CarMax, Inc. (NYSE:KMX) Q3 2024 Earnings Call Transcript

So, it just depends on what’s going on in a given quarter, but we would expect — and generally, you spend a little bit more in the fourth quarter because it’s — you’ve got tax season coming, which is an increase in volume. So that’s really what you’re seeing.

Enrique Mayor-Mora: Yes, David, sorry, apologize. I thought you were asking about depreciation.

David Whiston: I appreciate the clarification.

Enrique Mayor-Mora: You got an extra answer?

David Whiston: Are you guys being more aggressive on your offers to consumers who want to sell a vehicle to you with wholesale units up nearly 8%? I was just curious if you’re looking to acquire more vehicles.

Bill Nash: Look, we want to acquire all the vehicles, but we’re going to do it in a very thoughtful, profitable way. I mean you could — we could buy a lot more cars, but it wouldn’t make sense from a profitability standpoint. So, I think the team has done a phenomenal job, especially given the steep depreciation that we’ve seen, how they’ve been able to stay on top of it because that’s definitely a short-term headwind.

Operator: And at this time, we have no additional questions standing by. I’d like to turn the call back over to Bill for closing remarks.

Bill Nash: Great. Thank you, Jamie. Well, I want to thank all of you for joining the call today and for your questions and your continued support. As always, I want to thank our associates for everything they do to how to take care of each other and the customers and the communities. I want to wish all of them a happy holiday season as loves all of you all. And we will talk again next quarter. Thank you.

Operator: Once again, ladies and gentlemen, that does conclude today’s program. Thank you for your participation. You may disconnect at this time.