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CarMax stock dips after weak quarterly report

Customers shop for used vehicles at a CarMax dealership in Lexington, Kentucky.
Luke Sharrett | Bloomberg | Getty Images

CarMax shares dropped nearly 5 percent on Tuesday after the company posted first-quarter results that missed Wall Street expectations.

The used-car retailer posted earnings of 90 cents per share, missing the 92-cent mark that analysts cited by Reuters expected, although wholesale unit sales increased 1.8 percent. Revenues came in at $4.13 billion, below a Reuters estimate of $4.19 billion.

CarMax's stock has steadily declined in the past year as more companies entered the used-car industry, like Beepi, Vroom and Shift Technologies.

CarMax's shares have shed more than 30 percent over the past year.

CarMax 12-month performance