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CarMax

CarMax, Inc. is an American retail company specializing in the sale of used vehicles, headquartered in . Founded in 1993 as a subsidiary of Stores, Inc., it pioneered the no-haggle pricing model in the used car industry, offering transparent fixed prices to eliminate . As the nation's largest used vehicle retailer, CarMax operates more than 250 stores across 41 states and provides additional services including vehicle appraisals, auto financing through its CarMax Auto Finance segment, and wholesale auctions via its CarMax Auction operations. The company traces its origins to the early 1990s when developed the CarMax concept as a growth initiative, opening its first location in , in September 1993 under the leadership of founder Richard L. Sharp. Initially operating as a tracking stock within , CarMax became an independent publicly traded company in 2002 following a , with its shares listed on the under the KMX. Over the decades, CarMax has expanded rapidly, emphasizing customer-centric innovations such as detailed vehicle history reports, a 10-day on purchases, and certified quality inspections for all inventory. In its fiscal year 2025, which ended on February 28, 2025, CarMax achieved net of $26.4 billion, a reflection of its scale in used vehicle sales totaling 789,050 units and wholesale vehicle sales of 544,312 units. The company employs more than 30,000 associates nationwide and continues to invest in digital tools, community initiatives, and sustainable practices to maintain its market leadership.

History

Founding and Early Development

CarMax was established in September 1993 as a subsidiary of Stores, Inc., based in , with the goal of transforming the used car retail industry by introducing a transparent, high-volume sales model. The initiative was led by Austin Ligon, a executive who served as co-founder and later president of CarMax, drawing on the parent company's successful no-haggle approach to sales to address common consumer frustrations in used car buying, such as opaque pricing and aggressive negotiations. Development began earlier as an internal project codenamed in 1991, initially referred to informally as "Honest Rick's Used Cars" in homage to CEO Richard Sharp, reflecting the emphasis on straightforward dealings. The core no-haggle pricing strategy was a direct adaptation of Circuit City's fixed-price model for appliances and consumer electronics, applied to used vehicles to create a supermarket-like shopping experience that prioritized selection, quality assurance, and ease over traditional bargaining. This concept aimed to build trust and efficiency in a market often plagued by distrust, with vehicles priced competitively based on market data and condition, eliminating salesperson commissions tied to negotiation outcomes. The first CarMax superstore opened on September 18, 1993, on a 12-acre site west of Richmond, Virginia, featuring a spacious lot designed for self-guided browsing of a diverse inventory that included brands like Audi, Oldsmobile, and Subaru, fostering an open, low-pressure environment akin to a retail warehouse. In its initial years, CarMax focused on refining this model through pilot operations, expanding modestly to five stores by 1996 while emphasizing high-volume transactions and rigorous vehicle inspections to ensure consistency and . This early phase under Circuit City's ownership tested the viability of scaling the superstore format beyond the Southeast, with fixed pricing serving as the cornerstone to reduce buyer stress and drive repeat business in an industry traditionally reliant on interpersonal haggling.

Spin-off and Expansion

CarMax was spun off from Stores, Inc. on October 1, 2002, through a tax-free distribution of shares as a stock dividend to shareholders, establishing it as an independent, publicly traded company on the under the ticker symbol KMX. The separation allowed CarMax to operate with greater focus on its core used-vehicle retailing model, retaining its headquarters in . This transition marked the end of its integration within the electronics retailer, enabling dedicated management and investment in automotive operations. Post-spin-off, CarMax pursued aggressive physical expansion, increasing its store count from 35 used-car superstores as of February 2002 to 100 by the end of fiscal 2010 (February 28, 2010), while entering over 25 states across 46 metropolitan markets. The company prioritized suburban sites to capture broader customer bases, with typical superstores spanning 40,000 to 60,000 square feet to accommodate indoor showrooms and service areas. This growth was driven primarily by organic development through new store openings, supplemented by selective acquisitions of existing sites to accelerate market entry, allowing CarMax to build a nationwide footprint emphasizing accessibility in mid-sized and larger metropolitan areas. By fiscal 2018 (ending February 28, 2018), CarMax had reached 188 stores, continuing its strategy of annual openings—typically 12 to 15 per year—while curating diverse inventories that ranged from models to to appeal to varied consumer segments. This expansion solidified its position as the largest U.S. used-car retailer, with stores designed to offer comprehensive selections of 300 to 500 each. In a pivotal shift, CarMax sold its final new-car dealership, the in , to Rydell Automotive Group in October 2021, fully committing to its used-vehicle-only model and eliminating all remaining franchised new-car operations acquired in the and early .

