同時也在積極重塑其成本結構，並加大對數字化能力和內部金融部門的投入。管理層承認銷售和盈利能力下降，以及持續的價格壓力，同時強調全渠道零售、費用削減和 CarMax 汽車金融作為穩定未來幾年業績的槓桿。整體語氣謹慎，短期內可見性有限，但並非沒有戰略樂觀。</p>
<h2>數字化和全渠道發展</h2>
<p>CarMax 繼續大力推進其數字化和全渠道戰略，強調在技術上的重大投資，使客户能夠以他們想要的方式和地點進行購物——在線、店內或兩者的混合。管理層強調，提升數字購物體驗是推動更好轉化率和在疲軟的二手車市場中捕捉需求的核心。公司正在完善其在線工具，簡化數字旅程，並將這些能力緊密結合其實體業務，旨在創造無縫的端到端體驗，使 CarMax 在傳統經銷商和純在線競爭對手中脱穎而出。</p>
<h2>SG&amp;A 成本削減目標</h2>
<p>電話會議的一個主要主題是成本控制，CarMax 目標到 2027 財年末實現至少 1.5 億美元的 SG&amp;A 節省。已經採取的關鍵措施是將客户體驗中心 (CEC) 的員工人數減少 30%，管理層將其視為節省成本的步驟，同時更好地將資源與公司的全渠道模式對接。更廣泛的 SG&amp;A 計劃包括簡化運營、利用技術減少人工工作和削減非必要支出。這些努力旨在保護在低銷量環境中的盈利能力，並在需求恢復時建立一個更精簡的增長平台。</p>
<h2>CarMax 汽車金融增長</h2>
<p>CarMax 汽車金融 (CAF) 突出表現，相較於去年同期收入增長 9%，本季度收入達到 1.75 億美元。公司指出在全信用範圍內持續擴張，表明 CAF 正在成為整體盈利能力日益重要的貢獻者。通過在內部捕獲更多融資，CarMax 可以加深每筆銷售的經濟效益，並可能抵消一些來自零售利潤下降的壓力。管理層表示，CAF 及其附屬產品是公司在面對挑戰性銷售背景時的關鍵戰略支柱。</p>
<h2>總銷售額下降</h2>
<p>頭條數字突顯了需求放緩：總銷售額同比下降 6.9%，零售單位銷售下降 8%，二手單位可比銷售下降 9%。這些數字突顯了二手車行業面臨的強大逆風，包括消費者的可負擔性限制和價格競爭加劇。CarMax 的大規模全國模式提供了覆蓋面和品牌認知度，但電話會議明確表示，銷量疲軟對整體業績造成了沉重壓力，並將在短期內繼續成為核心挑戰。</p>
<h2>批發和零售價格壓力</h2>
<p>批發和零售定價動態是另一個壓力來源。批發單位銷售下降 6.2%，平均批發售價每單位下降約 40 美元，反映出批發環境疲軟。在零售方面，平均售價僅因收購成本較高而上升，而不是因為 CarMax 能夠推動有意義的價格上漲。這種組合——更高的收購成本、有限的定價能力和銷量疲軟——導致利潤壓縮，並迫使公司在採購、定價和庫存週轉方面更加謹慎。</p>
<h2>盈利和盈利能力挑戰</h2>
<p>盈利能力急劇惡化，稀釋後每股淨收益從一年前的 0.81 美元降至 0.43 美元。管理層指出，重組費用和裁員是顯著因素，加上銷售下降和利潤率收緊帶來的運營壓力。雖然這些成本中的一些是一次性的，但它們突顯了正在進行的重組的程度。公司的戰略是吸收這一短期盈利衝擊，以重置其成本結構，併為在收入趨勢穩定時改善槓桿做好準備。</p>
<h2>庫存和成本挑戰</h2>
<p>CarMax 還承認，其較高的平均售價使得車輛對價格敏感的買家吸引力下降，進一步加大了調整庫存和利潤率的必要性。公司計劃降低利潤率，以在定價上變得更具競爭力，同時全面審查其整體銷售成本和運營費用。目標是在不削弱客户價值主張的情況下尋找效率，使 CarMax 能夠提供更具競爭力的價格，同時保護回報。這種定價和成本管理的重新校準是恢復單位銷量的核心。</p>
<h2>前瞻性指導和戰略優先事項</h2>
<p>展望未來，CarMax 的指導和評論反映出一種謹慎但積極的態度。該公司報告的季度銷售額為 58 億美元，同比下降 6.9%，平均二手車售價為 26,400 美元，同比上漲 230 美元，同時每股收益下降至 0.43 美元。為了應對這些趨勢，CarMax 計劃降低利潤率以提高競爭力，增加市場營銷投資以支持流量和銷售趨勢，並在 2027 財年之前實現至少 1.5 億美元的銷售和管理費用節省。管理層還旨在進一步利用 CAF 和附屬產品來增強盈利能力，並重新評估其成本結構，包括銷售成本和數字平台的提升，以創造更流暢、高效的客户體驗。這些舉措共同構成了 CarMax 在不確定需求環境下的復甦計劃的基礎。</p>
<p>總之，CarMax 的財報電話會議強調了一個困難的季度，銷售下降、利潤壓力和收益大幅下滑，但也突出了在成本、數字能力和內部融資方面的果斷舉措。投資者將密切關注利潤削減、市場營銷支出和結構效率是否能夠恢復單位增長並恢復盈利能力。目前，語氣依然謹慎，管理層更關注於建立一個精簡、數字化的業務，以更好地應對當前的二手車週期，並在市場轉好時抓住機會。</p>

車美仕

<p>CarMax 的第三季度財報電話會議強調了由於需求減弱、單位銷量下降和利潤壓縮所帶來的挑戰。該公司正專注於削減成本、提升數字化能力以及其內部金融部門以穩定業績。主要舉措包括到 2027 財年實現 1.5 億美元的銷售和管理費用節省目標，以及減少 30% 的客户體驗中心員工。CarMax 汽車金融的收入增長了 9%，但總銷售額同比下降了 6.9%。該公司旨在提升數字購物體驗，並調整庫存和利潤以保持競爭力</p>

<p>CarMax Inc ((KMX)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>CarMax Inc ((KMX)) 已召開其第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，放心投資</h3>
</div><ul>
<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
</ul>
<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，幫助您做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，使您的投資組合始終處於最大潛力的狀態</li>
</ul>
</div><p>CarMax Earnings Call Reveals Tough Market, Focus on Cost Cuts and Digital Push</p>
<div class="lb-trans"><p>CarMax 財報電話會議揭示了艱難的市場，專注於成本削減和數字化推進</p>
