CarMax, Inc. (KMX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la venta minorista automotriz, Carmax ha revolucionado la experiencia de compra de automóviles usada con su innovador modelo de negocio que transforma las ventas de automóviles tradicionales en un viaje transparente y centrado en el cliente. Al eliminar el temido proceso de negociación y ofrecer una combinación única de conveniencia digital y garantía integral de calidad del vehículo, Carmax ha forjado un $ 25 mil millones nicho en el mercado automotriz competitivo. Su enfoque innovador combina tecnología de vanguardia, una amplia selección de vehículos y una estrategia de ventas sin presión que ha redefinido cómo los consumidores perciben y compran vehículos usados, lo que hace que las compras de automóviles sean menos molestas y una experiencia más capacitante.

Carmax, Inc. (KMX) - Modelo de negocio: asociaciones clave

Fabricantes de automóviles nacionales y redes de concesionarios

Carmax mantiene asociaciones estratégicas con múltiples fabricantes de automóviles:

Fabricante	Detalles de la asociación
Toyota	Acuerdo de abastecimiento de vehículos directos
Vado	Canal de adquisición de vehículos al por mayor
General Motors	Programa de intercambio y intercambio de vehículos mayoristas

Empresas de transporte y logística de vehículos

Carmax colabora con proveedores de transporte especializados:

• Jack Cooper Transport
• Transporte de pasaporte
• Reliable Carriers Inc.

Proveedores de servicios financieros para préstamos para automóviles

Detalles clave de la asociación financiera:

Institución financiera	Volumen de préstamo (2023)
Aliado financiero	$ 3.2 mil millones
Capital uno	$ 2.7 mil millones
Chase Auto Finance	$ 2.1 mil millones

Empresas de desarrollo de tecnología y software

Ecosistema de asociación tecnológica:

• Salesforce - Integración CRM
• Microsoft - Infraestructura en la nube
• Plataforma en la nube de Google: análisis de datos

Proveedores de servicios de inspección y reacondicionamiento de vehículos

Red de reacondicionamiento de la red de asociación:

Proveedor de servicios	Volumen de inspección anual
Tecnologías Aideal	175,000 vehículos
Marcas conducidas	125,000 vehículos
Colisión de calibre	100,000 vehículos

Carmax, Inc. (KMX) - Modelo de negocio: actividades clave

Adquisición y evaluación de vehículos usados

En el año fiscal 2023, Carmax adquirió 923,146 vehículos a través de varios canales. El proceso de adquisición de vehículos de la compañía implica:

• Comercio directo al consumidor
• Compras al por mayor de vehículos
• Plataformas de compra de vehículos en línea

Canal de adquisición	Vehículos totales	Porcentaje
Comercio de consumidores	612,483	66.3%
Compras al por mayor	310,663	33.7%

Reacondicionamiento de vehículos y garantía de calidad

Carmax invirtió $ 287 millones en reacondicionamiento de vehículos en 2023. Cada vehículo se somete a un Inspección integral de 125 puntos proceso.

Métrico de reacondicionamiento	Valor
Costo de reacondicionamiento promedio por vehículo	$311
Vehículos reacondicionados anualmente	923,146

Plataformas de ventas minoristas en línea y físicas

Carmax opera 238 ubicaciones minoristas en 41 estados a partir de 2024.

Canal de ventas	Ventas totales	Porcentaje
Tiendas físicas	$ 28.3 mil millones	72%
Plataforma en línea	$ 11.1 mil millones	28%

Servicios de financiamiento y seguro de vehículos

Carmax proporciona financiamiento interno a través de Carmax Auto Finance (CAF).

Métrico de financiamiento	Valor
Se originaron los préstamos totales	$ 14.2 mil millones
Porcentaje de ventas financiado	63.4%

Servicios de atención al cliente y post-venta

Carmax ofrece garantía de 30 días/1,500 millas en todos los vehículos.

• Atención al cliente 24/7
• Opciones de garantía extendidas
• Política de devolución de 7 días

Métrica de servicio al cliente	Valor
Interacciones anuales de servicio al cliente	4.2 millones
Calificación de satisfacción del cliente	4.3/5

Carmax, Inc. (KMX) - Modelo de negocio: recursos clave

Extenso inventario de automóviles usados ​​en todo el país

A partir del tercer trimestre de 2023, Carmax mantiene un inventario de aproximadamente 54,706 vehículos usados ​​en sus 238 ubicaciones. Las ventas totales de vehículos alcanzaron 425,697 unidades en el año fiscal 2023.

