CarMax Auto Finance (Tables)

9 Months Ended

Nov. 30, 2023

CarMax Auto Finance Income [Abstract]

Components Of CarMax Auto Finance Income

Components of CAF Income

	Three Months Ended November 30						Nine Months Ended November 30
(In millions)	2023		% (1)	2022		% (1)	2023		% (1)	2022		% (1)
Interest margin:
Interest and fee income	$	426.9	9.8	$	365.4	8.8	$	1,244.3	9.6	$	1,069.3	8.8
Interest expense	(170.2)		(3.9)	(88.8)		(2.1)	(464.8)		(3.6)	(200.1)		(1.6)
Total interest margin	256.7		5.9	276.6		6.7	779.5		6.0	869.2		7.2
Provision for loan losses	(68.3)		(1.6)	(85.7)		(2.1)	(239.0)		(1.8)	(219.0)		(1.8)
Total interest margin after provision for loan losses	188.4		4.3	190.9		4.6	540.5		4.2	650.2		5.4
Direct expenses:
Payroll and fringe benefit expense	(16.2)		(0.4)	(16.1)		(0.4)	(49.6)		(0.4)	(46.7)		(0.4)
Depreciation and amortization	(4.1)		(0.1)	(4.0)		(0.1)	(12.3)		(0.1)	(11.6)		(0.1)
Other direct expenses	(19.4)		(0.4)	(18.7)		(0.5)	(57.6)		(0.4)	(52.4)		(0.4)
Total direct expenses	(39.7)		(0.9)	(38.8)		(0.9)	(119.5)		(0.9)	(110.7)		(0.9)
CarMax Auto Finance income	$	148.7	3.4	$	152.2	3.7	$	421.0	3.2	$	539.5	4.4
Total average managed receivables	$	17,508.9		$	16,540.2		$	17,276.0		$	16,177.8

(1)     Annualized percentage of total average managed receivables.