CarMax, Inc. (KMX): Canvas de modèle d'entreprise [Jan-2025 Mise à jour]

Dans le monde dynamique de la vente au détail automobile, Carmax a révolutionné l'expérience d'achat de voitures d'occasion avec son modèle commercial innovant qui transforme les ventes de voitures traditionnelles en un parcours transparent et centré sur le client. En éliminant le processus de négociation redouté et en offrant un mélange unique de commodité numérique et d'assurance de qualité complète des véhicules, Carmax a creusé un 25 milliards de dollars niche sur le marché automobile compétitif. Leur approche révolutionnaire combine une technologie de pointe, une sélection approfondie de véhicules et une stratégie de vente sans pression qui a redéfini la façon dont les consommateurs perçoivent et achètent des véhicules d'occasion, ce qui fait que l'achat de voitures soit moins compliqué et plus une expérience stimulante.

Carmax, Inc. (KMX) - Modèle d'entreprise: partenariats clés

Fabricants d'auto nationaux et réseaux de concessionnaires

CarMax entretient des partenariats stratégiques avec plusieurs constructeurs automobiles:

Fabricant	Détails du partenariat
Toyota	Contrat d'approvisionnement en véhicule direct
Gué	Chabrement d'approvisionnement de véhicules en gros
General Motors	Programme d'échange de véhicules de commerce et de gros

Sociétés de transport et de logistique des véhicules

Carmax collabore avec des fournisseurs de transport spécialisés:

• Transport Jack Cooper
• Transport de passeport
• Reliable Carriers Inc.

Fournisseurs de services financiers pour les prêts automobiles

Détails clés du partenariat financier:

Institution financière	Volume de prêt (2023)
Allié financier	3,2 milliards de dollars
Capital One	2,7 milliards de dollars
Chase Auto Finance	2,1 milliards de dollars

Entreprises de développement de technologies et de logiciels

Écosystème de partenariat technologique:

• Salesforce - Intégration CRM
• Microsoft - Infrastructure cloud
• Google Cloud Platform - Analyse des données

Fournisseurs de services d'inspection et de reconditionnement des véhicules

Réconditionner le réseau de partenariat:

Fournisseur de services	Volume d'inspection annuel
Technologies Aideal	175 000 véhicules
Marques motivées	125 000 véhicules
Collision de calibre	100 000 véhicules

CarMax, Inc. (KMX) - Modèle d'entreprise: Activités clés

Acquisition et évaluation des véhicules d'occasion

Au cours de l'exercice 2023, Carmax a acquis 923 146 véhicules à travers divers canaux. Le processus d'acquisition de véhicules de l'entreprise implique:

• Commerce de consommation direct
• Achats de véhicules en gros
• Plates-formes d'achat de véhicules en ligne

Canal d'acquisition	Total Véhicules	Pourcentage
Commerce de consommation	612,483	66.3%
Achats en gros	310,663	33.7%

Reconditionnement des véhicules et assurance qualité

Carmax a investi 287 millions de dollars dans la reconditionnement des véhicules en 2023. Chaque véhicule subit un Inspection complète de 125 points processus.

Métrique de reconditionnement	Valeur
Coût moyen de reconditionnement par véhicule	$311
Véhicules reconditionnés chaque année	923,146

Plateformes de vente de détail en ligne et physique

Carmax exploite 238 emplacements de détail dans 41 États à partir de 2024.

Canal de vente	Ventes totales	Pourcentage
Magasins physiques	28,3 milliards de dollars	72%
Plate-forme en ligne	11,1 milliards de dollars	28%

Financement et services d'assurance des véhicules

Carmax fournit un financement interne via Carmax Auto Finance (CAF).

Financement de la métrique	Valeur
Les prêts totaux ont été originaires	14,2 milliards de dollars
Pourcentage de ventes financées	63.4%

Support client et services post-vente

Carmax offre une garantie de 30 jours / 1 500 milles sur tous les véhicules.

• Support client 24/7
• Options de garantie prolongée
• Politique de retour de 7 jours

Métrique du service client	Valeur
Interactions annuelles de service à la clientèle	4,2 millions
Évaluation de satisfaction du client	4.3/5

Carmax, Inc. (KMX) - Modèle d'entreprise: Ressources clés

Inventaire de voitures usagées à l'échelle nationale

Au troisième rang 2023, Carmax maintient un inventaire d'environ 54 706 véhicules d'occasion sur ses 238 emplacements. Les ventes totales de véhicules ont atteint 425 697 unités au cours de l'exercice 2023.