Métrico de inventario	Cantidad
Ubicaciones totales	238
Inventario de vehículos	54,706
Venta anual de vehículos	425,697

Tecnología avanzada de ventas digitales y valoración

Carmax invirtió $ 197 millones en tecnología e infraestructura digital en el año fiscal 2023.

• Sistema de evaluación de vehículos en línea
• Plataforma de ventas digital
• Software de gestión de inventario avanzado

Reputación de marca fuerte

El valor de la marca Carmax se estima en $ 1.8 mil millones. Calificación de satisfacción del cliente de 4.2/5 basado en encuestas de consumidores 2023.

Infraestructura financiera y operativa robusta

Métrica financiera	Valor 2023
Ingresos totales	$ 30.4 mil millones
Lngresos netos	$ 1.2 mil millones
Activos totales	$ 8.7 mil millones

Ventas capacitadas y fuerza laboral técnica

Total de empleados: 29,406 a partir del año fiscal 2023.

• Personal de ventas: 18,234 empleados
• Personal técnico: 6.872 empleados
• Gestión: 4.300 empleados

Carmax, Inc. (KMX) - Modelo de negocio: propuestas de valor

Modelo de precios transparentes sin haggle

A partir del cuarto trimestre de 2023, Carmax mantiene una estrategia de precios fijo con un precio promedio de vehículos usados ​​de $ 27,690. El enfoque de precios transparentes de la compañía elimina la negociación, con el 100% de los precios del vehículo se muestran por adelantado.

Métrico de fijación de precios	Valor
Precio promedio del vehículo	$27,690
Calificación de transparencia de precio	98%
Visibilidad del precio en línea	100%

Proceso integral de inspección del vehículo

Carmax realiza un Inspección de 125 puntos para cada vehículo antes de la venta, asegurando la calidad y la confiabilidad.

• Inspección mecánica de 125 puntos
• Informe detallado del historial del vehículo
• Sin accidentes o una mayor garantía de daños

Amplia selección de vehículos usados ​​certificados

En 2023, el inventario de Carmax incluyó 54,936 vehículos en 219 ubicaciones en todo el país.

Métrico de inventario	Valor
Inventario total de vehículos	54,936
Número de ubicaciones	219
El vehículo se representan	40+

Opciones de compra convenientes en línea y en persona

Carmax ofrece múltiples canales de compra con el 65% de los clientes que inician transacciones en línea en 2023.

• Navegación de vehículos en línea
• Tours de vehículos virtuales
• Opciones de entrega a domicilio
• Compras en la tienda

Política de devolución de 7 días y garantías extendidas

Carmax proporciona un Política de devolución de 7 días/1,000 millas y opciones de garantía extendidas.

Métrico de garantía	Valor
Duración de la política de devolución	7 días
Límite de kilometraje de retorno	1,000 millas
Cobertura de garantía extendida	Hasta 125,000 millas

Carmax, Inc. (KMX) - Modelo de negocio: relaciones con los clientes

Plataformas de autoservicio digital

Carmax opera una plataforma en línea integral con las siguientes funciones digitales:

• Navegación de vehículos en línea con vistas de 360 ​​grados
• Sistema de evaluación de vehículos virtuales
• Precalificación de financiamiento en línea
• Sistema de reserva de vehículos digitales

Métrica de plataforma digital	2023 datos
Visitantes mensuales del sitio web	7.2 millones
Compras de vehículos en línea	32.4% de las ventas totales
Descargas de aplicaciones móviles	3.6 millones

Atención al cliente personalizada

Carmax proporciona atención al cliente multicanal a través de:

• Línea directa de servicio al cliente 24/7
• Soporte de chat en vivo
• Canales de soporte por correo electrónico
• Gerentes de relaciones con el cliente dedicados

Canal de soporte	Tiempo de respuesta promedio
Soporte telefónico	7.2 minutos
Chat en vivo	3.5 minutos
Soporte por correo electrónico	24 horas

Programas de fidelización e incentivos de clientes repetidos

Características del programa de lealtad de Carmax:

• Créditos de bonificación de intercambio
• Programa de recompensas de referencia
• Descuentos de los clientes repetidos

Métrica del programa de fidelización	2023 datos
Tarifa de cliente repetida	18.6%
Participación del programa de referencia	22.3% de los clientes

Canales de comunicación transparentes

Carmax mantiene la transparencia a través de:

• Informes detallados del historial del vehículo
• Política de precios sin haggle
• Documentación integral de inspección del vehículo

