CarMax turns profit in Q2 and finds success sourcing inventory

After a rough first quarter, CarMax saw its net income surge in the second quarter despite a slight slowdown in sales revenue. The behemoth used-car retailer also boosted the amount of inventory it acquired, especially from dealers.   

“We're pleased with our team's execution in the second quarter, as we achieve positive sales trends, strong margins, cost efficiencies, and EPS growth, while managing through industry-wide auto loan loss pressure,” CarMax president and CEO Bill Nash said during the earnings call.

Net income in the second quarter ...