Austin Ligon
Austin Ligon
William Austin Ligonis the co-founder and retired CEO of CarMax. He retired in June 2006, and is now a private angel-stage investor. Among his recent investments are Gazelle, Redfin, Rev.com, Car Trade, Eneza Educationand Tazza Kitchen...
NationalityAmerican
ProfessionBusinessman
CountryUnited States of America
continued increase sales strong unit wholesale
Our wholesale sales continued to be exceptionally strong. Unit sales were up sharply as we benefited from a strong increase in appraisal traffic.
anticipate associated capital compared estate estimate fiscal future gross higher land level million planned primarily purchases reflects relate roughly spending store timing year
In fiscal 2007, we anticipate gross capital expenditures of approximately $300 million. Planned expenditures primarily relate to new store construction and land purchases associated with future year store openings. Compared with the roughly $200 million of spending in fiscal 2006, the fiscal 2007 capital spending estimate primarily reflects a higher level of real estate purchases for store development in future years, as well as the timing of construction activities.
believe company creating culture customers experience focused giving respectful
We believe that this recognition is an acknowledgement of how we're revolutionizing our industry. We're giving customers what they want in a car-buying experience by creating a company culture that is focused on being ethical, trustworthy, and respectful of our customers.
against annual comment effort focus longer performance plan report tracking
As previously announced, in an effort to focus on longer-term performance, we will no longer be issuing quarterly guidance. As we report our quarterly results, we plan to comment on how our performance is tracking against our annual guidance.
benefit car compared continuing dropped employee execution growth increased last levels limited model momentum positive pricing programs quarter reflected reflecting resulted sales strong success sustain third traffic vehicle year
Our third quarter used car sales growth reflected increased traffic compared with last year's third quarter, as well as continuing strong execution. We were able to sustain positive momentum even as the cross-shopping benefit from this summer's new car employee pricing programs waned. Subsequently, new car sales and traffic levels dropped significantly, reflecting the limited model year close-out vehicle availability that resulted from the success of the employee pricing programs.