CarMax
Q3 2023 Earnings Call
Dec 22, 2022, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the third-quarter fiscal year 2023 CarMax earnings release conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session.
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, David Lowenstein, AVP, investor relations. Please go ahead.
David Lowenstein -- Assistant Vice President, Investor Relations
Thank you, Ashley. Good morning, everyone. Thank you for joining our fiscal 2023 third-quarter earnings conference call. I'm here today with Bill Nash, our president and CEO; and Enrique Mayor-Mora, our executive vice president and CFO; and Jon Daniels, our senior vice president, CarMax Auto finance operations.
Let me remind you, our statements today that are not statements of historical fact, including statements regarding the company's future business plans, prospects, and financial performance are forward-looking statements we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on our current knowledge, expectations and assumptions and are subject to substantial risks and uncertainties that could cause actual results to differ materially from our expectations. In providing projections and other forward-looking statements, we disclaim any intent or obligation to update them. For additional information on important factors that could affect these expectations, please see our Form 8-K filed with the SEC this morning and our annual report on Form 10-K for the fiscal year ended February 28, 2022, previously filed with the SEC.
Should you have any follow-up questions after the call, please feel free to contact our investor relations department at 804-747-0422 extension 7865. Lastly, let me thank you in advance for asking only one question and getting back in the queue for more follow-ups. Bill.
Bill Nash -- President and Chief Executive Officer
Thank you, David. Good morning, everyone, and thanks for joining us. Our third-quarter results reflect the continuation of widespread pressures across the used car industry. Vehicle affordability remained challenging due to macro factors stemming from broad inflation, climbing interest rates, and continued low consumer confidence.
In addition, persistent and steep depreciation impacted wholesale values throughout the quarter. In response, we have been taking deliberate steps to support our business for both the short term and for the long run. We are leveraging our strongest assets, our associates, our experience, and our culture to manage through this cycle. Actions that we took during the quarter include further reducing SG&A, selling a higher mix of older, lower-priced vehicles, slowing buys in light of the steep market depreciation, maintaining used saleable inventory units while driving down total inventory dollars more than 25% year over year, raising CAFs consumer rates to help offset rising cost of funds, pausing share buyback to give us capital flexibility, and slowing our planned store growth for next fiscal year to five locations while maintaining our ability to open more locations if market conditions change.