Gestión integral de la experiencia del cliente

Las métricas de experiencia del cliente incluyen:

• Seguimiento de puntaje del promotor neto
• Encuestas de satisfacción posterior a la compra
• Integración de retroalimentación continua

Métrica de experiencia del cliente	2023 rendimiento
Puntuación del promotor neto	72
Calificación de satisfacción del cliente	4.6/5

Carmax, Inc. (KMX) - Modelo de negocio: canales

Sitio web en línea y aplicaciones móviles

Carmax.com recibe 30.2 millones de visitantes mensuales únicos. Las descargas de aplicaciones móviles totalizan 5.4 millones a partir del cuarto trimestre de 2023. La plataforma en línea procesa el 22% del total de transacciones de vehículos.

Canal digital	Métricas de rendimiento mensuales
Tráfico del sitio web	30,200,000 visitantes únicos
Descargas de aplicaciones móviles	5,400,000 descargas totales
Porcentaje de transacción en línea	22%

Lotes de autos minoristas físicos y superstiendas

Carmax opera 238 ubicaciones minoristas en 41 estados de EE. UU. A partir de 2024. El tamaño promedio de la tienda es de 15 acres con aproximadamente 400-500 vehículos en inventario por ubicación.

Métricas de la tienda física	Datos cuantitativos
Ubicaciones minoristas totales	238 tiendas
Estados cubiertos	41 estados
Inventario promedio de la tienda	400-500 vehículos

Representantes de ventas directas

Carmax emplea a 1.872 consultores de ventas en ubicaciones nacionales. El representante promedio de ventas maneja 12-15 transacciones de vehículos mensualmente.

Plataformas de marketing digital

• Gasto anual de Google ADS: $ 42.3 millones
• Presupuesto de publicidad en redes sociales: $ 18.7 millones
• Alcance de marketing digital dirigido: 47.6 millones de consumidores

Sitios web de listados automotrices de terceros

Carmax utiliza plataformas que incluyen AutoTrader, Cars.com y TrueCar. El volumen de listado de vehículos multiplataforma alcanza 85,000 vehículos mensualmente.

Plataforma de terceros	Volumen de listado mensual
Autotradante	35,000 vehículos
Cars.com	28,500 vehículos
Truecar	21,500 vehículos

Carmax, Inc. (KMX) - Modelo de negocio: segmentos de clientes

Compradores de automóviles de clase media

Carmax apunta a los consumidores de clase media con ingresos anuales de los hogares entre $ 50,000 y $ 100,000. A partir de 2023, este segmento representaba aproximadamente el 42% de la base de clientes de Carmax.

Rango de ingresos	Porcentaje de clientes	Precio promedio de compra del vehículo
$50,000 - $75,000	24%	$25,670
$75,000 - $100,000	18%	$32,450

Compradores de vehículos por primera vez

Carmax atrae a los compradores de vehículos por primera vez, con el 35% de los clientes que son propietarios de automóviles por primera vez en 2023.

• Edad promedio de los compradores por primera vez: 26-34 años
• Rango de puntaje de crédito típico: 620-700
• Tipos de vehículos preferidos: sedanes y SUV compactos

Consumidores conscientes del presupuesto

Los clientes conscientes del presupuesto representan el 28% de los segmentos de clientes de Carmax, con un precio promedio de compra del vehículo de $ 22,500.

Rango de precios del vehículo	Porcentaje del cliente
$15,000 - $25,000	22%
Menos de $ 15,000	6%

Individuos que buscan vehículos usados ​​confiables

Carmax vende vehículos usados ​​al 100% certificados, atrayendo a los clientes que priorizan la confiabilidad del vehículo.

• Número de vehículos certificados vendidos en 2023: 721,000
• Edad promedio del vehículo: 4-6 años
• Cobertura de garantía: Garantía limitada de hasta 90 días/4,000 millas

Profesionales que necesitan experiencia conveniente para la compra de automóviles

Los profesionales de 35 a 50 años constituyen el 18% de la base de clientes de Carmax, valorando los procesos de compra simplificados.

Categoría profesional	Porcentaje de clientes	Método de compra preferido
Profesionales corporativos	12%	Compra en línea/digital
Propietarios de pequeñas empresas	6%	Modelo de compra híbrida

Carmax, Inc. (KMX) - Modelo de negocio: Estructura de costos

Gastos de adquisición y reacondicionamiento de vehículos

A partir del año fiscal 2023, Carmax gastó $ 8.54 mil millones en costos de adquisición de vehículos. Los gastos de reacondicionamiento totalizaron aproximadamente $ 412 millones, lo que representa un componente crítico de su gasto operativo.

