Category Archives: [KMX] CarMax

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CarMax, Carvana, and used car retailing

Related posts: [KMX – CarMax; CVNA – Carvana] Moat, Growth, and Competition (Mar. 30, 2018) [CVNA – Carvana] Fat tail investing (Aug. 13, 2020) As previously discussed, the cost structure of used car retailing has become less variable, more fixed over the years. CarMax pioneered this transition in the early ‘90s, applying the lessons of […]

[KMX – CarMax; CVNA – Carvana] Moat, Growth, and Competition

When I Google “used car salesman”, here are the first images that appear. ‘nuff said. It required an electronics and appliance retailer with no car selling experience to be the change that consumers wanted to see in the car buying experience.  In 1993, the now defunct Circuit City launched the first CarMax store, leveraging its […]

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Quick Blurbs [Alliance Data, American Express, Bank of America, Interactive Brokers, CarMax, Supervalu]

[IBKR – Interactive Brokers] Partly due to an exceptionally low volatility trading environment, which has made it difficult to earn profits and which Petterfy says may continue “indefinitely,” the company is winding down its options market making operations. While the company will use the excess capital from market making to further support its brokerage operations, the […]

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