Bill Nash
Director, President & Chief Executive Officer at CarMax
Great, thank you, David. Good morning, everyone and thanks for joining us. Although the first quarter remained challenging due to the same factors we cited in fiscal '23, we're seeing sequential quarterly improvements across our business. We are focused on controlling what we can, as we take deliberate steps to support our business for both the near-term and the long-run. This quarter, we reduced SG&A independent of the legal settlement. We delivered strong retail GPU, we increased used saleable inventory units while driving down total inventory dollars 13% year-over-year. We drove strong wholesale GPU as our unit volume continued to recover. And finally, we grew CAF's penetration, even as we raised CAF's consumer rates to help offset higher cost of funds and tightened lending standards in reaction to the current environment.
For the first quarter of FY'24, our diversified business model delivered total sales of $7.7 billion, down 17% compared to last year driven by lower retail and wholesale volume and prices. In our retail business, total unit sales declined 9.6% and used unit comps were down 11.4%, which reflects an improvement from down 22.4% and 14.1% year-over-year during last year's third and fourth quarters. Average selling price declined approximately $1,600 per unit or 5% year-over-year. First quarter retail gross profit per used unit was $2,361, consistent with the $2,339 last year.
Historically, margin tends to run higher during the first quarter compared to the rest of the year. In the current environment, we expect this year's second quarter and full-year margins will be similar to last year, slightly ahead of the full-year USD2,100 to USD2,200 range that we spoke to last quarter. As always, we'll continue to test price elasticity and monitor the competitive landscape. Wholesale unit sales were down 13.6% versus the first-quarter last year, which reflects continued improvement from the 36.7% and 19.3% year-over-year declines during last year's third and fourth quarter. Average selling price declined approximately $2,000 per unit or 18% year-over-year. Wholesale gross profit per unit was $1,042 in line with $1,029 during last year's first quarter.
We bought approximately 343,000 vehicles from consumers and dealers during the quarter, down 5% from last year and an improvement from the 40% and 22% year-over-year declines during last year's third and fourth quarters. Of these vehicles, we purchased approximately 323,000 from consumers in the quarter with a little more than half of those buyers coming through our online instant appraisal experience. As a result, our self-sufficiency remained above 70% during the quarter. We sourced the remaining approximately 20,000 vehicles through dealers, up 20% from last year, supported by Edmonds sales team.
In regard to our first-quarter online metrics, approximately 14% of retail unit sales were online, up from 11% last year. Approximately 54% of retail unit sales were omni sales this quarter, which is consistent with the prior year. Nearly all of our first-quarter wholesale auctions in sales, which represents 20% of total revenue remained virtual and are considered online transactions. Total revenue resulting from online transactions was approximately 31%, which is in line with last year. CarMax Auto Finance or CAF delivered income of $137 million, down from $204 million during the same-period last year. Jon will provide more detail on customer financing, the loan-loss provision and CAF contributions in a few moments.
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?