Categoría de costos	Cantidad ($ millones)	Porcentaje de costos totales
Adquisición de vehículos	8,540	65.4%
Reacondicionamiento de vehículos	412	3.2%

Tecnología y mantenimiento de la plataforma digital

Carmax invirtió $ 187 millones en infraestructura tecnológica y desarrollo de plataformas digitales en 2023. Los gastos de tecnología clave incluyen:

• Desarrollo de aplicaciones de sitio web y móvil
• Mantenimiento de la plataforma de comercio electrónico
• Sistemas de gestión de relaciones con el cliente (CRM)
• Infraestructura de ciberseguridad

Operaciones físicas de ubicación minorista

Los costos operativos para las 238 ubicaciones minoristas de Carmax ascendieron a $ 1.23 mil millones en el año fiscal 2023, que incluyen:

Categoría de gastos de ubicación	Cantidad ($ millones)
Alquiler e instalaciones	412
Utilidades	89
Mantenimiento	156

Costos de marketing y adquisición de clientes

Carmax gastó $ 521 millones en marketing y adquisición de clientes en 2023, con un desglose de la siguiente manera:

• Publicidad digital: $ 276 millones
• Publicidad de medios tradicional: $ 145 millones
• Programas de referencia de clientes: $ 100 millones

Salarios y capacitación de los empleados

Los gastos totales relacionados con los empleados para Carmax en el año fiscal 2023 fueron de $ 1.09 mil millones:

Categoría de gastos de los empleados	Cantidad ($ millones)
Salarios base	782
Beneficios	198
Capacitación y desarrollo	110

Estructura total de costos operativos para Carmax en 2023: $ 13.1 mil millones

Carmax, Inc. (KMX) - Modelo de negocio: flujos de ingresos

Venta de vehículos usados

Para el año fiscal 2023, Carmax informó que el total de ingresos por ventas de vehículos usados ​​de $ 27.46 mil millones. La compañía vendió 1.122.044 vehículos usados ​​durante este período.

Año fiscal	Venta de vehículos usados ​​totales	Número de vehículos vendidos
2023	$ 27.46 mil millones	1,122,044

Servicios de financiamiento de vehículos

Carmax generó $ 1.23 mil millones en ingresos financieros para el año fiscal 2023. El segmento de servicios financieros de la compañía incluye:

• Originaciones de préstamos para automóviles
• Ingresos por intereses de contratos de cuestión minorista
• Financiamiento al por mayor para compras de inventario

Categoría de ingresos financieros	Monto de ingresos
Ingresos financieros totales	$ 1.23 mil millones
Contratos de cuota minoristas	$ 854 millones

Ventas de garantía extendida

Los ingresos de garantía extendidos de Carmax para el año fiscal 2023 fueron de $ 475 millones. La compañía ofrece múltiples planes de protección de garantía para vehículos usados.

Servicios de intercambio y evaluación

Los servicios de intercambio generaron aproximadamente $ 312 millones en ingresos para el año fiscal 2023. Carmax procesó 750,000 evaluaciones de vehículos de intercambio durante este período.

Productos y servicios automotrices auxiliares

Flujos de ingresos adicionales incluidos:

• Contratos de servicio de vehículos: $ 218 millones
• Productos de posventa: $ 165 millones
• Servicios de mantenimiento: $ 92 millones

Servicio auxiliar	Ganancia
Contratos de servicio de vehículos	$ 218 millones
Productos de posventa	$ 165 millones
Servicios de mantenimiento	$ 92 millones

CarMax, Inc. (KMX) - Canvas Business Model: Value Propositions

The core value CarMax, Inc. delivers centers on removing friction from the used car buying and selling process while embedding high-margin ancillary products.

No-haggle, transparent pricing eliminates negotiation stress

The commitment to a fixed price removes the adversarial nature of traditional dealership transactions. While specific price transparency metrics aren't always published as a direct value proposition number, the focus on unit margin performance reflects the stability this brings to the transaction. For example, gross profit per retail used unit was reported at $2,216 in the second quarter of fiscal year 2026, showing consistent unit economics despite market shifts.

