CarMax Doing Well

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Although reports claim that the recession is officially over, Americans are still on shaky economic ground. Fortunately, some companies are reaping the benefit of this trend.

The Detroit Free Press reports that CarMax experienced significant growth in their second quarter. CarMax, a chain of used car dealerships, announced that its profit increased almost 5% in the fiscal second quarter. CarMax cites the fact that people cannot afford to purchase new cars and are choosing CarMax to save when purchasing a vehicle.

CarMax owns over 100 stores at the time of the article’s publication. Revenues climbed during the recession time – the Cash for Clunkers government program last year is also a factor in CarMax’s rising sales. The program provided customers with a lump sum for any car brought into a dealership put towards the purchase of a new car – despite the condition of the traded-in vehicle.

Our auto shipping companies would like to congratulate CarMax on this coup, and hopes their growth will be steady even as the economy improves.

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