Bill Nash | President, Chief Executive Officer |
Enrique Mayor-Mora | Executive Vice President, Chief Financial Officer |
Jon Daniels | Senior Vice President, CarMax Auto Finance |
David Lowenstein | Assistant Vice President, Investor Relations |
Brian Nagel | Oppenheimer |
Sharon Zackfia | William Blair |
Rick Nelson | Stephens |
Craig Kennison | Baird |
Rajat Gupta | JP Morgan |
Michael Montani | Evercore |
Seth Basham | Wedbush Securities |
Adam Jonas | Morgan Stanley |
John Murphy | Bank of America |
Ali Faghri | Guggenheim Securities |
David Whiston | Morningstar |
Chris Bottiglieri | Exane BNP Paribas |
Good morning and thank you for joining us.
As you read in our earnings release this morning, we delivered a record level of used sales for the second quarter and all-time record for wholesale vehicle sales, as well as robust CarMax auto finance income growth.
For the second quarter of FY22, our diversified business model delivered totaled sales of $8 billion, up 49% compared with the second quarter of FY21, driven by higher average selling prices and volume gains. Net earnings per diluted share was $1.72, down $0.07 from a year ago as we rolled over last year’s pandemic-driven expense reductions and also continued to invest in our growth. Across our retail and wholesale channels, we sold approximately 420,000 cars in total, up 20% versus the second quarter last year.