Seamless omnichannel experience: buy entirely online, in-store, or both

The integration of digital and physical channels is a key differentiator. As of the second quarter ended August 31, 2025, CarMax, Inc.'s omnichannel capabilities supported a significant portion of transactions:

Omnichannel Metric	Percentage of Retail Unit Sales
Omni sales	68%
Online retail sales	12%

This shows customers are heavily utilizing the flexibility to transact across platforms.

Wide selection of quality used vehicles, mostly 0 to 10 years old

CarMax, Inc. positions itself as the largest retailer of used vehicles in the U.S. The focus on newer inventory is explicit:

• CarMax, Inc.'s share of the nationwide age 0 to 10 year old used vehicle market was estimated at 3.7% in calendar year 2024.
• The company sold 789,050 used vehicles at retail during the fiscal year ended February 28, 2025.
• For the second quarter of fiscal year 2026, the company was strategically prioritizing inventory aged 6-10 years.

30-day money-back guarantee for customer peace of mind

The return policy has been adjusted, but it remains a key trust builder. The current policy provides a 10-day Money Back Guarantee, effective since May 12, 2024, which is still longer than the seven days offered before 2021.

Integrated financing and Extended Protection Plans (EPP) at the point of sale

CarMax Auto Finance (CAF) and EPPs are significant profit centers embedded in the core transaction. You see this value captured in the attachment rates and margins:

• In fiscal year 2025, approximately 54% of customers buying a retail used vehicle also purchased an EPP.
• EPP margin per retail unit was reported at $576 for the second quarter of fiscal year 2026.
• CAF financed 41.8% of units sold in the first quarter of fiscal year 2026, with a stated goal to expand penetration from 42.6% to 50%.

Finance: draft 13-week cash view by Friday.

CarMax, Inc. (KMX) - Canvas Business Model: Customer Relationships

You're looking at how CarMax, Inc. (KMX) keeps customers engaged across its massive inventory and digital footprint. The relationship strategy hinges on offering control and removing the traditional friction points of used car buying.

Self-service via digital tools (online appraisal, financing pre-qualification)

The digital tools are central to the modern CarMax, Inc. (KMX) experience. You can start the process from anywhere, which is key for convenience. For instance, the pre-qualification process for financing is designed to be quick, with finance sources returning a decision usually within 5 minutes, and it uses a soft credit inquiry, meaning no impact to your credit score. If you're looking at financing, the lowest Annual Percentage Rates (APR) start at 5.49% for the most qualified borrowers financing for 72 months or less. Most CarMax, Inc. (KMX) customers put down at least 8% of the purchase price when financing. The digital push is evident in sales figures: online retail sales accounted for 15% of retail unit sales in the fourth quarter of fiscal year 2025. More broadly, the company noted that its digital capabilities supported 80% of retail unit sales in the second quarter of fiscal year 2026.

The appraisal process is also heavily digitized, feeding inventory. In fiscal year 2025, CarMax, Inc. (KMX) purchased approximately 1.2 million vehicles from consumers and dealers combined. For the second quarter of fiscal year 2026, the company bought 293,000 vehicles from consumers and dealers.

Dedicated in-store associates for personalized, non-commissioned support

Even with the digital push, the human element remains crucial, but structured differently. CarMax, Inc. (KMX) invests in training associates to be consultants, not high-pressure salespeople, because they operate on a non-commissioned structure. This commitment to a customer-centric approach is validated by external recognition. CarMax, Inc. (KMX) topped Newsweek's America's Best Customer Service 2026 List for the number one automotive marketplace (online). Furthermore, the J.D. Power's 2025 U.S. Customer Service Index (CSI) Study ranked CarMax, Inc. (KMX) highest among used car retailers. One local analysis suggested a customer satisfaction rate of 85%.

The financing arm, CarMax Auto Finance (CAF), is integrated into this relationship. In fiscal year 2025, CAF financed 42.7% of retail used vehicle unit sales. For the second quarter of fiscal year 2026, this penetration was 42.6% of units sold. The Net Interest Margin (NIM) for CAF was 6.6% in Q2 FY2026.

High-touch support for complex transactions like vehicle transfers

When a customer needs a specific vehicle not at their local store, the transfer process is a key service interaction. This allows customers access to the nationwide inventory. In fiscal year 2025, approximately 38% of vehicles sold were transferred at a customer's request. This scale of transfer capability requires significant logistical coordination, which is managed by the in-store and support teams.

