CarMax Inc. (KMX, +0.03%) shares soared 8.3% to a new nine-month-high in premarket trade Friday after the used-car seller reported an impressive fiscal first-quarter result as consumer, dealer and used-car purchases all improved. The quarter ended May 31, net income fell from $252.3m, or $1.56 per share, to $158.6m, or 1.44 cents per share. The most recent results include a benefit related to a settlement of 28 cents per share. Without this benefit, the EPS was $1.16 which is well above FactSet’s consensus of 79c. Total sales decreased 17.4%, to $7.69 Billion, but were above the FactSet consensus of $7.50 Billion. Used vehicle sales dropped 14.4%, to $6.00 Billion, while wholesale vehicle sales fell 28.5%, to $1.51Billion. The company believes that inflationary pressures and higher interest rates, as well as tighter lending criteria, have led to affordability issues which continue to affect sales. The average selling price of used vehicles dropped 5.5% to $27 258. The stock is up 38.1% in the last three months, while S&P 500 , +0.37%, has gained 11.0%.