Recent Developments

In 2024, CarMax reduced its from 30 days to 10 days, effective May 12, to streamline operations and address administrative burdens amid a slowdown in used vehicle sales driven by high interest rates and economic pressures. By August 2025, CarMax's store network had expanded to 253 locations across 41 states, reflecting steady growth from prior years despite challenging conditions. The company planned to open 6 new stores in fiscal year 2026. In October 2025, the company eliminated about 350 jobs across the U.S., primarily in its Centers, to improve efficiency in response to persistent pressures. On September 25, 2025, CarMax disclosed weaker-than-expected second-quarter fiscal 2026 results, leading to multiple lawsuits alleging violations of federal securities laws through misleading statements about sales trends and loan loss provisions. These filings, initiated in late September and October 2025, triggered ongoing fraud investigations by law firms representing investors impacted by the subsequent stock decline. Amid persistent sales declines and a deteriorating used car market, CarMax abruptly ousted CEO Bill Nash on November 6, 2025, citing a weak preliminary outlook for the third quarter of fiscal 2026. Nash's departure, effective December 1, 2025, followed nearly a decade in the role and was accompanied by the appointment of McCreight as interim and CEO to guide the company through ongoing challenges.

Business Model

Core Concept and Pricing Strategy

CarMax's core concept revolves around a no-haggle model that provides fixed, transparent prices for used vehicles, eliminating the traditional process associated with . This approach, pioneered by the company, sets a single upfront price for each vehicle, allowing customers to focus on finding the right without sales pressure. Prices are determined using proprietary analysis, which incorporates factors such as current demand, vehicle condition, mileage, and features to ensure competitiveness. By standardizing in this manner, CarMax aims to create a straightforward, one-price buying experience that builds trust and simplifies the transaction. The model emphasizes high-volume sales facilitated by large, centralized at its superstores, where customers can browse and compare hundreds of vehicles in a single location. With more than 50,000 certified vehicles available across more than 250 stores, this scale enables broad selection and quick turnover, targeting an average age of around 45 days through regular repricing to align with conditions. This strategy differentiates CarMax by prioritizing volume over per-unit profit margins, fostering repeat business and customer loyalty through a low-pressure . Technology plays a central role in maintaining the model's effectiveness, with CarMax integrating and for real-time pricing updates. These tools analyze vast datasets from online listings, auctions, and market trends to dynamically adjust prices, ensuring they remain competitive without manual intervention. The company has employed such AI-driven systems for over a decade to optimize pricing accuracy and responsiveness. Over time, the pricing strategy has evolved to incorporate bundled options for add-ons, such as extended service plans, while preserving overall simplicity. Customers can finance items like extended warranties directly into their vehicle purchase, presenting a single monthly payment that includes these protections without altering the core no-haggle vehicle price. This integration maintains transparency by clearly disclosing all costs upfront, extending the one-price philosophy to the full buying package.

Vehicle Acquisition and Inspection

CarMax sources the majority of its vehicle inventory directly from customers via trade-ins and outright sales, which account for over 70% of all vehicles purchased. The remaining portion, approximately 30%, is acquired through public and dealer auctions, purchases from other dealerships, and direct supplier acquisitions. This multi-channel approach allows CarMax to maintain a diverse and extensive selection of used vehicles while prioritizing customer-sourced units for their known histories and conditions. In fiscal year 2025, the company increased sales of older, higher-mileage vehicles to meet market demand while upholding quality standards. Once acquired, every vehicle undergoes a comprehensive 125+ point inspection conducted by trained auto technicians to evaluate mechanical integrity, cosmetic condition, and safety features. The inspection includes checks for performance, fluid leaks, noises, on underbody components, electrical connections, wear, and conditions, among others. This standardized process, which takes an average of 12 hours including reconditioning, ensures that only vehicles meeting stringent quality criteria proceed to sale. Vehicles passing the inspection enter a detailed reconditioning , involving repairs or replacements of faulty parts, correction of cosmetic issues such as dents and scratches, thorough interior and exterior detailing, and preparation for . Each reconditioned is accompanied by an AutoCheck vehicle history report, which verifies details like accident history, readings, and title status to exclude flood-damaged, frame-altered, or salvage vehicles. To uphold inventory quality, CarMax rejects a significant number of appraised vehicles that fail to meet its standards, with millions rejected annually; rejected units are typically sold via CarMax Auctions, the third-largest operator .