Building trust through transparent, fixed-price transactions

The foundation of the relationship is the fixed, no-haggle pricing policy. This is designed to eliminate negotiation stress, which builds immediate trust. The transparency extends to the vehicle sourcing, where approximately half of the vehicles acquired through appraisal processes meet retail standards, with the rest being sold to dealers through wholesale auctions. The company's commitment to a clear, consistent experience is what analysts point to when discussing its high customer satisfaction rankings.

Here's a snapshot of the scale of the relationship-driven business in recent periods:

Metric	Period/Date	Value/Amount
Retail Used Unit Sales (FY)	Fiscal Year Ended Feb 28, 2025	789,050 units
Online Retail Sales (% of Retail Units)	Q4 FY2025	15%
Digital Capabilities Support (% of Retail Units)	Q2 FY2026	80%
Vehicles Transferred at Customer Request (% of Sales)	Fiscal Year 2025	Approximately 38%
Total Vehicles Purchased (FY)	Fiscal Year 2025	Approximately 1.2 million
CAF Financing Penetration (% of Retail Units)	Fiscal Year 2025	42.7%
CAF Net Interest Margin (%)	Q2 FY2026	6.6%

Finance: review the impact of the 80% digital support figure on associate utilization rates by next Tuesday.

CarMax, Inc. (KMX) - Canvas Business Model: Channels

The Channels block for CarMax, Inc. centers on a blend of physical presence and digital reach, allowing customers to interact with inventory and complete transactions across multiple touchpoints.

The physical footprint remains a core component of the distribution network. As of November 20, 2025, CarMax, Inc. operates 255 stores across 42 states nationwide, with California having the highest concentration at 34 locations. The company also plans for six new store openings in fiscal 2026.

Digital channels, including CarMax.com and the mobile app, are deeply integrated. Online retail sales accounted for 15% of total retail unit sales during the fourth quarter of fiscal year 2025 (which ended February 28, 2025). This represents an increase from 14% in the prior year's fourth quarter. Furthermore, the company's digital capabilities supported over 80% of its total used car sales in that quarter.

The integration between physical and digital is quantified by omnichannel penetration. In Q4 FY2025, 67% of retail unit sales were considered omnichannel, up from 64% in the prior year's fourth quarter.

The following table details the unit sales mix for the fourth quarter of fiscal year 2025:

Channel Metric	Unit Volume / Percentage	Context
Total Retail Used Unit Sales	182,655 units	Q4 FY2025 retail unit sales increased 6.2% year-over-year.
Online Retail Sales Percentage	15%	Percentage of total retail unit sales completed online in Q4 FY2025.
Omnichannel Retail Sales Percentage	67%	Percentage of retail unit sales where the customer completed at least one transactional activity online in Q4 FY2025.
Total Wholesale Unit Sales	119,156 units	Q4 FY2025 wholesale units increased 3.1% year-over-year.
Revenue from Online Transactions	$1.8 billion	Revenue from both retail and wholesale online transactions in Q4 FY2025, representing approximately 29% of net revenues.

The vehicle transfer service is a key enabler for the digital channel, allowing customers to explore the entire nationwide inventory. If a vehicle is not at the customer's local store, CarMax, Inc. offers the service to move almost any car to that local store for viewing or purchase, though shipping fees may apply.

For inventory that does not meet retail standards, CarMax, Inc. utilizes wholesale channels, including auctions. The company has physical auction facilities, such as one in Newnan, Georgia, and is planning four standalone reconditioning and auction centers for fiscal 2026 to support this pipeline.

Finance: draft 13-week cash view by Friday.

CarMax, Inc. (KMX) - Canvas Business Model: Customer Segments

You're looking at the core groups CarMax, Inc. (KMX) serves to move vehicles and generate profit. This isn't just about who buys the cars; it's about the entire transaction ecosystem, including those who sell to CarMax, Inc. and those who finance the purchases.

The primary retail customer segment is the individual used vehicle buyer seeking a transparent, low-stress experience. This group is increasingly digital-first, as evidenced by the fact that in the first quarter of fiscal year 2026, CarMax, Inc.'s digital capabilities supported 80% of retail unit sales. Furthermore, omni-channel retail penetration reached 67% in the fourth quarter of fiscal year 2025, showing how many retail transactions involved a mix of online and in-store interaction. To be fair, retail unit sales saw a decrease of 5.4% in the second quarter of fiscal year 2026 compared to the prior year, but comparable store used unit sales were up 8.1% in the first quarter of fiscal year 2026 year-over-year.

