Carmax, Inc. (KMX): modelo de negócios [Jan-2025 Atualizado]

No mundo dinâmico do varejo automotivo, a Carmax revolucionou a experiência de compra de carros usada com seu inovador modelo de negócios que transforma as vendas tradicionais de carros em uma jornada transparente e centrada no cliente. Ao eliminar o temido processo de negociação e oferecer uma mistura única de conveniência digital e garantia abrangente da qualidade do veículo, Carmax esculpiu um US $ 25 bilhões Nicho no mercado automotivo competitivo. Sua abordagem inovadora combina tecnologia de ponta, seleção extensa de veículos e uma estratégia de vendas sem pressão que redefiniu como os consumidores percebem e compram veículos usados, fazendo com que a compra de carros com menos aborrecimento e mais uma experiência capacitadora.

Carmax, Inc. (KMX) - Modelo de negócios: Parcerias -chave

Fabricantes de automóveis nacionais e redes de concessionárias

A Carmax mantém parcerias estratégicas com vários fabricantes automotivos:

Fabricante	Detalhes da parceria
Toyota	Contrato direto de fornecimento de veículos
Ford	Canal de compras por atacado de veículos
General Motors	Programa de troca e troca de veículos por atacado

Empresas de transporte e logística de transporte de veículos

A Carmax colabora com provedores de transporte especializados:

• Jack Cooper Transport
• Transporte de passaporte
• Transportadores confiáveis ​​Inc.

Provedores de serviços financeiros para empréstimos para automóveis

Detalhes da parceria financeira -chave:

Instituição financeira	Volume de empréstimo (2023)
Aliado financeiro	US $ 3,2 bilhões
Capital um	US $ 2,7 bilhões
Chase Auto Finance	US $ 2,1 bilhões

Empresas de tecnologia e desenvolvimento de software

Ecossistema de Parceria Tecnológica:

• Salesforce - Integração de CRM
• Microsoft - Infraestrutura em nuvem
• Google Cloud Platform - Analytics de dados

Provedores de serviços de inspeção e recondicionamento de veículos

Rede de Parceria de Recondicionamento:

Provedor de serviços	Volume anual de inspeção
Tecnologias AIDEAL	175.000 veículos
Marcas motivadas	125.000 veículos
Colisão de calibre	100.000 veículos

Carmax, Inc. (KMX) - Modelo de negócios: Atividades -chave

Aquisição de veículos usados ​​e avaliação

No ano fiscal de 2023, a Carmax adquiriu 923.146 veículos através de vários canais. O processo de aquisição de veículos da empresa envolve:

• Trades de consumidores diretos
• Compras de veículos por atacado
• Plataformas de compra de veículos on -line

Canal de aquisição	Veículos totais	Percentagem
Trades de consumidores	612,483	66.3%
Compras por atacado	310,663	33.7%

Recondicionamento de veículos e garantia de qualidade

Carmax investiu US $ 287 milhões em recondicionamento de veículos em 2023. Cada veículo passa por um Inspeção abrangente de 125 pontos processo.

Métrica de recondicionamento	Valor
Custo médio de recondicionamento por veículo	$311
Veículos recondicionados anualmente	923,146

Plataformas de vendas de varejo online e físicas

A Carmax opera 238 locais de varejo em 41 estados a partir de 2024.

Canal de vendas	Vendas totais	Percentagem
Lojas físicas	US $ 28,3 bilhões	72%
Plataforma online	US $ 11,1 bilhões	28%

Financiamento de veículos e serviços de seguro

O CARMAX fornece financiamento interno através do Carmax Auto Finance (CAF).

Métrica de financiamento	Valor
Empréstimos totais originados	US $ 14,2 bilhões
Porcentagem de vendas financiadas	63.4%

Suporte ao cliente e serviços pós-venda

A Carmax oferece garantia de 30 dias/1.500 milhas em todos os veículos.

