CarMax Inc (NYSE: KMX) is a used vehicle retail company that buys, reconditions, and sells used cars through a network of 256 stores across the United States (as of the 10-K filed April 15, 2026). Revenue comes from three primary streams: used vehicle retail sales, wholesale vehicle auction sales, and CarMax Auto Finance (CAF) income, which totaled $562.7M in FY2026. In FY2026, CarMax generated $25.9B in net sales and operating revenues, sold 780,684 used units at $2,253 gross profit per unit, and sold 538,203 wholesale units at $974 gross profit per unit. The company sourced 1,137,810 total vehicles in FY2026, with 987,191 purchased directly from consumers. CarMax operates entirely within the United States and competes in the fragmented used vehicle retail market. Keith Barr serves as President and Chief Executive Officer as of 2026. Digitally enabled transactions represented 81% of sales in FY2026, with omni-channel sales at 68% of transactions.

Revenue model

Transactional revenue from retail used vehicle sales and wholesale auction sales, supplemented by CAF income from CarMax's captive auto finance operation. Used vehicle retail gross profit was $2,253 per unit in FY2026; wholesale gross profit was $974 per unit. CAF income totaled $562.7M in FY2026. Third-party financing is also made available to wholesale auction customers.

Products and services

Retail used vehicle sales under the CarMax Quality Certified label, wholesale vehicle auctions open to dealers, vehicle reconditioning services, in-store and online vehicle appraisals, an online consumer appraisal tool (Instant Offer), a digital dealer appraisal product (MaxOffer), CarMax Auto Finance for retail customer financing, and vehicle repair and service at used car stores. The company uses proprietary technology including an AI assistant called Skye and Customer Experience Centers (CECs).

Customers and end markets

Retail consumers purchasing used vehicles and dealers purchasing vehicles at wholesale auctions. End market demand is driven by used vehicle availability, new vehicle trade-in volumes, consumer credit access, and broader economic conditions. No disclosed customer concentration.

Value-chain role

Vertically integrated used vehicle retailer. CarMax sources vehicles directly from consumers, dealers, auctions, wholesalers, and fleet or leasing companies; reconditions them at store-level and stand-alone reconditioning centers; and sells through retail stores and online channels. The company also provides captive financing through CarMax Auto Finance.

Geographic exposure

United States only. 256 total store locations across 41 states as of the 10-K filed April 15, 2026. Largest state concentrations include California (34 stores), Florida (24 stores), Texas (27 stores), Georgia (12 stores), North Carolina (13 stores), and Virginia (12 stores). 85 sites are leased (29 land-only, 56 land and building).

Source: SEC 10-K, filed 2026-04-15

Industry: Retail-Auto Dealers & Gasoline Stations Peers: Advance Auto Parts Inc Asbury Automotive Group Inc AutoNation Inc Autozone Inc Carvana Co Lithia Motors Inc Murphy USA Inc Penske Automotive Group Inc O'Reilly Automotive Inc