(Reuters) -Pre-owned vehicle retailer CarMax ( KMX ) missed analysts' estimates for fourth-quarter profit and revenue on Thursday, hurt by decreased profitability from units sold, sending its shares down as much as 13% in premarket trading.

CarMax ( KMX ) and other used-car retailers had bought more vehicles at inflated car prices amid a skewed supply of new cars during the pandemic.

"We believe vehicle affordability challenges continued to impact our fourth quarter unit sales performance, with ongoing headwinds due to widespread inflationary pressures," CarMax ( KMX ) said.

However, improved supply of new vehicles forced used-car retailers to cut spending and offer heavy discounts on vehicles. In some cases, this led to vehicles costing less than the price they were acquired for.

Fourth-quarter net income fell to $50.3 million, or 32 cents per share, compared with $69 million, or 44 cents per share a year ago. Analysts expected the company to post a net income of 49 cents per share, according to LSEG data.

CarMax's ( KMX ) fourth-quarter net revenue fell 1.7% to $5.6 billion, below analysts' estimates of $5.8 billion.