CarMax, a national chain that owns and operates a number of used car dealerships across the country, has reported a noticeable uptick in used car sales for the third quarter, allowing the chain to increase profits beyond investor's expectations.<\/p>\n
Profit for the company rose by 10 percent year-on-year to $82.4 million, up from $74.6 million in the third quarter of 2009, according to The Associated Press. The strong postings for the company were largely attributed to a high demand for used cars.<\/p>\n
Actual revenue for the company was actually up 23 percent, with all dealerships under the CarMax banner moving more than $2.12 billion worth of used autos. According to the company, it makes about $2,103 in profit every time a car is sold.<\/p>\n
"We've seen a nice trend here over the last few quarters of increased traffic and increased sales," CEO Tom Folliard said in a conference call with investors. "This quarter's results showed sustained strength in many of our key areas."<\/p>\n