(1)<\/sup><\/i><\/p>\n<\/td>\n| \n Comparisons to the prior year\u2019s second quarter unless otherwise stated.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n CEO Commentary<\/span>:<\/b><\/p>\n\n\u201cOur strong second quarter results reflect solid execution and early progress against Shift into GEAR, our four-pillar strategy to strengthen CarMax\u2019s core business and return the company to sustained growth,\u201d said Keith Barr, President and Chief Executive Officer. \u201cWe delivered 81% EPS growth as we strengthened our price competitiveness, increased Extended Protection Plan margins, expanded CAF\u2019s share of Tier 2 originations, continued to enhance our digital experience, and drove material SG&A leverage. I am confident in our ability to build on this early momentum. We have a clear strategy, a solid foundation, and an exceptional team accelerating our progress to create long-term value for our shareholders.\u201d<\/p>\n Strategy for Growth<\/span>:<\/b><\/p>\n\nLast quarter, we introduced our strategy for growth, which we have named Shift into GEAR. The strategy is built around four pillars designed to place the customer at the center of everything we do with the objective of driving sustainable growth and strong operating performance over time:<\/p>\n \n1. G<\/span>reat Offering<\/b> – give customers every reason to choose CarMax<\/p>\n\n- \nPrice competitively across demand cycles while growing saleable inventory and providing customers faster access to our vehicles<\/p>\n<\/li>\n<\/ul>\n
\n2. E<\/span>asy Experience <\/b>– make it easy to do business with us, both online and in our stores<\/p>\n\n- \nBetter connect digital capabilities with in-store experiences to improve conversion and customer satisfaction<\/p>\n<\/li>\n<\/ul>\n
\n3.A<\/span>dd Value <\/b>– grow profitability by maximizing value across all aspects of our business<\/p>\n\n- \nGrow long-term profitability across our CAF and EPP businesses<\/p>\n<\/li>\n<\/ul>\n
\n4.R<\/span>un Lean<\/b> – unlock efficiencies to enable a great offering<\/p>\n\n- \nLower reconditioning costs through technology and operational efficiency while continuing to deliver the high-quality vehicles customers expect from CarMax, enhance our logistics network, and continue to reduce SG&A<\/p>\n<\/li>\n<\/ul>\n
\nCarMax will host a Strategic Update virtually on November 3rd<\/sup> where details about our strategy for growth, key initiatives and milestones will be provided. Registration details will be available in the days ahead.<\/p>\nSecond Quarter Business Performance Review<\/span>:<\/b><\/p>\nSales<\/span><\/b>. Total net revenues rose 19.5% to $7.9 billion compared to the prior year\u2019s second quarter.<\/p>\n\nCombined retail and wholesale used vehicle unit sales were 387,735, an increase of 14.7% from the prior year\u2019s second quarter.<\/p>\n \nTotal retail used vehicle unit sales increased 13.8% to 227,391 compared to the prior year\u2019s second quarter. Comparable store used unit sales increased 13.0% from the prior year’s second quarter. Total retail used vehicle revenues increased 19.7% compared with the prior year\u2019s second quarter, driven by the increase in retail used units sold and an increase in average retail selling price of approximately $1,600 per unit or 6.3%.<\/p>\n \nTotal wholesale vehicle unit sales increased 15.9% to 160,344 versus the prior year\u2019s second quarter. Total wholesale revenues increased 18.2% compared with the prior year\u2019s second quarter due to an increase in wholesale units and an increase in average wholesale selling price of $145 per unit or 1.8%.<\/p>\n \nWe bought 310,107 vehicles from consumers and dealers, up 5.9% compared to last year\u2019s second quarter. Of these vehicles, 262,570 were bought from consumers, flat compared to last year\u2019s second quarter, and 47,537 were bought through dealers, an increase of 53.7%.<\/p>\n \nOther sales and revenues increased by 19.5%, or $34.0 million, compared with the second quarter of fiscal 2026, primarily reflecting an increase in EPP revenues.<\/p>\n \nOur digital capabilities supported 81% of retail unit sales. Omni sales(2)<\/sup><\/i> were 68% and online retail sales(3)<\/sup><\/i> accounted for 13% of retail unit sales.<\/p>\nGross Profit<\/span><\/b>. Total gross profit was $799.5 million, up 11.4% versus last year\u2019s second quarter. Retail used vehicle gross profit increased 8.1% driven by higher volume and partially offset by lower profit per used unit of $2,105. Retail gross profit per unit decreased $111 from last year\u2019s second quarter, reflecting the continuation of pricing actions to support an improved sales trend.<\/p>\n\nWholesale vehicle margin of $137.6 million was flat to a year ago with higher volume offset by lower gross profit per unit of $858, down $135 per unit.<\/p>\n \nOther gross profit was $183.3 million, an increase of 33.1% from last year\u2019s second quarter. EPP margin dollars were up $26.5 million driven by growth in both unit volume and unit margins, up $46 per unit in the second quarter. Service margin increased by $22.0 million, driven primarily by efficiency gains in cost of sales and leverage from unit volume growth.<\/p>\n SG&A<\/span><\/b>. Compared with the second quarter of fiscal 2026, SG&A expenses increased 4.6% to $628.6 million, while SG&A per total unit improved by $157, or 8.8%, to $1,621. Ongoing cost reduction efforts were offset as we annualized over materially reduced incentive-based compensation and by variable costs tied to strong unit growth. This increase was partially offset by savings from actions taken to reduce field and corporate payroll as part of our targeted SG&A reductions. We remain on track to achieve targeted SG&A reductions of $200 million in exit rate savings by the end of fiscal 2027.<\/p>\nCarMax Auto Finance<\/span><\/b>.(4)<\/sup><\/i><\/b> CAF income was $135.6 million, up 32.1% from the prior year\u2019s second quarter, driven by a decrease of $28.8 million in the loan loss provision to $113.4 million. During the second quarter of the prior year, we recorded additional provision due to the worsening performance of older vintages at that time, whereas performance this year has been in line with expectations. This was partially offset by provisioning related to Tier 2 originations in the quarter from our full credit spectrum expansion. Additionally, CAF income benefited from a $16.6 million gain on sale of auto loans recorded during the quarter and a $6.1 million increase in servicing fees year-over-year. This was partially offset by impacts from a $1.2 billion year-over-year reduction in outstanding receivables related to the combination of selling the residual interest in two non-prime securitizations and from lower sales during fiscal 2026.