2024 Q2 Vulcan Value Partners investor letter recommends CarMax amidst decline, surpassing Carvana in fragmented used car market.

Vulcan Value Partners' Q2 2024 investor letter highlights CarMax (KMX) amidst a challenging quarter. Despite a 34% earnings decline YoY, CarMax remains a better choice in the fragmented used car market, surpassing rapid-growing rival Carvana (CVNA). CarMax's 5.3% fewer vehicle sales and 3.8% decline in same-store sales were accompanied by a 3.1% rise in selling, general, and administrative costs. However, the firm continues to bet on CarMax's business over its competitor.