Métrique des stocks	Quantité
Total des emplacements	238
Inventaire des véhicules	54,706
Ventes annuelles de véhicules	425,697

Technologie avancée des ventes et de l'évaluation numériques

Carmax a investi 197 millions de dollars dans la technologie et les infrastructures numériques au cours de l'exercice 2023.

• Système d'évaluation des véhicules en ligne
• Plateforme de vente numérique
• Logiciel avancé de gestion des stocks

Grande réputation de marque

Valeur de la marque Carmax estimée à 1,8 milliard de dollars. Évaluation de satisfaction du client de 4,2 / 5 sur la base des enquêtes sur les consommateurs 2023.

Infrastructure financière et opérationnelle robuste

Métrique financière	Valeur 2023
Revenus totaux	30,4 milliards de dollars
Revenu net	1,2 milliard de dollars
Actif total	8,7 milliards de dollars

Ventes formées et main-d'œuvre technique

Total des employés: 29 406 depuis l'exercice 2023.

• Personnel de vente: 18 234 employés
• Personnel technique: 6 872 employés
• Gestion: 4 300 employés

Carmax, Inc. (KMX) - Modèle d'entreprise: propositions de valeur

Modèle de tarification sans foyer et transparent

Au quatrième trimestre 2023, Carmax maintient une stratégie de tarification fixe avec un prix moyen du véhicule d'occasion de 27 690 $. L'approche de tarification transparente de l'entreprise élimine les négociations, avec 100% des prix des véhicules affichés à l'avance.

Tarification métrique	Valeur
Prix ​​moyen du véhicule	$27,690
Évaluation de transparence des prix	98%
Visibilité des prix en ligne	100%

Processus complet d'inspection des véhicules

Carmax mène un Inspection de 125 points Pour chaque véhicule avant la vente, assurer la qualité et la fiabilité.

• Inspection mécanique de 125 points
• Rapport d'historique des véhicules détaillé
• Aucun accident ou garantie de dégâts majeurs

Large sélection de véhicules d'occasion certifiés

En 2023, l'inventaire de Carmax comprenait 54 936 véhicules dans 219 emplacements à l'échelle nationale.

Métrique des stocks	Valeur
Inventaire total des véhicules	54,936
Nombre d'emplacements	219
MAISON DE VÉHICULE représentée	40+

Options d'achat pratiques en ligne et en personne

CarMax propose plusieurs canaux d'achat avec 65% des clients qui ont lancé des transactions en ligne en 2023.

• Navigation en ligne
• Visites de véhicules virtuels
• Options de livraison à domicile
• Achats en magasin

Politique de retour de 7 jours et garanties prolongées

Carmax fournit un Politique de retour de 7 jours / 1 000 milles et les options de garantie prolongées.

Métrique de garantie	Valeur
Durée de la politique de retour	7 jours
Limite de kilométrage de retour	1 000 miles
Couverture de garantie prolongée	Jusqu'à 125 000 miles

CarMax, Inc. (KMX) - Modèle d'entreprise: relations avec les clients

Plates-formes de libre-service numériques

CarMax exploite une plate-forme en ligne complète avec les fonctionnalités numériques suivantes:

• Vection de véhicules en ligne avec des vues à 360 degrés
• Système d'évaluation des véhicules virtuels
• Financement en ligne pré-qualification
• Système de réservation de véhicules numériques

Métrique de la plate-forme numérique	2023 données
Visiteurs mensuels du site Web	7,2 millions
Achats de véhicules en ligne	32,4% du total des ventes
Téléchargements d'applications mobiles	3,6 millions

Support client personnalisé

Carmax fournit un support client multicanal à travers:

• Hotline du service client 24/7
• Support de chat en direct
• Canaux d'assistance par e-mail
• Gestionnaires de relations clients dédiés

Canal de support	Temps de réponse moyen
Support téléphonique	7,2 minutes
Chat en direct	3,5 minutes
Assistance par e-mail	24 heures

Programmes de fidélité et incitations aux clients répétés

Caractéristiques du programme de fidélité Carmax:

