CarMax stock rallies and outperforms used-car retail rivals
Updated
Updated · MarketWatch · Apr 30
CarMax stock rallies and outperforms used-car retail rivals
13 articles · Updated · MarketWatch · Apr 30
Shares rose 2.50% to $39.31 on Thursday as Carvana fell 0.20%, ACV Auctions dropped 0.57% and OPENLANE slipped 0.51%.
The gain came during a broad market advance, with the S&P 500 up 1.02% to 7,209.01 and the Dow Jones Industrial Average rising 1.62% to 49,652.14.
Even after the rally, CarMax closed 45.40% below its 52-week high of $71.99 reached on 3 July, while trading volume of 2.7 million stayed below its 50-day average.
While its rival Carvana soars, CarMax is cutting prices. Can this risky strategy actually save the struggling used-car giant?
A wave of cheap used EVs is coming. How will this disrupt CarMax's business and its focus on gas-powered cars?