Customer Services and Guarantees

CarMax provides a standard 90-day/4,000-mile limited on all certified sold, covering essential components such as the , , and , with repairs performed at any licensed facility in the United States or . This applies automatically to every purchase and serves as a foundational assurance of quality, building on the company's rigorous pre-sale inspection process. Customers can extend this protection through optional MaxCare service plans, which offer coverage up to 60 months or 150,000 miles, including major systems like electrical, steering, brakes, and , along with benefits such as and rental car reimbursement. These plans must be purchased at the time of sale and feature flexible deductibles starting at $50. To further enhance buyer confidence, CarMax offers a 10-day , allowing customers to return any vehicle for a full refund if it has fewer than 1,000 additional miles driven and is in the same condition as purchased, with any applicable fees for taxes or registration refunded within two weeks. This policy, shortened from 30 days effective May 12, 2024, to streamline operations while maintaining flexibility, requires returns to the original store and excludes vehicles with safety recalls or excessive wear. Financing services are integrated into the customer experience, with options available through CarMax Auto Finance or partnerships with major lenders like and , enabling on-site approvals typically within five minutes for pre-qualified buyers. Additional conveniences include complimentary AutoCheck vehicle history reports for every listed car, detailing accident history, title issues, and odometer readings; home delivery within a 60-mile radius of select stores at no extra cost; and no-obligation trade-in appraisals valid for seven days, allowing customers to receive an instant offer without committing to a purchase. These services collectively aim to reduce purchase risks and foster long-term customer loyalty.

Operations

Retail Store Network

CarMax operates approximately 250 retail stores across 41 states and the District of Columbia, strategically positioned in high-traffic suburban areas to maximize customer accessibility and cover about 85% of the U.S. population through 109 television markets. The company's headquarters is located in , while its Auto Finance division maintains an office in the suburban Atlanta area of . This location strategy emphasizes proximity to major metropolitan regions, such as the Southeast, , and , enabling efficient customer reach without urban congestion. Typical CarMax stores span 4 to 25 acres, depending on whether they are classified as non-production (smaller, 4-12 acres) or facilities (larger, 10-25 acres) equipped for reconditioning. The indoor areas, often around 59,000 square feet in standard superstores, display 15 to 20 select vehicles in a climate-controlled environment, while expansive outdoor lots accommodate 300 to 500 cars for browsing. These layouts facilitate a seamless in-person experience, with sourced from nationwide acquisitions and inspections to ensure quality. Store amenities enhance customer convenience, including service bays for basic and reconditioning (up to 45 bays in larger production stores), comfortable customer lounges for waiting, and dedicated on-site financing offices to streamline purchases. As of fiscal year 2025, CarMax employs about 30,048 associates company-wide, with roughly 3,537 dedicated to in-store consultant roles; these consultants are trained in a no-haggle approach and compensated via a flat structure per sold, promoting a low-pressure environment.

Online and Digital Platforms

CarMax introduced its full online purchasing platform in , enabling customers to browse an extensive inventory, view upfront prices, and complete transactions remotely with options for in-store pickup or . This nationwide rollout enhanced accessibility during the , allowing contactless curbside pickup at most locations and integrating seamless financing and paperwork processes. The company's complements these features by offering 360-degree virtual tours of vehicles, appointment scheduling for test drives or appraisals, and access to a nationwide exceeding 50,000 . Users can save searches, receive alerts for price changes or new matches, and initiate the buying process from their devices, streamlining the experience. platforms maintain pricing transparency with no-haggle quotes visible for all listed vehicles. CarMax has incorporated to deliver personalized vehicle recommendations based on user preferences and browsing history, while its AI-powered , Skye, provides 24/7 chat support for inquiries on inventory, financing, and purchases. These enhancements have driven significant adoption, with online tools supporting over 80% of retail unit sales by fiscal year 2025. Home delivery services have expanded to cover a 60-mile radius from select stores, representing a broad portion of CarMax's network, with fees scaled according to distance to ensure affordability for remote customers. Additionally, virtual appraisals allow for remote trade-ins through an online tool that generates firm offers in under two minutes, valid for seven days and redeemable at any location without requiring an in-person visit initially.