<\/p>\n\nAs of August 31, 2026, the allowance for loan losses of $497.3 million was 3.07% of auto loans held for investment, up from 2.95% as of May 31, 2026.<\/p>\n \nCAF\u2019s total interest margin percentage, which represents the spread between interest and fees charged to consumers and our funding costs, was 6.6% of average auto loans outstanding, consistent with the prior year\u2019s second quarter. After the effect of 3-day payoffs, CAF financed 40.9% of units sold in the current quarter, down from 42.6% in the prior year\u2019s second quarter. Additionally, CAF financed 22% of Tier 2 volume and was the largest lender in this space, reflecting continued execution of our full spectrum growth strategy. CAF\u2019s weighted average contract rate was 11.8% in the quarter, up 60 basis points from last year\u2019s second quarter.<\/p>\n Share Repurchase Activity<\/span><\/b>. Given our second quarter performance, continued momentum, and improving leverage, we intend to resume share repurchases at a modest level in the third quarter of this fiscal year. During the second quarter of fiscal 2027, we did not repurchase any shares of common stock pursuant to our share repurchase program. As of August 31, 2026, we had $1.31 billion remaining available for repurchase under the outstanding authorization.<\/p>\n\nThe timing and amount of our share repurchases are at the discretion of management and will depend upon market conditions, our leverage, and our capital needs, among other factors. Our share repurchase program may be modified, suspended or terminated at any time at the discretion of our board of directors.<\/p>\n Other Income<\/span><\/b>. Other income was $18.6 million in the second quarter of fiscal 2027 compared with $3.6 million in the second quarter of fiscal 2026. The increase was primarily due to unrealized gains on equity investments recorded during the second quarter of fiscal 2027.<\/p>\nLocation Openings<\/span><\/b>. During the second quarter of fiscal 2027, we opened an offsite auction center and store in Conroe, Texas, and a store in Richland, Washington. Subsequent to the end of the quarter, we opened an additional store in Austin, Texas.<\/p>\n\n\n| \n (2)<\/sup><\/i><\/p>\n<\/td>\n| \n An omni retail unit sale is defined as a sale where customers complete at least one, but not all, of the four activities listed in note (3) below online. An omni retail unit sale also includes additional steps that can be completed online, including pre-qualifying for financing, setting appointments and signing up for notifications of cars coming soon.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (3)<\/sup><\/i><\/p>\n<\/td>\n| \n An online retail sale is defined as a sale where the customer completes all four of these major transactional activities online: reserving the vehicle; financing the vehicle, if needed; trading-in or opting out of a trade in; and creating an online sales order.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (4)<\/sup><\/i><\/p>\n<\/td>\n| \n Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions.<\/i><\/p>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Supplemental Financial Information<\/span><\/b><\/p>\n\nAmounts and percentage calculations may not total due to rounding.<\/p>\n Sales Components<\/span><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended August 31<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Six Months Ended August 31<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In millions)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nUsed vehicle sales<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n6,310.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n5,270.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n19.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n12,702.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n11,374.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWholesale vehicle sales<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,358.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,149.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,786.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,402.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther sales and revenues:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExtended protection plan revenues<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n141.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n115.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n23.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n275.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n246.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nThird-party finance fees, net<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.8<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.8<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(139.0<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(6.3<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.5<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(330.6<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdvertising & subscription revenues (1)<\/sup><\/i><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n36.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n37.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4.3<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n72.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n74.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.0<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n32.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n22.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n46.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n61.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n45.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal other sales and revenues<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n208.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n174.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n19.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n403.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n364.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal net sales and operating revenues<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n7,877.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n6,594.