CarMax's growth runway remains attractive despite new entrants to the used-vehicle space.
CarMax reported a good fiscal 2018 third quarter, but same-store unit growth of 2.7% fell short of market expectations and the stock declined more than 4% on the morning of Dec. 21. We do not see a reason to change our investment thesis. Thus, we are leaving our fair value estimate in place. Management noted that absent an increase in business in Houston and Florida from Hurricanes Harvey and Irma, same-store unit growth would have been flat. The company also said one of its Tier 2 lending partn...CarMax is a holding company. Through its subsidiaries, the company is engaged as a retailer of used vehicles. The company operates in two segments: CarMax Sales Operations, which sells used vehicles, purchases used vehicles from customers and other sources, sells related products and services, and arranges financing options for customers; and CarMax Auto Finance, which consists of finance operation that provides vehicle financing to customer buying retail vehicles from the company The company's products and services include retail merchandising, wholesale auctions, extended protection plans, reconditioning and service, and customer credit.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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