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CarMax Increases Loan Loss Provisions Amid ‘Uncertain Economic Outlook’
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CarMax Increases Loan Loss Provisions Amid ‘Uncertain Economic Outlook’
Used car retailer CarMax saw greater loan losses and economic uncertainty during the quarter ended May 31. [contact-form-7] In response, the company’s CarMax Auto Finance (CAF) business boosted its provision for loan losses during the quarter to $101.7 million, up from $81.2 million in the same quarter a year earlier, according to a Friday (June 20) earnings release. “CAF’s loan loss provision of $102 million was impacted by several not…
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