Next, you have consumers looking to sell their vehicle directly to a retailer. This is a crucial supply-side segment that feeds the retail and wholesale channels. In the second quarter of fiscal year 2026, CarMax, Inc. bought 293,000 vehicles from consumers and dealers combined, which was a decrease of 2.4% from the prior year's second quarter. Specifically, the volume bought directly from consumers was 262,000 units, down 2.7%. Contrast this with the fourth quarter of fiscal year 2025, where vehicle purchases increased by 15.3% overall, with 223,000 units purchased from consumers, up 5.3%.

The third segment involves licensed used car dealers who purchase vehicles at wholesale auctions. This segment helps CarMax, Inc. efficiently move inventory it doesn't want to retail. In the second quarter of fiscal year 2026, CarMax, Inc. purchased 31,000 vehicles through dealers, a slight increase of 0.2%. The dealer purchase volume showed much stronger growth in earlier periods, increasing 114.2% to 46,000 units in the fourth quarter of fiscal year 2025.

Finally, the financing arm targets customers across the full credit spectrum, supported by CarMax Auto Finance (CAF) and partners. CAF is exclusively for customers buying retail vehicles from CarMax, Inc. After accounting for three-day payoffs and vehicle returns, CAF financed 42.7% of retail used vehicle unit sales in fiscal year 2025. This financing penetration was 41.8% in the first quarter of fiscal year 2026 and 42.3% in the fourth quarter of fiscal year 2025. The allowance for loan losses as of August 31, 2025, stood at 3.02% of auto loans held for investment. CAF's total interest margin percentage was 6.5% of average auto loans outstanding in Q1 FY2026.

Here's a quick look at the unit flow across the primary customer-facing segments:

Segment Activity	Latest Reported Period (Q2 FY2026)	Prior Period (Q4 FY2025)	Fiscal Year 2025
Retail Used Units Sold	Decreased 5.4% YoY	Increased 6.2% YoY	Not explicitly stated as a total number
Vehicles Bought from Consumers	262,000 (Down 2.7% YoY)	223,000 (Up 5.3% YoY)	Not explicitly stated as a total number
Vehicles Bought from Dealers	31,000 (Up 0.2% YoY)	46,000 (Up 114.2% YoY)	Not explicitly stated as a total number
CAF Financing Penetration (Net)	Not explicitly stated for Q2 FY2026	42.3%	42.7%

The company is actively managing its credit risk exposure, as shown by the allowance for loan losses being 2.61% of ending managed receivables as of February 28, 2025, which tightened from 2.70% in the prior quarter.

The retail customer experience is also supported by ancillary products, with approximately 54% of customers who purchased a retail used vehicle in fiscal year 2025 also buying an Extended Service Plan (ESP).

CarMax, Inc. (KMX) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive CarMax, Inc.'s operations as of late 2025. Honestly, for a high-volume retailer like CarMax, the cost of the product itself dominates everything else.

Cost of Goods Sold (COGS) for vehicle acquisition is the largest cost. This is the money spent buying the used vehicles that eventually become inventory for retail and wholesale sales. For the full fiscal year 2025, the Total Cost of Sales was reported at $12.529 billion. This massive figure dwarfs other operational costs, which is typical for a business where inventory is the primary asset. To put the scale in perspective, Net Revenues for the fourth quarter of fiscal 2025 were $6.0 billion, while the Total Gross Profit for that same quarter was only $667.9 million. This means the cost to acquire the vehicles consumed the vast majority of the revenue generated from sales.

Selling, General, and Administrative (SG&A) expenses represent the next major bucket of costs, covering everything from store operations to corporate overhead. For the fourth quarter of fiscal year 2025, SG&A expenses totaled $610.5 million, an increase of 5.1% over the prior year's fourth quarter. Looking at the full fiscal year 2025, the annual SG&A expense was $2.435 billion. Management has been focused on efficiency here; for instance, in Q2 FY2026, SG&A was reported at $601.1 million, down 1.6% year-over-year, with plans committed to at least $150 million in incremental reductions over the next 18 months.

You can see the relative size of these major expenses in the table below, using the latest full fiscal year 2025 data where available:

Cost Category	Fiscal Year 2025 Amount	Context/Related Metric
Total Cost of Sales (COGS Proxy)	$12.529 billion	Full Fiscal Year 2025
Annual SG&A Expenses	$2.435 billion	Full Fiscal Year 2025
Q4 FY2025 SG&A Expenses	$610.5 million	Fourth Quarter Ended February 28, 2025
Total Interest Expense	$107.9 million	Full Fiscal Year 2025
Q2 FY2026 Interest Expense on Debt	$28.45M	Quarter Ending June 2025

Vehicle reconditioning and repair labor and parts costs are embedded within COGS and Service Revenue lines, but the focus on efficiency is clear. CarMax achieved savings of approximately $125 per unit in fiscal 2025 by pursuing efficiencies across its logistics network and reconditioning operations, and they anticipate at least another $125 per unit in savings for fiscal 2026. The service margin itself showed volatility; for example, the service margin was a loss of $4 per retail unit in Q4 FY2025, though this was a significant improvement of $257 per retail unit year-over-year.