• Suporte ao cliente 24 horas por dia, 7 dias por semana
• Opções de garantia estendida
• Política de retorno de 7 dias

Métrica de atendimento ao cliente	Valor
Interações anuais de atendimento ao cliente	4,2 milhões
Classificação de satisfação do cliente	4.3/5

Carmax, Inc. (KMX) - Modelo de negócios: Recursos -chave

Extenso inventário de carros usados ​​em todo o país

A partir do terceiro trimestre de 2023, a Carmax mantém um inventário de aproximadamente 54.706 veículos usados ​​em seus 238 locais. As vendas totais de veículos atingiram 425.697 unidades no ano fiscal de 2023.

Métrica de inventário	Quantidade
Locais totais	238
Inventário de veículos	54,706
Vendas anuais de veículos	425,697

Tecnologia avançada de vendas e avaliação digital

A Carmax investiu US $ 197 milhões em tecnologia e infraestrutura digital no ano fiscal de 2023.

• Sistema de avaliação de veículos on -line
• Plataforma de vendas digital
• Software de gerenciamento de inventário avançado

Forte reputação da marca

Valor da marca Carmax estimada em US $ 1,8 bilhão. Classificação de satisfação do cliente de 4.2/5 com base em 2023 pesquisas de consumidores.

Infraestrutura financeira e operacional robusta

Métrica financeira	2023 valor
Receita total	US $ 30,4 bilhões
Resultado líquido	US $ 1,2 bilhão
Total de ativos	US $ 8,7 bilhões

Vendas treinadas e força de trabalho técnica

Total de funcionários: 29.406 a partir do ano fiscal de 2023.

• Equipe de vendas: 18.234 funcionários
• Equipe técnica: 6.872 funcionários
• Gerenciamento: 4.300 funcionários

Carmax, Inc. (KMX) - Modelo de negócios: proposições de valor

Modelo de preços transparentes sem gigantes

A partir do quarto trimestre 2023, a Carmax mantém uma estratégia de preços fixa com um preço médio de veículo usado de US $ 27.690. A abordagem de preços transparentes da empresa elimina a negociação, com 100% dos preços dos veículos exibidos antecipadamente.

Métrica de precificação	Valor
Preço médio do veículo	$27,690
Classificação de transparência de preços	98%
Visibilidade do preço online	100%

Processo abrangente de inspeção de veículos

Carmax conduz a Inspeção de 125 pontos Para cada veículo antes da venda, garantindo qualidade e confiabilidade.

• Inspeção mecânica de 125 pontos
• Relatório detalhado do histórico de veículos
• Sem acidentes ou garantia de danos graves

Ampla seleção de veículos usados ​​certificados

Em 2023, o Inventário Carmax incluiu 54.936 veículos em 219 locais em todo o país.

Métrica de inventário	Valor
Inventário total de veículos	54,936
Número de locais	219
O veículo faz representado	40+

Opções de compra online e pessoalmente convenientes

A Carmax oferece vários canais de compra com 65% dos clientes iniciando transações on -line em 2023.

• Navegação de veículos on -line
• Tours de veículos virtuais
• Opções de entrega em casa
• Compra na loja

Política de retorno de 7 dias e garantias estendidas

Carmax fornece a Política de retorno de 7 dias/1.000 milhas e opções de garantia estendida.

Métrica de garantia	Valor
Duração da política de retorno	7 dias
Limite de quilometragem de retorno	1.000 milhas
Cobertura de garantia estendida	Até 125.000 milhas

Carmax, Inc. (KMX) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de autoatendimento digital

A Carmax opera uma plataforma on -line abrangente com os seguintes recursos digitais:

• Navegação de veículos on-line com visualizações de 360 ​​graus
• Sistema de avaliação de veículos virtuais
• Pré-qualificação de financiamento on-line
• Sistema de reserva de veículos digitais

Métrica da plataforma digital	2023 dados
Visitantes mensais do site	7,2 milhões
Compras de veículos on -line	32,4% do total de vendas
Downloads de aplicativos móveis	3,6 milhões

Suporte personalizado ao cliente

A Carmax fornece suporte ao cliente multicanal por meio de:

• 24/7 de serviço direto de atendimento ao cliente
• Suporte ao bate -papo ao vivo
• Canais de suporte de email
• Gerentes dedicados de relacionamento com o cliente

Canal de suporte	Tempo médio de resposta
Suporte telefônico	7,2 minutos
Bate -papo ao vivo	3,5 minutos
Suporte por e -mail	24 horas