</div><p>CarMax’s latest earnings call painted a picture of a company under real pressure from softer demand, weaker unit volumes, and margin compression, but also one that is actively reshaping its cost base and doubling down on digital capabilities and its in‑house finance arm. Management acknowledged declines in sales and profitability and persistent pricing headwinds, while emphasizing initiatives in omnichannel retail, expense reduction, and CarMax Auto Finance as levers to stabilize performance over the next few years. The overall tone was cautious, with limited near-term visibility, but not without strategic optimism.</p>
<div class="lb-trans"><p>CarMax 最近的財報電話會議描繪了一幅公司面臨真實壓力的圖景，需求減弱、單位銷量下降和利潤壓縮，但同時也在積極重塑其成本結構，並加大對數字化能力和內部金融部門的投入。管理層承認銷售和盈利能力下降，以及持續的價格壓力，同時強調全渠道零售、費用削減和 CarMax 汽車金融作為穩定未來幾年業績的槓桿。整體語氣謹慎，短期內可見性有限，但並非沒有戰略樂觀。</p>
</div><h2>Digital and Omnichannel Development</h2>
<div class="lb-trans"><h2>數字化和全渠道發展</h2>
</div><p>CarMax continued to lean heavily into its digital and omnichannel strategy, highlighting significant investments in technology that allow customers to shop how and where they want—online, in-store, or a hybrid of both. Management stressed that enhancing the digital shopping experience is central to driving better conversion rates and capturing demand in a softer used-car market. The company is refining its online tools, streamlining the digital journey, and tying these capabilities tightly to its physical footprint, aiming to create a seamless end-to-end experience that can differentiate CarMax from traditional dealers and purely online competitors.</p>
<div class="lb-trans"><p>CarMax 繼續大力推進其數字化和全渠道戰略，強調在技術上的重大投資，使客户能夠以他們想要的方式和地點進行購物——在線、店內或兩者的混合。管理層強調，提升數字購物體驗是推動更好轉化率和在疲軟的二手車市場中捕捉需求的核心。公司正在完善其在線工具，簡化數字旅程，並將這些能力緊密結合其實體業務，旨在創造無縫的端到端體驗，使 CarMax 在傳統經銷商和純在線競爭對手中脱穎而出。</p>
</div><h2>SG&amp;A Cost Reduction Goal</h2>
<div class="lb-trans"><h2>SG&amp;A 成本削減目標</h2>
</div><p>A major theme of the call was cost discipline, with CarMax targeting at least $150 million in SG&amp;A savings by the end of fiscal 2027. A key action already taken is a 30% reduction in its Customer Experience Center (CEC) workforce, which management framed as both a cost-saving step and a move to better align resources with the company’s evolving omnichannel model. The broader SG&amp;A program includes simplifying operations, leveraging technology to reduce manual work, and trimming non-essential spending. These efforts are designed to protect profitability in a lower-volume environment and build a leaner platform for growth when demand recovers.</p>
<div class="lb-trans"><p>電話會議的一個主要主題是成本控制，CarMax 目標到 2027 財年末實現至少 1.5 億美元的 SG&amp;A 節省。已經採取的關鍵措施是將客户體驗中心 (CEC) 的員工人數減少 30%，管理層將其視為節省成本的步驟，同時更好地將資源與公司的全渠道模式對接。更廣泛的 SG&amp;A 計劃包括簡化運營、利用技術減少人工工作和削減非必要支出。這些努力旨在保護在低銷量環境中的盈利能力，並在需求恢復時建立一個更精簡的增長平台。</p>
</div><h2>CarMax Auto Finance Growth</h2>
<div class="lb-trans"><h2>CarMax 汽車金融增長</h2>
</div><p>CarMax Auto Finance (CAF) stood out as a relative bright spot, posting a 9% year-over-year increase in income to $175 million for the quarter. The company noted continued expansion across the full credit spectrum, signaling that CAF is becoming an increasingly important contributor to overall profitability. By capturing more financing in-house, CarMax can deepen its economics per sale and potentially offset some of the pressure from weaker retail margins. Management indicated that CAF, along with ancillary products, is a key strategic pillar as the company navigates a challenging sales backdrop.</p>
