CarMax beat earnings estimates but is facing falling used-car margins as new CEO unveils growth strategy

Gross profit per retail used vehicle fell $230 from last year's record as CEO Keith Barr outlined a four-pillar plan to drive unit and earnings growth

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CarMax reported first-quarter net revenues of $8.01 billion, up 6.2% from a year earlier, as new CEO Keith Barr unveiled a four-pillar growth strategy for the used-vehicle retailer. Net earnings per diluted share came in at $1.31, down from $1.38 in the same period last year.

Analysts had penciled in 95 cents a share and $7.42 billion in revenue, according to CNBC.

Even so, gross profit slipped 4.4% to $854.4 million. On a per-unit basis, used vehicle........

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