CARMAX Stock Prices Rise 0.2% After Announcing Partnership with UVeye for Automated Vehicle Assessment Technology
January 30, 2023
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CarMax, Inc. is an American automotive retailer of used cars, headquartered in Richmond, Virginia. On Tuesday, CarMax announced a partnership with UVeye, a computer vision tech company, to integrate automated vehicle assessment technology with AI-enhanced condition reports for wholesale buyers. UVeye specializes in automated vehicle inspection systems powered by artificial intelligence and proprietary hardware. Following the news, Carmax ($NYSE:KMX)’s stocks rose 0.2% to $67.45. The partnership between CarMax and UVeye is expected to help ensure that each vehicle is inspected thoroughly and accurately – saving time and resources for the retailer. The combination of CarMax’s extensive experience in the used-car retail market, and UVeye’s cutting-edge technology, is expected to provide an unbeatable combination of accuracy, speed and safety.
This partnership also signals CarMax’s commitment to investing in new technologies that can help it remain competitive in a rapidly changing retail landscape. By leveraging UVeye’s advanced vision systems, CarMax can deliver even more value to its customers, resulting in increased sales and loyalty. Overall, the partnership between CarMax and UVeye has been well received on Wall Street, with the stock rising 0.2% following the announcement. With its commitment to investing in new technologies and leveraging cutting-edge solutions such as UVeye, CarMax is well positioned to continue its strong growth in the years ahead.
Stock Price
At the time of writing, news of CARMAX stock is mostly positive. On Tuesday, stock prices opened at $66.9 and closed at $66.7, a decrease of 0.9% from the previous closing price of 67.3. This report provides a comprehensive view of the condition of a vehicle and includes detailed images of any issues that may need to be addressed. This report is generated based on a visual inspection of the vehicle by UVeye’s system, which will help customers make more informed decisions when purchasing a vehicle from CARMAX. In addition to providing customers with an automated assessment report, the partnership will also help CARMAX streamline its inspection process and reduce the amount of time needed for a vehicle assessment.
The partnership also provides an additional layer of assurance to customers that the vehicle they purchase is in good condition and is free from any significant defects. Overall, the partnership between CARMAX and UVeye is expected to be beneficial for both parties and will help enhance the customer experience when purchasing a vehicle from CARMAX. As news of the partnership continues to spread, it is likely that CARMAX’s stock prices will continue to rise in the near future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Carmax. More…
| Total Revenues | Net Income | Net Margin |
| 31.65k | 575.59 | 1.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Carmax. More…
| Operations | Investing | Financing |
| 1.2k | -409.72 | -230.08 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Carmax. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 25.94k | 20.45k | 34.73 |
Key Ratios Snapshot
Some of the financial key ratios for Carmax are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 17.2% | -9.7% | 3.5% |
| FCF Margin | ROE | ROA |
| 2.5% | 12.9% | 2.7% |
VI Analysis
CARMAX is a high-risk investment according to the VI Risk Rating. The company’s fundamentals reflect its long term potential, and the VI app makes it easier to analyze these factors. The app has flagged three risk warnings in the income sheet, balance sheet, and cashflow statement. The income sheet risks include issues related to a company’s revenue and margins. Analysts use this information to determine whether a company is making enough money to meet its financial obligations. The balance sheet risks are related to the company’s assets, liabilities, and equity. The cashflow statement risks focus on how the company is managing its cash flow and assessing liquidity risk. Overall, CARMAX is a high-risk investment when considering financial and business aspects. Investors should be aware of the risks associated with the company and understand how they might affect the potential returns. To get a better understanding of these risks, registered users can access more detailed analysis via the VI app. More…
VI Peers
CarMax Inc is one of the largest used car dealers in the United States. Its competitors include Lithia Motors Inc, Sonic Automotive Inc, and Eagers Automotive Ltd. CarMax offers a wide variety of services, including financing, insurance, and extended warranties. It has a nationwide network of stores and a strong online presence.
– Lithia Motors Inc ($NYSE:LAD)
As of 2022, Lithia Motors Inc had a market cap of 5.04B and a Return on Equity of 25.15%. Lithia Motors Inc is a publicly traded automotive retailer that sells new and used vehicles, and provides financing, vehicle service contracts, and other aftermarket products. The company operates through three segments: Retail Operations, Vehicle Financing, and Other. Lithia Motors Inc has over 200 dealerships across the United States.
– Sonic Automotive Inc ($NYSE:SAH)
Sonic Automotive Inc is a public company that owns and operates automotive dealerships across the United States. As of 2022, the company had a market cap of 1.61B and a return on equity of 31.11%. Sonic Automotive Inc is a Fortune 500 company and is headquartered in Charlotte, North Carolina. The company operates in over 100 locations and employs over 10,000 people. Sonic Automotive Inc is a publicly traded company on the New York Stock Exchange under the ticker symbol SAH.
– Eagers Automotive Ltd ($ASX:APE)
Eagers Automotive Ltd is a publicly traded company with a market capitalization of $2.81 billion as of 2022. The company has a return on equity of 26.52%. Eagers Automotive is a leading provider of automotive products and services in Australia. The company operates a network of over 60 dealerships across Australia, New Zealand, and the United Kingdom. Eagers Automotive offers a wide range of vehicles, including passenger cars, SUVs, and light commercial vehicles. The company also provides finance, insurance, and aftermarket products and services.
Summary
Investors appear to be responding positively to the news that CARMAX has partnered with UVeye for Automated Vehicle Assessment Technology. The stock price has risen 0.2% since the announcement. Analysts are optimistic that the new technology will benefit CARMAX and the automotive industry, providing more accurate and efficient vehicle assessment.
The partnership may provide a competitive edge for CARMAX, allowing them to better assess vehicle conditions and expand their services. Investors interested in the automotive industry should watch CARMAX closely as the company moves forward with its new technology.
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