CarMax sells, finances, and services used and new cars through a chain of around 250 used retail stores. It was formed in 1993 as a unit of Circuit City and spun off into an independent company in late 2002. Used-vehicle sales typically account for about 83% of revenue (79% in fiscal 2024 due to the chip shortage) and wholesale about 13% (19% in fiscal 2024), with the remaining portion composed of extended service plans and repair. In fiscal 2024, the company retailed and wholesaled 765,572, and 546,331 used vehicles, respectively. CarMax is the largest used-vehicle retailer in the US but still estimates that it had only about 3.7% US market share of vehicles 0-10 years old in 2023. It seeks over 5% share a few years from now. CarMax is based in Richmond, Virginia.

CarMax Inc. is primarily a retailer of used vehicles in the U.S. Established in 1993, the company operates 245 used car stores. CarMax has two segments: CarMax Sales Operations and CarMax Auto Finance (CAF). The Sales Operations segment sells used vehicles, purchases used vehicles, arranges financing options, and sells related products and services. CAF provides auto financing to CarMax customers, services the loans it originates, provides billing statements, collects payments, and coordinates the repossession of vehicles as needed. The company also receives income from expanded protection plans and service revenue. Headquartered in Richmond, Virginia, it has approximately 30,000 employees. KMX shares are a component of the S&P 500.

The major indices gapped higher to start the April 15 trading week, but gave up their gains by lunchtime and then saw some strong downside acceleration before stabilizing in the final hour. The S&P 500 (SPX) lost 1.2% and was down 2.6% in two days, booking the largest drop since late in October of 2023. Since its all-time high (ATH) close on March 28, the SPX was off 3.7%, its largest 11-day drop since October. The Nasdaq 100 (QQQ) fell 1.7% for a two-day decline of 3.2%. The index had given back 3.4% since its March 22 all-time high.

CarMax sells, finances, and services used and new cars through a chain of over 240 used retail stores. It was formed in 1993 as a unit of Circuit City and spun off into an independent company in late 2002. Used-vehicle sales typically account for about 83% of revenue (78% in fiscal 2023 due to the chip shortage) and wholesale about 13% (20% in fiscal 2023), with the remaining portion composed of extended service plans and repair. In fiscal 2023, the company retailed and wholesaled 807,823, and 585,071 used vehicles, respectively. CarMax is the largest used-vehicle retailer in the US but still estimates that it has only about 4% US market share of vehicles 0-10 years old in 2022. It seeks over 5% share by the end of calendar 2025. CarMax is based in Richmond, Virginia.