CarMax reported a quarterly profit drop of 78 percent on Monday, September 22, signaling its own struggle with a faltering economy and the plummeting resale value of trucks and SUVs.

CarMax, the largest retailer of used vehicles in the United States, saw its net income drop by $14 million in the fiscal quarter ending August 31. One year ago the company boasted a net income of $65 million.

Analysts had expected CarMax to report earnings of approximately 10 cents a share, but the actual figures equal only six. The net revenue for the company declined 13 percent from the $1.84 billion reported in 2007.

In a statement issued by CarMax, Tom Folliard, company CEO said, "The slowdown in the economy and reductions in consumer spending power resulting from higher gasoline and food costs continued to create a difficult environment for our business."

Planned openings of several new CarMax locations have already been delayed in the face of declining sales over the past few months that coincided with spiraling gasoline costs.

With consumer preference shifting toward smaller, more fuel efficient vehicles, new and used car dealers have found themselves saddled with a surplus of trucks and SUVs. Automakers are resorting to aggressive incentive plans to stimulate the sale of those vehicles, while used car dealers must swallow rapidly dwindling resale values.