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n19.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n15,891.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n14,141.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n (1)<\/sup><\/i><\/p>\n<\/td>\n| \n Excludes intercompany revenues that have been eliminated in consolidation.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Unit Sales<\/span><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended August 31<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Six Months Ended August 31<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nUsed vehicles<\/p>\n<\/td>\n | \n \n227,391<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n199,729<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n457,684<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n429,939<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWholesale vehicles<\/p>\n<\/td>\n | \n \n160,344<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n138,302<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n322,408<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n287,819<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal vehicles<\/p>\n<\/td>\n | \n \n387,735<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n338,031<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n780,092<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n717,758<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Average Selling Prices<\/span><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended August 31<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Six Months Ended August 31<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nUsed vehicles<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n27,623<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n25,993<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n27,455<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n26,061<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWholesale vehicles<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n8,036<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n7,891<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n8,201<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n7,926<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Vehicle Sales Changes<\/span><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended August 31<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Six Months Ended August 31<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUsed vehicle units<\/p>\n<\/td>\n | \n \n13.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(5.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n1.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUsed vehicle revenues<\/p>\n<\/td>\n | \n \n19.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(7.2<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n0.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWholesale vehicle units<\/p>\n<\/td>\n | \n \n15.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(2.2<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(0.5<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWholesale vehicle revenues<\/p>\n<\/td>\n | \n \n18.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(0.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(0.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Comparable Store Used Vehicle Sales Changes<\/span>(1)<\/sup><\/i><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended August 31<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Six Months Ended August 31<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUsed vehicle units<\/p>\n<\/td>\n | \n \n13.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(6.3<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n0.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUsed vehicle revenues<\/p>\n<\/td>\n | \n \n18.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(7.1<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(0.2<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n (1)<\/sup><\/i><\/p>\n<\/td>\n| \n Stores are added to the comparable store base beginning in their fourteenth full month of operation. Comparable store calculations include results for a set of stores that were included in our comparable store base in both the current and corresponding prior year periods.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Used Vehicle Financing Penetration by Channel (Before the Impact of 3-day Payoffs)<\/span> (1)<\/sup><\/i><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended August 31<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Six Months Ended August 31<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCAF (2)<\/sup><\/i><\/p>\n<\/td>\n| \n \n43.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n45.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n44.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n44.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTier 2 (3)<\/sup><\/i><\/p>\n<\/td>\n| \n \n15.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n16.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n17.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTier 3 (4)<\/sup><\/i><\/p>\n<\/td>\n| \n \n7.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n7.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n7.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther (5)<\/sup><\/i><\/p>\n<\/td>\n| \n \n33.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n31.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n31.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n30.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal<\/p>\n<\/td>\n | \n \n100.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n100.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n100.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n100.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n (1)<\/sup><\/i><\/p>\n<\/td>\n| \n Calculated as used vehicle units financed for respective channel as a percentage of total used units sold.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (2)<\/sup><\/i><\/p>\n<\/td>\n| \n Includes CAF\u2019s Tier 2 and Tier 3 loan originations, which represent less than 5% of total used units sold.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (3)<\/sup><\/i><\/p>\n<\/td>\n| \n Third-party finance providers who generally pay us a fee or to whom no fee is paid.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n
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