Supply Chain and Logistics

CarMax operates a network of centralized hubs that serve as key points for collecting acquired through auctions, such as those at Manheim, and transporting customer trade-ins from locations. These hubs function as reconditioning centers where undergo and preparation before to stores, enabling efficient of inventory flows across the country. By leveraging this hub-and-spoke model, CarMax minimizes redundant transport and supports the movement of from source to sales lots. The company relies primarily on its internal fleet for vehicle transportation, handling approximately 90% of movements with owned trucks and drivers, while strategically partnering with third-party providers for specialized or overflow needs. This approach facilitates nationwide distribution to over 250 retail stores, with ongoing efforts to expand the hub system for optimized load consolidation and reduced empty miles. Partnerships, including an investment in , enhance routing efficiency through advanced platform technology. CarMax employs advanced inventory management systems that provide real-time tracking of vehicles across its of more than stores, allowing for dynamic allocation based on regional demand patterns and sales forecasts. Integrated platforms, such as those powered by Reltio, unify data on specifications and locations, enabling seamless transfers between stores and supporting customer access to nationwide . This technology ensures vehicles sourced from auctions or trade-ins—following initial quality checks—are quickly positioned for sale. In line with sustainability goals, CarMax has initiated pilots for transport within its operations, including the deployment of an all-electric Freightliner eCascadia semi-truck in to haul up to seven vehicles per trip over 230 miles on a single charge. These efforts aim to reduce Scope 1 emissions from fleet operations and test scalability for broader adoption, contributing to the company's target of a 50% reduction in by 2025 compared to 2018 levels.

Financial Performance

Historical Revenue and Sales Trends

CarMax opened its first store in Richmond, Virginia, in September 1993, generating modest initial revenue in fiscal year 1994 (FY1994, ended February 1994) from that single location. By FY2002, ahead of its spin-off from Circuit City Stores in October 2002, the company had scaled to revenue of $3.53 billion through gradual store expansion and refinement of its no-haggle pricing model. This early growth reflected CarMax's focus on high-volume used vehicle sales, with revenue climbing from modest beginnings to establish a foothold in the fragmented used car market. Following the , CarMax experienced accelerated expansion, reaching $18.95 billion in FY2021, fueled by aggressive store network growth to over 200 locations and surging demand for used vehicles amid the . This period marked the company's peak performance, with unit exceeding 750,000 vehicles—specifically 751,862 units—and wholesale units surpassing 425,000, contributing to gains as consumers shifted toward more affordable, pre-owned options. Revenue and sales volumes began declining in FY2023 due to elevated interest rates, reduced affordability, and tighter lending conditions in the auto sector. In FY2024, stood at approximately $26.5 billion, a roughly 11% drop from FY2023's $29.7 billion, while retail units fell about 5% year-over-year to 770,000 from 810,000. These trends highlighted the cyclical nature of the , with wholesale units also dipping to 550,000 amid softer overall demand.

Profitability and Key Financial Metrics

CarMax has historically maintained gross profit margins of 10-12% on used vehicle sales, reflecting efficient and consistent per-unit profitability in the range of $2,000 to $2,400. These margins are supported by a streamlined reconditioning process that minimizes variable costs while preserving value in inventory. Operating expenses, primarily selling, general, and administrative () costs, have averaged around 8-9% of revenue, largely attributable to fixed expenses associated with its nationwide store network, including rent, utilities, and maintenance. The company's reached a peak of $1.15 billion in 2022, bolstered by robust sales volumes and favorable market conditions for used vehicles during the post-pandemic recovery period. This performance was enhanced by low carrying costs, enabled by an average turnover of approximately 60 days, which reduced holding expenses and interest on financing compared to industry peers with longer cycles. Key operational efficiency metrics underscore CarMax's historical strength, including an average annual comparable store sales of about 5% from fiscal years 2010 to 2022, driven by repeat business and regional . EBITDA margins have typically ranged from 6-8% over this period, reflecting solid operational leverage despite fluctuations in and economic conditions. CarMax's cost structure is dominated by vehicle acquisition, which accounts for roughly 40% of total expenses through purchases at auctions and from trade-ins, followed by at approximately 30% to support and service staff across its operations. and comprise about 20%, encompassing campaigns, transportation of vehicles between locations, and digital platform maintenance to facilitate nationwide inventory access. This allocation highlights the company's focus on scalable sourcing and employee-driven as core drivers of efficiency.

