- Needham analyst Chris Pierce has reiterated the Hold rating on CarMax Inc KMX after the conclusion of the company’s investor day.
- The analyst is optimistic about CarMax’s ability to take an additional share in the used vehicle market, potentially at a faster pace as the industry shifts from offline to online.
- Pierce believes the company’s omnichannel efforts are starting to bear fruit, and it can deliver tools on par with digitally native peers.
- CarMax sees heightened competition from digitally native operators and bulked-up franchise dealers post industry consolidation. However, the company is absorbing the higher advertising and technology expenses associated with adopting an omni-channel operating model.
- Price Action: KMX shares are trading lower by 2.14% at $88.66 on the last check Thursday.
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