Programas de fidelidade e incentivos recorrentes ao cliente

Recursos do Programa de Fidelidade Carmax:

• Créditos de bônus comercial
• Programa de recompensas de referência
• Repetir descontos para clientes

Métrica do Programa de Fidelidade	2023 dados
Repetir a taxa de cliente	18.6%
Participação do programa de referência	22,3% dos clientes

Canais de comunicação transparentes

Carmax mantém a transparência através de:

• Relatórios detalhados de histórico de veículos
• Política de preços sem haggle
• Documentação abrangente de inspeção de veículos

Gerenciamento abrangente de experiência do cliente

As métricas de experiência do cliente incluem:

• Rastreamento de pontuação do promotor líquido
• Pesquisas de satisfação pós-compra
• Integração de feedback contínuo

Métrica da experiência do cliente	2023 desempenho
Pontuação do promotor líquido	72
Classificação de satisfação do cliente	4.6/5

Carmax, Inc. (KMX) - Modelo de Negócios: Canais

Site online e aplicativo móvel

Carmax.com recebe 30,2 milhões de visitantes mensais únicos. Os downloads de aplicativos móveis totalizam 5,4 milhões a partir do quarto trimestre 2023. Processos de plataforma on -line 22% do total de transações de veículos.

Canal digital	Métricas mensais de desempenho
Tráfego do site	30.200.000 visitantes únicos
Downloads de aplicativos móveis	5.400.000 downloads totais
Porcentagem de transações on -line	22%

Lotes e superstors de carros físicos de varejo

A Carmax opera 238 locais de varejo em 41 estados dos EUA em 2024. O tamanho médio da loja é de 15 acres com aproximadamente 400-500 veículos em inventário por local.

Métricas de loja física	Dados quantitativos
Locais totais de varejo	238 lojas
Estados cobertos	41 estados
Inventário médio da loja	400-500 veículos

Representantes de vendas diretas

A Carmax emprega 1.872 consultores de vendas em locais nacionais. O representante médio de vendas lida com 12 a 15 transações de veículos mensalmente.

Plataformas de marketing digital

• Gastes anuais do Google ADS: US $ 42,3 milhões
• Orçamento de publicidade de mídia social: US $ 18,7 milhões
• Alcance de marketing digital direcionado: 47,6 milhões de consumidores

Sites de listagem automotiva de terceiros

O Carmax utiliza plataformas como AutoTrader, Cars.com e TrueCar. O volume de listagem de veículos entre plataformas atinge 85.000 veículos mensalmente.

Plataforma de terceiros	Volume de listagem mensal
Autotrader	35.000 veículos
Cars.com	28.500 veículos
TrueCar	21.500 veículos

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

Compradores de carros de classe média

A Carmax tem como alvo os consumidores de classe média com renda familiar anual entre US $ 50.000 e US $ 100.000. Em 2023, esse segmento representava aproximadamente 42% da base de clientes da Carmax.

Faixa de renda	Porcentagem de clientes	Preço médio de compra do veículo
$50,000 - $75,000	24%	$25,670
$75,000 - $100,000	18%	$32,450

Compradores de veículos pela primeira vez

A Carmax atrai compradores de veículos iniciantes, com 35% dos clientes sendo proprietários de carros pela primeira vez em 2023.

• Idade média dos compradores iniciantes: 26-34 anos
• Intervalo de pontuação de crédito típico: 620-700
• Tipos de veículos preferidos: sedãs compactos e SUVs

Consumidores conscientes do orçamento

Os clientes preocupados com o orçamento representam 28% dos segmentos de clientes da Carmax, com um preço médio de compra de veículo de US $ 22.500.

Faixa de preço do veículo	Porcentagem do cliente
$15,000 - $25,000	22%
Abaixo de US $ 15.000	6%

Indivíduos que buscam veículos usados ​​confiáveis

A Carmax vende veículos de propriedade 100% certificados, atraindo clientes priorizando a confiabilidade do veículo.

• Número de veículos certificados vendidos em 2023: 721.000
• Idade média do veículo: 4-6 anos
• Cobertura de garantia: garantia limitada de até 90 dias/4.000 milhas

Profissionais que precisam de uma experiência conveniente de compra de carros

Profissionais de 35 a 50 anos constituem 18% da base de clientes da Carmax, avaliando processos de compra simplificados.

