Used vehicles are parked on the sales lot at a CarMax store on Sept. 24 in Colma, Calif. CarMax reported a surge in earnings after used-car prices climbed steadily — and surprisingly — for months.

COLMA, CALIFORNIA – SEPTEMBER 24: Used vehicles are parked on the sales lot at a CarMax superstore on September 24, 2020 in Colma, California. CarMax reported a better-than-expected 28 percent surge in second quarter earnings with revenues of $5.37 billion. (Photo by Justin Sullivan/Getty Images)