CarMax sees unexpected drop in used-car sales even at lower prices, and the stock dives

Core Insights - CarMax reported results that fell short of analyst expectations regarding average selling prices and profit, with the CEO characterizing the quarter as challenging [1] Group 1: Financial Performance - The company missed analyst estimates on average selling prices, indicating potential pricing pressures in the market [1] - Profit figures also did not meet expectations, suggesting challenges in maintaining margins during the quarter [1] Group 2: Management Commentary - The CEO described the quarter as challenging, reflecting broader industry difficulties that may impact future performance [1]