Automotive retailer CarMax Inc. said its fiscal second-quarter profit surged on higher sales and a one-time gain related to its auto financing business. The results topped Wall Street estimates. The Goochland County-based chain earned $103 million, or 46 cents per share, for the three months ended Aug. 31, compared with $14 million, or 6 cents, a year ago.

Car dealership chain CarMax says its fiscal second quarter profit surged on higher sales and a one-time gain related to its auto financing business.

TROY FLAHERTY Metro Business asked Troy Flaherty, the mid-Atlantic regional vice president of purchasing for Goochland County-based CarMax Inc., about what should consumers keep in mind when car shopping: “I think the first thing you should consider when you’re purchasing a new or used vehicle is that it is big-ticket item, so we suggest you start with online research to determine which vehicle meets your needs and your lifestyle.

The Cash for Clunkers program has decreased the supply of used cars and raised their prices, Virginia dealers and buyers said. “It’s taken the threeand fourand five-thousand-dollar cars off the market,“ said Tim Higginbotham, president and owner of New Millennium Auto Sales in Hanover County. “The people that can’t afford a car payment, that’s the car that they buy.“

A man who lost control of his sport utility vehicle triggered a four-vehicle crash yesterday that killed a New Kent County woman just outside the entrance to Short Pump Town Center, Henrico County police said. Diane Wheat, 62, was pronounced dead at VCU Medical Center after the 11:50 a.m. wreck at Lauderdale Drive and West Broad Street in western Henrico.

CarMax Inc. CEO Tom Folliard told shareholders and employees the automotive retailer is working its way through the downturn and is poised to rebound.

Automotive retailer CarMax Inc. said its fiscal first-quarter profit fell 2.7 percent on a double-digit sales drop and increased costs at its auto-financing arm. But the results still beat Wall Street expectations. Shares climbed 16.96 percent, or $2.22, to close at $15.31 on the New York Stock Exchange. The Goochland County-based retailer, which operates 100 stores, said it earned $28.7 million, or 13 cents per share, in the three months that ended May 31, down from $29.6 million, or 13 cents per share, a year ago.

The CarMax Foundation has awarded $40,000 in grants to Richmond-area nonprofit organizations for programs that focus on education and youth leadership. “Each of these will have a strong impact on the community and make a huge difference,“ said Dodie Fix, president of the CarMax Foundation and assistant vice president of procurement. “We’re proud to be a part of them.“

Appalachian Power Co. wants to raise residential rates about 13 percent to recover the costs of fuel and equipment to reduce air emissions and improve reliability. Appalachian filed a request yesterday with the State Corporation Commission seeking to impose a surcharge July 1 that would increase annual revenue by $141.7 million to cover fuel costs. The utility wants to impose another surcharge Jan. 1 to recover $41 million for equipment purchases in 2008.

Appalachian Power Co. wants to raise residential rates about 13 percent to recover the costs of fuel and equipment to reduce air emissions and improve reliability. Appalachian filed a request yesterday with the State Corporation Commission seeking to impose a surcharge July 1 that would increase annual revenue by $141.7 million to cover fuel costs. The utility wants to impose another surcharge Jan. 1 to recover $41 million for equipment purchases in 2008.

About 130 CarMax Inc. employees will be changing roles as the retailer reshuffles positions at its headquarters and at some of its 100 stores. The Goochland County-based automobile retailer said yesterday that the “difficult economy has changed our business needs and the jobs that support them.“ In all, 1 percent of the company’s 13,000 jobs are affected, the company said. CarMax made the moves because shifts in its operations have made some jobs no longer necessary.

In another attempt to meld economic stimulus and environmental stewardship, Congress is considering legislation that would hand car owners up to $4,000 if they get rid of their old gas guzzlers and replace them with fuel-efficient vehicles. We’re exhausted trying to keep up with all the bills coming out of Congress that are designed to change one aspect of the economy or the other. In sum, we suspect they’ll do far more harm than good over the long run.

In what Fortune magazine called the worst year ever for companies on its Fortune 500 list, the Richmond area held its own, though with some major footnotes. Seven companies are on the list, down from eight.

CarMax Inc. wants Congress to treat them the same as new-vehicle dealers. The Goochland County-based automotive retailer, the nation’s largest seller of used cars, is asking Congress to include used vehicles in proposed legislation that gives vouchers to people trading in their older cars for ones with better gas mileage. The “Cash for Clunkers” legislation is designed to bolster auto sales and put smaller, more fuel-efficient cars on the road. Analysts have estimated it could boost car sales by 750,000 to 1 million vehicles a year.

The so-called “Cash for Clunkers” legislation is designed to bolster auto sales and put smaller, more fuel-efficient cars on the road. Congress is considering six bills.