By Dhirendra Tripathi

Investing.com – CarMax stock (NYSE:) jumped 5% in Wednesday’s premarket trading after another quarter of record revenue.

CarMax and other used car retailers are examples. Carvana (NYSE) Have had string of record quarters over a year. The long wait period for new cars has fueled by the global shortage of chip supplies, and driven customers to buy second-hand vehicles. The result is that dealers are selling more cars at higher prices and have sold more of them to consumers, which has also led to U.S. prices reaching a 39 year high.

The average selling price for wholesale and retail rose by 58% and 31% respectively.

In the third quarter ending November 30, 2013, 383,215 vehicles were purchased from customers. This is a 91% rise year-on-year.

CarMax was able to sell 415,054 units via its wholesale and retail channels combined, which is more than 29% better than the quarter before.

According to the company, online sales were driving vehicle purchases and sales. This is due to digital solutions that allow for faster appraisals. The online revenue represented around 30%, an increase of 10 percent over last year.

The increase in selling, general, and administrative costs was about 34% due to higher salaries and increased technology spending to meet strong demand.

Net revenue for the third quarter jumped 64% to $8.5 Billion. The adjusted net profit per shares rose 15% to $1.63, beating estimates.