Fiscal Year 2025 and Beyond

CarMax's 2025, which ended on February 28, 2025, marked a year of amid recovering used vehicle demand, with net and operating revenues reaching $26.35 billion, a decrease of 0.7% from the $26.54 billion reported in 2024. The company sold 789,050 used vehicles and 544,312 wholesale vehicles during the year, reflecting improved unit volumes following softer in previous periods. In the fourth quarter of 2025, net revenues rose to $6.0 billion, a 6.7% increase year-over-year, driven by used unit that grew 6.2% and comparable store used unit that advanced 5.1%. Entering 2026, CarMax faced headwinds from macroeconomic pressures, including elevated interest rates and affordability challenges in the used vehicle market. In the second quarter, ending August 31, 2025, net and operating revenues declined to $6.59 billion, down 6.0% from the prior year, with retail used vehicle decreasing 5.4%. This performance triggered a sharp market reaction, as CarMax's stock price fell 22% on September 25, 2025, the day of the release, amid concerns over slowing . Looking toward the third quarter of fiscal year 2026, ending November 30, 2025, CarMax issued a preliminary outlook on November 6, 2025, indicating continued weakness in retail used vehicle sales and overall revenues due to persistent macroeconomic pressures such as high borrowing costs and consumer caution. This disclosure coincided with the abrupt ouster of CEO William D. Nash, effective December 1, 2025, as the board cited the need for fresh leadership to address ongoing operational and market challenges, heightening investor scrutiny. The leadership transition, with David P. McCreight appointed as interim CEO, underscores efforts to stabilize performance amid a competitive and uncertain environment.

Auto Finance Division

Structure and Operations

, the in-house financing division of CarMax, Inc., was established in to provide retail installment loans exclusively to customers purchasing vehicles from CarMax stores. As the company's primary financing arm, CAF originates loans for approximately 43% of retail buyers, helping to diversify funding sources and capture interest income while the remaining sales are facilitated through partnerships with third-party lenders such as , Auto Finance, and . Headquartered in Kennesaw, Georgia, CAF manages a loan portfolio of $17.59 billion as of the end of fiscal year 2025, comprising automotive installment contracts secured by used vehicles. The division targets a mix of prime and subprime borrowers, with a weighted average FICO score of 723, reflecting a focus on creditworthy customers while accommodating a range of profiles through tiered lending. Loans typically feature terms of 60 to 72 months, aligning with standard auto financing durations for used vehicles. CAF's underwriting process relies on proprietary credit scoring models that evaluate applicants' credit history, income, debt levels, and other financial indicators, combined with assessments of the vehicle's appraised value and condition to determine loan-to-value ratios. Interest rates are tiered based on credit quality, generally ranging from 5.75% to 10% APR for qualified borrowers, enabling competitive offers tailored to individual risk profiles. This structured approach ensures efficient at the point of sale, integrating seamlessly with CarMax's retail operations. Through interest income and associated fees, CAF contributes substantially to CarMax's revenue, generating $581.7 million in income during fiscal year 2025 while supporting overall customer acquisition and retention.

