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CarMax CEO says it's ‘a little early' to see how the UAW strikes will impact business

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  • CEO of used-car retailer CarMax, Bill Nash, told CNBC's Jim Cramer it is too early to tell how UAW strikes will impact his company's business.
  • "I think as far as the UAW strike [is concerned], it's a little early to tell the impact it's going to have on the business — you know, it really depends on how long it goes, and if there's going to be an expansion," Nash said.

CEO of used-car retailer CarMax, Bill Nash, told CNBC's Jim Cramer it's "a little early" to tell what effect the United Autoworkers Union strike will have on his company's business.

"I think as far as the UAW strike [is concerned], it's a little early to tell the impact it's going to have on the business — you know, it really depends on how long it goes, and if there's going to be an expansion," Nash said. "We certainly are monitoring the impacts, not only on inventory but also on parts, because we have to build cars to bring them up the CarMax standards."

The UAW began its strike on three Detroit automakers — Ford Motor, Stellantis and General Motors — last month. CarMax will continue to monitor the strike, Nash said, but added so far it hasn't played into the overall industry.

Nash also discussed how inflation and high interest rates are affecting customers looking to buy both newer and older models. He said used-car prices are still elevated from post-Covid shortages of new cars.

"Compounding on top of that, [are] higher interest rates that have been going up, plus just the inflationary pressures that consumers are facing on other things that they buy every day," he said.

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