<div class="lb-trans"><p>CarMax 汽車金融 (CAF) 突出表現，相較於去年同期收入增長 9%，本季度收入達到 1.75 億美元。公司指出在全信用範圍內持續擴張，表明 CAF 正在成為整體盈利能力日益重要的貢獻者。通過在內部捕獲更多融資，CarMax 可以加深每筆銷售的經濟效益，並可能抵消一些來自零售利潤下降的壓力。管理層表示，CAF 及其附屬產品是公司在面對挑戰性銷售背景時的關鍵戰略支柱。</p>
</div><h2>Decline in Total Sales</h2>
<div class="lb-trans"><h2>總銷售額下降</h2>
</div><p>The headline numbers underscored the demand slowdown: total sales fell 6.9% year-over-year, with retail unit sales down 8% and used unit comparable sales declining by 9%. These figures highlight the intensity of the headwinds facing the used-auto sector, including affordability constraints for consumers and heightened competition on price. CarMax’s large-scale, national model provides reach and brand recognition, but the call made clear that volume softness is weighing heavily on overall performance and will remain a core challenge in the near term.</p>
<div class="lb-trans"><p>頭條數字突顯了需求放緩：總銷售額同比下降 6.9%，零售單位銷售下降 8%，二手單位可比銷售下降 9%。這些數字突顯了二手車行業面臨的強大逆風，包括消費者的可負擔性限制和價格競爭加劇。CarMax 的大規模全國模式提供了覆蓋面和品牌認知度，但電話會議明確表示，銷量疲軟對整體業績造成了沉重壓力，並將在短期內繼續成為核心挑戰。</p>
</div><h2>Wholesale and Retail Price Pressures</h2>
<div class="lb-trans"><h2>批發和零售價格壓力</h2>
</div><p>Wholesale and retail pricing dynamics were another source of pressure. Wholesale unit sales declined 6.2%, and average wholesale selling prices slipped by about $40 per unit, reflecting a weaker wholesale environment. On the retail side, the average selling price rose only because acquisition costs were higher, not because CarMax was able to push through meaningful price increases. This combination—higher acquisition costs, limited pricing power, and softer volumes—contributes to margin compression and forces the company to be more surgical in how it buys, prices, and turns inventory.</p>
<div class="lb-trans"><p>批發和零售定價動態是另一個壓力來源。批發單位銷售下降 6.2%，平均批發售價每單位下降約 40 美元，反映出批發環境疲軟。在零售方面，平均售價僅因收購成本較高而上升，而不是因為 CarMax 能夠推動有意義的價格上漲。這種組合——更高的收購成本、有限的定價能力和銷量疲軟——導致利潤壓縮，並迫使公司在採購、定價和庫存週轉方面更加謹慎。</p>
</div><h2>Earnings and Profitability Challenges</h2>
<div class="lb-trans"><h2>盈利和盈利能力挑戰</h2>
</div><p>Profitability deteriorated sharply, with net earnings per diluted share dropping to $0.43 from $0.81 a year earlier. Management pointed to restructuring expenses and workforce reductions as notable factors, layered on top of the operational pressure from lower sales and tighter margins. While some of these costs are one-time in nature, they underscore the extent of the restructuring underway. The company’s strategy is to absorb this near-term earnings hit in order to reset its cost structure and position the business for improved leverage when revenue trends stabilize.</p>
<div class="lb-trans"><p>盈利能力急劇惡化，稀釋後每股淨收益從一年前的 0.81 美元降至 0.43 美元。管理層指出，重組費用和裁員是顯著因素，加上銷售下降和利潤率收緊帶來的運營壓力。雖然這些成本中的一些是一次性的，但它們突顯了正在進行的重組的程度。公司的戰略是吸收這一短期盈利衝擊，以重置其成本結構，併為在收入趨勢穩定時改善槓桿做好準備。</p>
</div><h2>Challenges in Inventory and Costs</h2>
