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The Associated Press reports that Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) bought 14 million shares of Carmax Inc. (NYSE: KMX) this summer. If he bought the shares this summer, his lowest entry point would have been at $22.30 in mid-August, which means that with this morning's uptick -- Carmax traded up $2.17 to $23.64 in early trade -- he is now above water on his position.
Carmax operates 86 used car stores nationwide in 39 markets and is preparing to open a new store in Omaha next month about 12 miles west of Buffett's office. Carmax says it sold 337,021 used vehicles and 208,959 wholesale vehicles at auction last year. It is interesting that in September, according to Bloomberg News, Carmax cut its full year guidance 14% to between 92 cents and 98 cents a share from a forecast made in June.
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