Categoria profissional	Porcentagem de clientes	Método de compra preferida
Profissionais corporativos	12%	Compra online/digital
Proprietários de pequenas empresas	6%	Modelo de compra híbrida

Carmax, Inc. (KMX) - Modelo de negócios: estrutura de custos

Despesas de aquisição e recondicionamento de veículos

No ano fiscal de 2023, a Carmax gastou US $ 8,54 bilhões em custos de aquisição de veículos. As despesas de recondicionamento totalizaram aproximadamente US $ 412 milhões, representando um componente crítico de suas despesas operacionais.

Categoria de custo	Valor (US $ milhões)	Porcentagem de custos totais
Aquisição de veículos	8,540	65.4%
Recondicionamento de veículos	412	3.2%

Manutenção de tecnologia e plataforma digital

A Carmax investiu US $ 187 milhões em infraestrutura de tecnologia e desenvolvimento de plataformas digitais em 2023. Os principais gastos com tecnologia incluem:

• Site e desenvolvimento de aplicativos móveis
• Manutenção da plataforma de comércio eletrônico
• Sistemas de Gerenciamento de Relacionamento ao Cliente (CRM)
• Infraestrutura de segurança cibernética

Operações de localização de varejo físico

Os custos operacionais dos 238 locais de varejo da Carmax totalizaram US $ 1,23 bilhão no ano fiscal de 2023, incluindo:

Categoria de despesa de localização	Valor (US $ milhões)
Aluguel e instalações	412
Utilitários	89
Manutenção	156

Custos de marketing e aquisição de clientes

A Carmax gastou US $ 521 milhões em marketing e aquisição de clientes em 2023, com um colapso da seguinte maneira:

• Publicidade digital: US $ 276 milhões
• Publicidade da mídia tradicional: US $ 145 milhões
• Programas de referência de clientes: US $ 100 milhões

Salários e treinamento de funcionários

As despesas totais relacionadas aos funcionários para Carmax no ano fiscal de 2023 foram de US $ 1,09 bilhão:

Categoria de despesas com funcionários	Valor (US $ milhões)
Salários da base	782
Benefícios	198
Treinamento e desenvolvimento	110

Estrutura total de custo operacional para Carmax em 2023: US $ 13,1 bilhões

Carmax, Inc. (KMX) - Modelo de negócios: fluxos de receita

Vendas de veículos usados

Para o ano fiscal de 2023, a Carmax registrou a receita total de vendas de veículos de US $ 27,46 bilhões. A empresa vendeu 1.122.044 veículos usados ​​durante esse período.

Ano fiscal	Vendas de veículos usados ​​totais	Número de veículos vendidos
2023	US $ 27,46 bilhões	1,122,044

Serviços de financiamento de veículos

A Carmax gerou US $ 1,23 bilhão em receita de financiamento para o ano fiscal de 2023. O segmento de serviços financeiros da empresa inclui:

• Origenas de empréstimos para automóveis
• Receita de juros de contratos de parcelamento de varejo
• Financiamento por atacado para compras de estoque

Categoria de receita de financiamento	Valor da receita
Renda total de financiamento	US $ 1,23 bilhão
Contratos de parcelas de varejo	US $ 854 milhões

Vendas de garantia estendida

A receita estendida de garantia da Carmax para o ano fiscal de 2023 foi de US $ 475 milhões. A empresa oferece vários planos de proteção de garantia para veículos usados.

Serviços de troca e avaliação

Os serviços de troca geraram aproximadamente US $ 312 milhões em receita para o ano fiscal de 2023. A Carmax processou 750.000 avaliações de veículos de troca durante esse período.

Produtos e serviços automotivos auxiliares

Fluxos de receita adicionais incluídos:

• Contratos de serviço de veículo: US $ 218 milhões
• Produtos de pós -venda: US $ 165 milhões
• Serviços de manutenção: US $ 92 milhões

Serviço auxiliar	Receita
Contratos de serviço de veículos	US $ 218 milhões
Produtos de pós -venda	US $ 165 milhões
Serviços de manutenção	US $ 92 milhões

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.