What smart money is saying about CarMax, Inc.
1 fund in our archive has pitched CarMax, Inc. — most recently Vulcan Value Partners in December 2025.
CarMax, Inc., together with its subsidiaries, operates as a retailer of used vehicles in the United States. The company operates through two segments, CarMax Sales Operations and CarMax Auto Finance. It offers customers a range of makes and models of used vehicles, including domestic, imported, and luxury vehicles, as well as hybrid and electric vehicles; and extended protection plans to customers at the time of sale, as well as sells vehicles that are approximately 10 years old and has more than 100,000 miles through wholesale auctions. The company also provides reconditioning and vehicle repair services; and financing alternatives for retail customers across a range of credit spectrum through its CarMax Auto Finance and arrangements with various financial institutions. As of February 28, 2022, it operated approximately 230 used car stores. CarMax, Inc. was founded in 1993 and is based in Richmond, Virginia.
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Position history
Between Q4 2025 and Q2 2026, 3 fund letters reported a position in CarMax, Inc. — 2 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 3 | 0 | 2 | 0 |
| Q4 2025 | 0 | 0 | 0 | 1 |
Fund activity · 3 positions · 2 moves
- June 2026
“We purchased three new positions during the quarter: Veeva Systems Inc., Equifax Inc., and ServiceNow Inc. We sold four positions during the quarter: Littelfuse Inc., CarMax Inc., Sdiptech AB, and UnitedHealth Group Inc.”
CarMax, Inc. - June 2026
“There were bright spots among our holdings, though, with a number of sectors contributing to relative performance. Within materials, Nucor is one of our few holdings that is benefitting from data center buildouts, which are driving strong demand for steel and steel-related products. In consumer discretionary, CarMax rebounded as its comparable sales improved, and Starbucks shares were strong as its turnaround is gaining traction.”
CarMax, Inc. - June 2026
“We purchased three new positions during the quarter: Veeva Systems Inc., Equifax Inc., and ServiceNow Inc. We sold four positions during the quarter: Littelfuse Inc., CarMax Inc., Sdiptech AB, and UnitedHealth Group Inc.”
CarMax, Inc.
Fund coverage · 1 thesis
- Vulcan Value PartnersDecember 2025
CarMax, Inc. is the leading U.S. used-car retailer with durable competitive advantages poised for earnings recovery as industry conditions normalize and operational initiatives take effect.
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