CarMax, Inc (NYSE:KMX) shares rose as the company posted its most recent quarterly results.

For its third quarter, the company earned 72 cents per share, beating the year-ago quarter’s total of 63 cents a share. Wall Street was calling for an average earnings outlook of 70 cents per share.

Sales came in slightly below expectations at $3.75 billion. CarMax was slated to rake in $3 billion over the course of the three-month period, but there were a lot of positives that arose from its results.

The company opened six new outlets in that quarter. Sales for used vehicles were 9.1% higher thanks to higher store traffic. However, average selling prices for used vehicles were 2.9% lower at $19,250.

It has been a slow period for the used cars market due to more and more U.S. consumers spending on buying a new car. Additionally, cheap fuel

costs have made the market more positive for customers than the company.

Overall, sales for used vehicles were 9.1% higher year-over-year, but these vehicles were cheaper as their average price declined 2.9% to $19,250. CarMax bought back 3.8 million shares from investors, amounting to a $198.7 million charge.

On an industry-wide scale released in mid-November, overall used car sales enjoyed a 2.2% lift to 9.8 million vehicles in the third quarter of this fiscal year. Wholesale unit sales for CarMax fell 2.2%.

The company is among the leaders in the industry in the sales of used cars.

KMX shares surged 5.5% Tuesday.