Performance and Challenges

In the second quarter of fiscal year 2026, CarMax Auto Finance (CAF) recorded a provision for loan losses of $142.2 million, a 26% increase from $112.6 million in the prior year's quarter, driven by deteriorating performance in its 2022 and 2023 loan vintages amid elevated rates and a slowing that pressured consumer affordability. This uptick reflected broader trends in the auto lending market, where delinquencies rose due to persistent and borrowing costs, with CarMax's 31-plus-day delinquency rate climbing to 1.94% from 1.80% a year earlier. Portfolio quality deteriorated further, as evidenced by the allowance for loan losses reaching 3.02% of auto loans held for as of August 31, 2025, up from 2.61% at the end of fiscal year 2025 and signaling heightened reserves and write-offs for expected credit impairments. These issues contributed to regulatory scrutiny, including multiple securities investigations alleging misleading disclosures about CAF's and financial health following quarterly earnings releases; as of November 2025, lead plaintiff deadlines extend to January 2026. The challenges impacted overall profitability, with CAF income falling 11.2% year-over-year to $102.6 million, and triggered a 20% stock price decline on April 10, 2025, after fiscal year 2025 results highlighted ongoing credit pressures. To address these risks, CarMax implemented tighter standards starting in April 2024, which improved performance in newer loan vintages and helped stabilize approvals while reducing exposure to higher-risk borrowers. Additionally, the company diversified its funding sources by expanding reliance on third-party lenders and executing non-prime transactions, such as the second deal in September 2025, to mitigate concentration in CAF-originated loans and enhance liquidity amid economic uncertainty.

Competition and Market Position

Key Competitors

CarMax faces competition from traditional dealership groups such as and , which operate extensive networks of physical locations selling both new and used vehicles, typically under a negotiable model that contrasts with CarMax's fixed . AutoNation, the largest U.S. automotive retailer by , reported retail used vehicle sales of 68,896 units in the third quarter of 2025, contributing to its used vehicle gross profit of $361 million for the period. , another major consolidator, emphasized used-car sales growth in its third-quarter 2025 results, with units selling at an average price of $28,381 and contributing to record quarterly of $9.7 billion. These groups leverage their scale for integrated services like financing and maintenance but often involve haggling, which can extend the buying process compared to CarMax's streamlined experience. Online disruptors represent a growing challenge, with companies like pioneering fully used car sales that include virtual inspections, , and transparent pricing, though they contend with inventory sourcing difficulties and limited on-site service capabilities. achieved record retail used sales of 155,941 units in the third quarter of 2025, a 44% increase year-over-year, driving revenue to $5.65 billion. Vroom, an early entrant in the , emphasized end-to-end transactions with but discontinued its used operations in early 2024 as part of a value maximization plan to focus on financing amid liquidity constraints. These platforms appeal to tech-savvy buyers seeking convenience but face higher costs and occasional delays in vehicle preparation, differentiating them from CarMax's hybrid model of browsing paired with in-store inspections. Regional and niche players further intensify competition through specialized platforms that prioritize price transparency and alternative transaction models, often without the comprehensive physical infrastructure of larger retailers. operates as a leading for listings, enabling millions of monthly searches and providing dealer ratings and price analysis tools to facilitate informed buying, though it relies on third-party sellers for inspections and sales. , which facilitated peer-to-peer sales with home test drives and digital closings, ceased operations following a Chapter 11 bankruptcy filing in 2023 due to challenging market dynamics and cash flow issues. These entities compete effectively on accessibility and low overhead but typically lack CarMax's rigorous 125+ point inspections and nationwide warranty options, limiting their appeal for buyers seeking reliability assurances. The U.S. market remains highly fragmented, with thousands of independent dealers capturing the majority of sales; CarMax commands approximately 2-3% of the national share as the leading dedicated retailer, while maintains a broader estimated at around 1% specifically in the used segment amid its emphasis on new vehicle sales. This positioning underscores CarMax's scale advantage in volume—selling about 790,000 used vehicles in 2025—against competitors' diversified portfolios, though all players navigate volatile wholesale auction prices and shifting consumer preferences toward digital tools.

Market Share and Strategic Responses

CarMax maintains a significant position in the used car industry, capturing approximately 8-10% of sales in large markets where it operates extensively, while its national penetration stands at about 2.5% as of 2025. This foothold is particularly robust in states such as , , and , where the company's store network and regional demand for used vehicles align closely, enabling higher local market capture compared to other regions. To counter intensifying online competition, especially from Carvana's digital-first model, CarMax accelerated its strategy following , completing a nationwide rollout of buy-online capabilities that allow customers to purchase vehicles remotely and arrange delivery or pickup. This enhancement integrates seamless transitions between digital browsing, virtual appraisals, and in-store experiences, helping to retain amid a shift toward in auto retail. In adapting to evolving consumer preferences, CarMax implemented adjustments to remain competitive in a softening market, alongside inventory diversification that includes a growing share of electric vehicles (EVs). These moves address rapid depreciation in used vehicle values and growing demand for sustainable options, with EV searches on the company's platform nearly doubling since 2022. Complementing these efforts, CarMax's marketing campaigns, including the 2025 "Wanna Drive?" initiative, underscore themes of trust, transparency, and convenience through flexibility. This positioning reinforces customer confidence in a fragmented market, differentiating CarMax from traditional dealerships, and earned top honors as the leading automotive marketplace for in Newsweek's 2026 list. In November 2025, CarMax announced a leadership transition, with CEO Bill Nash stepping down effective December 1 and board member David McCreight appointed as interim president and CEO, amid projections of declining sales for the third quarter of fiscal year 2026 and a subsequent 24% drop in share price on November 6.

