• CarMax average gross margin for 2023 was 9.87%, a 2.49% increase from 2022.
• CarMax average gross margin for 2022 was 9.63%, a 19.21% increase from 2021.
• CarMax average gross margin for 2021 was 11.92%, a 8.52% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.