The company acquires a significant portion of its retail used vehicle inventory directly from consumers through in-store and online appraisals, as well as from local, regional, and online auctions. Additional sources include wholesalers, franchised and independent dealers, and fleet owners such as leasing and rental companies. Online appraisal tools, including Instant Offer and MaxOffer, have contributed to increased vehicle purchases. The supply of late-model used vehicles is influenced by factors such as the number of vehicles in operation, new vehicle sales, and used vehicle sales across various channels. The company anticipates that used vehicle sources will continue to meet current and future demand due to the large remarketing volume, consumer acceptance of appraisal processes, and the size of the U.S. auction market. The business experiences seasonality, with peak sales occurring in spring, summer, and early in the year during the tax refund season. Technology is integral to operations, utilizing cloud-based solutions, proprietary technologies, Agile and DevOps practices, artificial intelligence, and machine learning to optimize processes and customer experience. Digital and mobile technologies support all functions from appraisal to delivery, while tools such as Skye and knowledge management systems enhance efficiency in Customer Experience Centers.
Carmax Inc's Comment on Supply Chain
The company acquires a significant portion of its retail used vehicle inventory directly from consumers through in-store and online appraisals, as well as from local, regional, and online auctions. Additional sources include wholesalers, franchised and independent dealers, and fleet owners such as leasing and rental companies. Online appraisal tools, including Instant Offer and MaxOffer, have contributed to increased vehicle purchases. The supply of late-model used vehicles is influenced by factors such as the number of vehicles in operation, new vehicle sales, and used vehicle sales across various channels. The company anticipates that used vehicle sources will continue to meet current and future demand due to the large remarketing volume, consumer acceptance of appraisal processes, and the size of the U.S. auction market. The business experiences seasonality, with peak sales occurring in spring, summer, and early in the year during the tax refund season. Technology is integral to operations, utilizing cloud-based solutions, proprietary technologies, Agile and DevOps practices, artificial intelligence, and machine learning to optimize processes and customer experience. Digital and mobile technologies support all functions from appraisal to delivery, while tools such as Skye and knowledge management systems enhance efficiency in Customer Experience Centers.
Sources:
Carmax Inc 's official press releases and regulatory filings; CSIMarket.com's supply-chain research; and the financial filings and press releases of other companies cited in this report.
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