Bill Nash
President and Chief Executive Officer at CarMax
Great. Thank you, David. Good morning, everyone, and thanks for joining us. During the quarter, we saw continued positive trends, including year-over-year price declines, improvement in vehicle value stability and ongoing growth in upper funnel demand. We're encouraged by what we are seeing and are continuing to strengthen our business by delivering associate and customer wins that are differentiated and durable.
In the first quarter, we delivered strong retail and wholesale GPUs and grew EPP margins. We sourced approximately 35,000 vehicles from dealers, an all-time record. We increased used saleable inventory units 5% year-over-year while decreasing used total inventory units 4%. We grew CAF income 7% year-over-year under tight lending standards and post quarter end, we launched our first non-prime securitization deal. We continue to actively manage our SG&A and we repurchased over $100 million in shares.
For the first quarter of FY '25, our diversified business model delivered total sales of $7.1 billion, down 7% compared to last year, reflecting lower retail and wholesale volume and prices. In our retail business, total unit sales declined 3.1%, and average selling price declined approximately $700 per unit or 3% year-over-year. Used unit comps were down 3.8%, and we saw comp performance strengthen in the back half of the first quarter.
First quarter retail gross profit per used unit was $2,347, in line with last year's of $2,361. Wholesale unit sales were down 8.3% versus the first quarter last year as the industry experienced lower seasonal appreciation year-over-year. Average selling price declined approximately $900 per unit or 10%. Wholesale gross profit per unit was a first quarter record of $1,064 up from $1,042 a year ago. We bought approximately 314,000 vehicles during the quarter, down 9% from last year. The appreciation dynamics that I just mentioned impacted our overall buys as well.
We purchased approximately 279,000 vehicles from consumers with slightly more than half of those buys coming through our online instant appraisal experience. With the support of our Edmunds sales team, we sourced the remaining approximately 35,000 vehicles through dealers, up 70% from last year.
For our first quarter online metrics, approximately 14% of retail unit sales were online consistent with last year. We continue to see ongoing adoption of our omnichannel retail experience, approximately 57% of retail unit sales were Omni sales this quarter, up from 54% in the prior year. Total revenue from online transactions was approximately 30% in-line with last year. All of our first quarter wholesale auctions and sales were virtual and are considered online transactions which represent 18% of total revenue for the quarter.
CarMax Auto Finance or CAF delivered income of $147 million, up 7% from the same period last year. In a few minutes, Jon will provide more detail on customer financing, the loan loss provision, CAF contribution, and our progress in becoming a full spectrum -- full credit spectrum lender, which enables incremental growth in financing income.
At this point, I'd like to turn the call over to Enrique, who will provide more information on our first quarter financial performance. Enrique?