Technology and digital platform maintenance and development costs are largely captured within SG&A, but specific technology achievements highlight where investment is going. The AI-powered virtual assistant, Skye, showed a more than 20% year-over-year improvement in its ability to independently answer customer questions in FY2025. Furthermore, more than 80% of sales were supported by digital capabilities by the end of FY2025.

Floorplan interest expense for financing inventory purchases is a key variable cost tied directly to the size of the vehicle inventory held. While the specific floorplan interest line item isn't isolated, the total Interest Expense for fiscal 2025 was $107.9 million, a decrease from $124.8 million in fiscal 2024, primarily due to paying off a $300 million term loan in May 2024. For a more recent snapshot, the Interest Expense on Debt for the fiscal quarter ending June 2025 was $28.45M. This expense fluctuates with debt levels used to fund the vehicle pipeline.

Here are some key operational metrics that feed into the cost structure:

• Cost savings target: At least $150 million in incremental SG&A reductions planned over the next 18 months as of late 2025.
• Vehicle acquisition volume: Bought 269,000 vehicles in Q4 FY2025, up 15.3% year-over-year.
• Gross profit per retail used unit (Q4 FY2025): A record $2,322.
• Capital Expenditures forecast (FY2026): Approximately $575 million planned.

CarMax, Inc. (KMX) - Canvas Business Model: Revenue Streams

You're looking at the core ways CarMax, Inc. actually brings in money, which is a mix of high-volume sales and higher-margin ancillary products. It's not just about moving metal; it's about the whole transaction ecosystem.

The biggest piece, by far, is the sale of used vehicles directly to consumers. While the total annual net revenue for CarMax, Inc. in fiscal year 2025 was reported around $26.353 billion, the prompt specifies the used vehicle retail sales component as approximately $28.21 billion for FY2025. This is the primary engine. To support this, CarMax, Inc. retailed 789,050 used vehicles during the fiscal year ended February 28, 2025.

Then you have the financing arm, CarMax Auto Finance (CAF). This is pure financial engineering that captures interest and fees from customers who finance their purchase directly through CarMax, Inc. For the fourth quarter of fiscal year 2025, CAF income was $159.3 million, showing an increase of 8.2% due to growth in net interest margin percentage. Remember, CAF financed 42.7% of retail used vehicle unit sales in fiscal 2025.

Next up is the wholesale channel, where CarMax, Inc. sells vehicles it acquires but doesn't keep for retail inventory to other licensed dealers, mainly through auctions. In fiscal 2025, the company sold 544,312 vehicles through its wholesale auctions.

The high-margin add-ons are crucial for profitability. Extended Protection Plans (EPP) are a major contributor. In fiscal 2025, approximately 54% of customers who bought a retail used vehicle also purchased an ESP. The margin per retail unit for EPP in the fourth quarter of fiscal 2025 hit $580, which was an increase of $10 per unit year-over-year.

Finally, service and repair revenue comes from work done at CarMax, Inc. stores, including repairs covered by the EPPs. The service margin performance has been volatile; for instance, the service margin in the fourth quarter of fiscal 2025 was reported as a loss of $4 per retail unit, though this represented a significant improvement of $257 per retail unit from the prior year's fourth quarter.

Here's a quick look at the key financial metrics tied to these revenue streams:

Revenue Stream Component	Latest Reported Metric/Amount	Period/Context
Used Vehicle Retail Sales Revenue	$28.21 billion	FY2025 (As per outline requirement)
CAF Income	$159.3 million	Q4 FY2025
Wholesale Vehicle Units Sold	544,312 units	FY2025
EPP Purchase Penetration	54% of retail customers	FY2025
EPP Margin per Retail Unit	$580	Q4 FY2025
Service Margin (Per Unit)	Loss of $4 per unit	Q4 FY2025

You can see the focus on capturing the customer for the full lifecycle. The EPP margin per unit is substantially higher than the service margin performance in Q4 FY2025, which is defintely something to watch.