• Crédits de bonus de commerce
• Programme de récompenses de référence
• Réductions sur les clients

Métrique du programme de fidélité	2023 données
Tarif client répété	18.6%
Participation du programme de référence	22,3% des clients

Canaux de communication transparents

Carmax maintient la transparence à travers:

• Rapports détaillés d'historique des véhicules
• Politique de tarification sans foyer
• Documentation complète d'inspection des véhicules

Gestion complète de l'expérience client

Les mesures d'expérience client comprennent:

• Suivi du score net du promoteur
• Enquêtes de satisfaction post-achat
• Intégration de rétroaction continue

Métrique de l'expérience client	Performance de 2023
Score de promoteur net	72
Évaluation de satisfaction du client	4.6/5

Carmax, Inc. (KMX) - Modèle d'entreprise: canaux

Site Web en ligne et application mobile

Carmax.com reçoit 30,2 millions de visiteurs mensuels uniques. Les téléchargements des applications mobiles totalisent 5,4 millions au 423. Processus de plate-forme en ligne 22% du total des transactions de véhicules.

Canal numérique	Mesures de performance mensuelles
Trafic	30 200 000 visiteurs uniques
Téléchargements d'applications mobiles	5 400 000 téléchargements totaux
Pourcentage de transaction en ligne	22%

Lots de voitures de vente au détail physiques et superstores

CarMax exploite 238 emplacements de détail dans 41 États américains en 2024. La taille moyenne du magasin est de 15 acres avec environ 400 à 500 véhicules en stock par emplacement.

Métriques physiques des magasins	Données quantitatives
Total des lieux de vente au détail	238 magasins
États couverts	41 États
Inventaire moyen des magasins	400-500 véhicules

Représentants des ventes directes

CarMax emploie 1 872 consultants en vente à travers des emplacements nationaux. Le représentant des ventes moyens gère 12 à 15 transactions de véhicules mensuellement.

Plateformes de marketing numérique

• Profes annuelles Google Ads: 42,3 millions de dollars
• Budget publicitaire sur les réseaux sociaux: 18,7 millions de dollars
• Reach marketing numérique ciblé: 47,6 millions de consommateurs

Sites Web de listes automobiles tierces

CarMax utilise des plates-formes telles que Autotrader, Cars.com et TrueCar. Le volume de listing de véhicules multiplateforme atteint 85 000 véhicules par mois.

Plate-forme tierce	Volume de cotation mensuelle
Autotrade	35 000 véhicules
Carit	28 500 véhicules
Truecar	21 500 véhicules

Carmax, Inc. (KMX) - Modèle d'entreprise: segments de clientèle

Acheteurs de voitures de classe moyenne

Carmax cible les consommateurs de classe moyenne avec des revenus annuels des ménages entre 50 000 $ et 100 000 $. En 2023, ce segment représentait environ 42% de la clientèle de Carmax.

Gamme de revenus	Pourcentage de clients	Prix ​​d'achat moyen du véhicule
$50,000 - $75,000	24%	$25,670
$75,000 - $100,000	18%	$32,450

Acheteurs de véhicules pour la première fois

CarMax attire les premiers acheteurs de véhicules, 35% des clients étant des propriétaires de voitures pour la première fois en 2023.

• Âge moyen des acheteurs pour la première fois: 26-34 ans
• Gamme de cotes de crédit typique: 620-700
• Types de véhicules préférés: berlines compactes et VUS

Consommateurs soucieux du budget

Les clients soucieux du budget représentent 28% des segments de clientèle de Carmax, avec un prix d'achat moyen de véhicule de 22 500 $.

Fourchette de prix du véhicule	Pourcentage de clientèle
$15,000 - $25,000	22%
Moins de 15 000 $	6%

Les personnes à la recherche de véhicules d'occasion fiables

CarMax vend des véhicules d'occasion certifiés 100%, attirant les clients hiérarchisés par la fiabilité des véhicules.

• Nombre de véhicules certifiés vendus en 2023: 721 000
• Âge moyen du véhicule: 4 à 6 ans
• Couverture de garantie: jusqu'à 90 jours / 4 000 milles de garantie limitée

Les professionnels ont besoin d'une expérience d'achat de voiture pratique

Les professionnels âgés de 35 à 50 ans représentent 18% de la clientèle de Carmax, évaluant les processus d'achat rationalisés.