<div class="lb-trans"><h2>庫存和成本挑戰</h2>
</div><p>CarMax also acknowledged that its higher average selling prices have made vehicles less attractive to price-sensitive buyers, intensifying the need to adjust its approach to inventory and margins. The company plans to lower margins to become more competitive on pricing, while simultaneously conducting a comprehensive review of its overall cost of goods sold and operating expenses. The goal is to find efficiencies without undermining the customer value proposition, enabling CarMax to offer sharper prices and still protect returns. This recalibration of pricing and cost management is central to regaining traction in unit volumes.</p>
<div class="lb-trans"><p>CarMax 還承認，其較高的平均售價使得車輛對價格敏感的買家吸引力下降，進一步加大了調整庫存和利潤率的必要性。公司計劃降低利潤率，以在定價上變得更具競爭力，同時全面審查其整體銷售成本和運營費用。目標是在不削弱客户價值主張的情況下尋找效率，使 CarMax 能夠提供更具競爭力的價格，同時保護回報。這種定價和成本管理的重新校準是恢復單位銷量的核心。</p>
</div><h2>Forward-Looking Guidance and Strategic Priorities</h2>
<div class="lb-trans"><h2>前瞻性指導和戰略優先事項</h2>
</div><p>Looking ahead, CarMax’s guidance and commentary reflect a cautious but proactive stance. The company reported quarterly sales of $5.8 billion, down 6.9% from the prior year, and an average used vehicle selling price of $26,400, up $230 year-over-year, alongside the EPS decline to $0.43. To counter these trends, CarMax plans to lower margins to improve competitiveness, increase marketing investments to support traffic and sales trends, and deliver at least $150 million in SG&amp;A savings by fiscal 2027. Management also aims to further leverage CAF and ancillary products to bolster profitability and is reassessing its cost structure, including COGS and digital platform enhancements, to create a more streamlined, efficient customer experience. Together, these initiatives form the backbone of CarMax’s recovery playbook in an uncertain demand environment.</p>
<div class="lb-trans"><p>展望未來，CarMax 的指導和評論反映出一種謹慎但積極的態度。該公司報告的季度銷售額為 58 億美元，同比下降 6.9%，平均二手車售價為 26,400 美元，同比上漲 230 美元，同時每股收益下降至 0.43 美元。為了應對這些趨勢，CarMax 計劃降低利潤率以提高競爭力，增加市場營銷投資以支持流量和銷售趨勢，並在 2027 財年之前實現至少 1.5 億美元的銷售和管理費用節省。管理層還旨在進一步利用 CAF 和附屬產品來增強盈利能力，並重新評估其成本結構，包括銷售成本和數字平台的提升，以創造更流暢、高效的客户體驗。這些舉措共同構成了 CarMax 在不確定需求環境下的復甦計劃的基礎。</p>
</div><p>In summary, CarMax’s earnings call underscored a difficult quarter marked by falling sales, margin pressures, and a sharp drop in earnings, but also highlighted decisive moves on costs, digital capabilities, and in-house financing. Investors will be watching closely to see whether margin cuts, marketing spend, and structural efficiencies can revive unit growth and restore profitability. For now, the tone remains cautious, with management focused less on near-term upside and more on building a leaner, more digitally enabled business that can better weather the current used-car cycle and capture upside when the market turns.</p>
<div class="lb-trans"><p>總之，CarMax 的財報電話會議強調了一個困難的季度，銷售下降、利潤壓力和收益大幅下滑，但也突出了在成本、數字能力和內部融資方面的果斷舉措。投資者將密切關注利潤削減、市場營銷支出和結構效率是否能夠恢復單位增長並恢復盈利能力。目前，語氣依然謹慎，管理層更關注於建立一個精簡、數字化的業務，以更好地應對當前的二手車週期，並在市場轉好時抓住機會。</p>
</div>

車美仕財報電話會議：銷售額下滑，成本削減力度加大