CarMax, Inc. (NYSE:KMX) shares closed more than 9% lower on Tuesday following the company’s reported disappointing Q4 results, with EPS of $0.98 coming in worse than the Street estimate of $1.33, as a result of the adverse impact of macro factors.

Analysts at Oppenheimer provided their takeaways following their call with senior management of the company. After performing well in December, used car unit sales at the company slowed through the balance of Q4 and remain challenged into the current fiscal quarter, reflecting a number of factors, including seemingly dampened consumer confidence. Data suggest that stubbornly elevated used car prices are now weighing upon consumer demand for vehicles, with stronger sales occurring at lower-priced, more value-oriented models.

The company has not provided financial guidance for 2022, but management noted that it is hard-pressed to envision top-line trends improving markedly, absent a meaningful lifting of current macro pressures.

According to the analysts, almost all aspects of the company’s business model are performing well, with new digital initiatives taking hold and finance serving as a meaningful contributor to overall profitability.