April 17, 2014 6:11 AM ET

Consumer Finance

Company Overview of CarMax Business Services, LLC

Company Overview

CarMax Business Services, LLC doing business as CarMax Auto Finance, engages in providing automobile financing services. The company was founded in 1993 and is based in Kennesaw, Georgia. CarMax Business Services, LLC operates as a subsidiary of CarMax Inc.

225 Chastain Meadows Court

Kennesaw, GA 30144

United States

Founded in 1993

Phone:

770-792-4750

Fax:

770-423-4376

Key Executives for CarMax Business Services, LLC

Senior Vice President
Compensation as of Fiscal Year 2013.

CarMax Business Services, LLC Key Developments

CarMax Business Services, LLC Announces Earnings Results for the First Quarter Ended May 31, 2013

CarMax Business Services, LLC (CarMax Auto Finance) announced earnings results for the first quarter ended May 31, 2013. For the period, the company reported that its income increased 16% to $87.0 million primarily as a result of the 21% increase in average managed receivables, which grew to $6.15 billion. The increase in managed receivables reflected the rise in CAF origination volumes in recent years resulting from an expansion of CAF's loan penetration rate, as well as retail unit sales growth and higher average amounts financed. The total interest margin, which reflects the spread between interest and fees charged to consumers and funding costs, declined to 7.2% of average managed receivables in the current quarter from 7.5% in last year's first quarter. The average contract rate on new loan originations has declined in recent quarters as it provided more competitive offers in select customer segments. Interest and fee income was $133.5 million compared to $120.3 million for the same period a year ago.

CarMax Business Services, LLC Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended November 30, 2012

CarMax Business Services, LLC announced unaudited earnings results for the third quarter and nine months ended November 30, 2012. For the quarter, the company’s income was increased 16% to $72,454,000 compared with $62,625,000 for the third quarter of 2011. The growth in the income was largely attributable to the 15% increase in average managed receivables, which grew to $548,000,000 from $477,000,000 in the prior year period. The increase in average managed receivables reflected the rise in the origination volume throughout fiscal 2012 and fiscal 2013 as the company transitioned back to pre-recession origination strategy, higher average amounts financed and the growth in retail unit sales. For the nine months, the company’s income was $223,309,000 against $196,112,000 a year ago.

CarMax Business Services, LLC Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended August 31, 2012

CarMax Business Services, LLC reported unaudited earnings results for the second quarter and six months ended August 31, 2012. The company’s income was increased 19% to $75.7 million compared with $63.8 million in last year’s second quarter. The improvement in CAF income was primarily due to the 14% increase in average managed receivables, which grew to $5.25 billion from $4.60 billion in last year’s second quarter. For the six months, the company reported income of $150.86 million compared to income of $133.49 million last year.

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