Recognition

Industry Awards

CarMax has received consistent recognition from J.D. Power for its performance in automotive website satisfaction, ranking highest overall in the 2021 U.S. Automotive Website Evaluation Study with a score of 650 out of 1,000, reflecting strong customer approval of its online shopping experience for used vehicles. This accolade underscores CarMax's emphasis on transparency and ease of use in digital used car sales processes. Fortune magazine has honored CarMax as one of the "100 Best Companies to Work For" for 21 consecutive years through 2025, highlighting its workplace culture and employee development programs. In 2023, the company was specifically noted for its initiatives as part of this recognition, earning a spot on ' "Best Workplaces for Diversity" list. These awards are based on employee surveys conducted by Great Place to Work, emphasizing inclusive policies and professional growth opportunities. Automotive News has ranked CarMax as the number one used-vehicle retailer by sales volume in its annual lists since , including maintaining the top position in the 2023 ranking with over 800,000 units sold. In the debut 2023 list of top used-vehicle-only retailers, CarMax led with 807,823 retail units, far surpassing competitors and demonstrating its dominance in the sector. This consistent reflects CarMax's in reconditioning and ing pre-owned vehicles across its nationwide network. In 2025, CarMax was recognized as the top automotive marketplace for by Newsweek's America's Best 2026 list, earning the highest score among online platforms at 87.09 out of 100, attributed to innovations in its digital retailing tools like nationwide vehicle transfer and buying options. This award highlights the company's advancements in integration, enabling seamless virtual appraisals and purchases that enhance accessibility for buyers.

Customer and Employee Accolades

CarMax has garnered significant acclaim for its , particularly in providing a seamless and transparent vehicle purchasing process. The company's (NPS) for vehicle purchasers reached a record high in fiscal year 2025, marking the highest level since the nationwide rollout of its digital capabilities, reflecting strong customer loyalty and satisfaction. In November 2025, CarMax was ranked as the top online automotive marketplace for on Newsweek's America's Best 2026 list, earning a score of 87.09 based on evaluations of factors including ease of navigation, response times, and overall satisfaction. also named CarMax to its Best list for 2024 and 2025, highlighting the company's approach that combines in-store and online services for hassle-free buying. On the employee front, CarMax has been repeatedly honored for fostering a supportive workplace environment, including competitive benefits and its no-commission sales structure that emphasizes customer needs over aggressive selling. The company secured a position on Fortune's 100 Best Companies to Work For for the 21st consecutive year in 2025, based on anonymous employee surveys assessing trust, respect, and work-life balance. In the same year, it ranked #6 on Fortune's Best Workplaces in and #38 on PEOPLE's Companies That Care , with employees praising inclusive and opportunities. These accolades are supported by Great Place to Work certification data showing that certified companies have retention rates 51% higher than the typical U.S.-based company, attributed to strong . CarMax's commitment to diversity and inclusion has earned it notable recognitions, including ' Best Workplaces for Diversity award in 2022, 2023, and 2024, for its inclusive hiring practices, equitable advancement opportunities, and support for underrepresented groups. ranked it among America's Greatest Workplaces for LGBTQ+ in 2024, commending policies that promote belonging and fair treatment across its workforce. Internally, CarMax maintains robust recognition programs to celebrate outstanding service and contributions, such as shoutout platforms and rewards systems that allow managers to acknowledge achievements with tangible incentives. These initiatives, combined with team-building exercises and metrics-driven feedback, contribute to high employee and the company's above-average retention, as evidenced by its consistent performance in surveys. CarMax has also received brief mentions in studies for strong customer-facing elements, such as website satisfaction.

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