"William Austin Ligon" is the co-founder and retired CEO of CarMax. He retired in June 2006, and is now a private angel-stage investor. Among his recent investments are Gazelle.com/Gazelle, Redfin, Rev.com, CarTrade (India), Eneza Education (Kenya) and Tazza Kitchen.

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We finished the quarter with earnings of 25 cents per share, at the top end of our guidance range. Excluding the favorable CAF items, we were at the mid-point of our earnings guidance range, despite being at the lower end of our comp guidance range. As already discussed, we benefited from the unusually strong wholesale margins.

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We believe that this recognition is an acknowledgement of how we're revolutionizing our industry. We're giving customers what they want in a car-buying experience by creating a company culture that is focused on being ethical, trustworthy, and respectful of our customers.

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Margins on other sales and revenues grew as a result of the growth in extended service plan revenues, which have no associated cost of sales, and the growth in our service margin, reflecting improved overhead expense absorption.

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New vehicle sales declined modestly, reflecting the performance of the broader new car marketplace following the end of the employee discount programs. Other sales and revenues benefited from increases in extended service plan revenues and service department sales.

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