Catégorie professionnelle	Pourcentage de clients	Méthode d'achat préférée
Professionnels de l'entreprise	12%	Achat en ligne / numérique
Propriétaires de petites entreprises	6%	Modèle d'achat hybride

Carmax, Inc. (KMX) - Modèle d'entreprise: Structure des coûts

Dépenses d'acquisition et de reconditionnement des véhicules

Depuis l'exercice 2023, Carmax a dépensé 8,54 milliards de dollars en frais d'acquisition de véhicules. Les dépenses de reconditionnement ont totalisé environ 412 millions de dollars, ce qui représente une composante critique de leurs dépenses opérationnelles.

Catégorie de coûts	Montant (millions de dollars)	Pourcentage des coûts totaux
Acquisition de véhicules	8,540	65.4%
Reconditionnement des véhicules	412	3.2%

Technologie et maintenance des plateformes numériques

Carmax a investi 187 millions de dollars dans l'infrastructure technologique et le développement de plate-forme numérique en 2023. Les dépenses technologiques clés comprennent:

• Développement d'applications de site Web et de mobile
• Maintenance de la plate-forme de commerce électronique
• Systèmes de gestion de la relation client (CRM)
• Infrastructure de cybersécurité

Opérations de lieux de vente au détail physique

Les coûts opérationnels des 238 emplacements de détail de Carmax se sont élevés à 1,23 milliard de dollars au cours de l'exercice 2023, notamment:

Catégorie de dépenses de localisation	Montant (millions de dollars)
Loyer et installations	412
Services publics	89
Entretien	156

Coûts de marketing et d'acquisition des clients

Carmax a dépensé 521 millions de dollars en marketing et acquisition de clients en 2023, avec une ventilation comme suit:

• Publicité numérique: 276 millions de dollars
• Publicité médiatique traditionnelle: 145 millions de dollars
• Programmes de référence client: 100 millions de dollars

Salaires et formation des employés

Les dépenses totales liées aux employés pour Carmax au cours de l'exercice 2023 étaient de 1,09 milliard de dollars:

Catégorie de dépenses des employés	Montant (millions de dollars)
Salaires de base	782
Avantages	198
Formation et développement	110

Structure totale des coûts opérationnels pour Carmax en 2023: 13,1 milliards de dollars

Carmax, Inc. (KMX) - Modèle d'entreprise: Strots de revenus

Ventes de véhicules d'occasion

Pour l'exercice 2023, CarMax a déclaré un chiffre d'affaires total des ventes de véhicules d'occasion de 27,46 milliards de dollars. La société a vendu 1 122 044 véhicules d'occasion au cours de cette période.

Exercice fiscal	Ventes totales de véhicules d'occasion	Nombre de véhicules vendus
2023	27,46 milliards de dollars	1,122,044

Services de financement des véhicules

Carmax a généré 1,23 milliard de dollars de revenus de financement pour l'exercice 2023. Le segment des services financiers de la société comprend:

• Originations de prêts automobiles
• Revenu des intérêts provenant des contrats de versement de vente au détail
• Financement en gros des achats d'inventaire

Catégorie de revenu de financement	Montant des revenus
Revenu de financement total	1,23 milliard de dollars
Contrats de versement de vente au détail	854 millions de dollars

Ventes de garantie prolongée

Le chiffre d'affaires prolongé de Carmax pour l'exercice 2023 de Carmax était de 475 millions de dollars. La société propose plusieurs plans de protection de garantie pour les véhicules d'occasion.

Services de commerce et d'évaluation

Les services de transaction ont généré environ 312 millions de dollars de revenus pour l'exercice 2023. CarMax a traité 750 000 évaluations de véhicules de remise des échanges au cours de cette période.

Produits et services automobiles auxiliaires

Des sources de revenus supplémentaires comprenaient:

• Contrats de services de véhicules: 218 millions de dollars
• Produits de rechange: 165 millions de dollars
• Services de maintenance: 92 millions de dollars

Service auxiliaire	Revenu
Contrats de services de véhicule	218 millions de dollars
Produits de rechange	165 millions de dollars
Services de maintenance	92 millions de dollars

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.