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CarMax Inc.
As of May 31, 2026 at 24:02 UTC
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About CarMax Inc.
CarMax sells, finances, and services used and new cars through a chain of over about 260 retail stores. It was formed in 1993 as a unit of Circuit City and spun off into an independent company in late 2002. Used-vehicle sales were 80% of fiscal 2026 revenue and wholesale about 17%, with the remaining portion composed of extended service plans and repair. In fiscal 2026, the company retailed and wholesaled 780,684 and 538,203 used vehicles, respectively. CarMax is the largest used-vehicle retailer in the US, but still estimates that it had only about 3.6% US market share of vehicles zero to 10 years old in calendar 2025. CarMax is based in Richmond, Virginia.
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Latest News
5 articlesYusheng Holdings, operator of China's largest used-car platform Taocheche, is pursuing an IPO as the Chinese used-car market shows signs of growth. Despite achieving 6.66 billion yuan in revenue and 191,487 vehicle transactions in 2025, the company faces significant profitability challenges with a net loss of 916.9 million yuan. The inventory-heavy business model designed to build consumer trust through offline centers and vehicle reconditioning carries high costs and razor-thin margins, leaving investors questioning whether scale can eventually translate to profits.
Carvana completed its first-ever 5-for-1 stock split on May 7, 2026, after soaring over 10,000% since its December 2022 low of $3.72. The online used-car retailer has achieved record profitability and 49% sales growth, significantly outpacing rival CarMax. However, concerns persist regarding its high valuation (50x 2026 earnings) and exposure to subprime auto loans, with delinquency rates hitting record levels at 6.9% in January 2026.
Pomerantz LLP is investigating CarMax for potential securities fraud following the company's April 14, 2026 earnings announcement. Despite meeting fourth-quarter expectations, CarMax management signaled plans to lower used car prices and increase lending to lower-credit customers to address industry affordability challenges. The stock fell 15.12% ($7.42) to $41.66 on the news.
Pomerantz LLP announced investigations into potential securities fraud at Veritone, BayCom, and CarMax. Veritone disclosed on April 14, 2026 that its financial statements for Q3 2025 should not be relied upon due to five categories of errors that reduced quarterly revenue by $2.48 million (8.53%). The disclosure triggered an 8.33% stock price decline to $2.09 per share on April 15, 2026.
CarMax shares declined 13.3% following disappointing Q4 2026 earnings. The used car market's price sensitivity forced the company to lower vehicle prices to drive modest 0.7% unit sales growth, resulting in a 9.4% drop in gross profit to $605.3 million. New CEO Keith Barr plans $200 million in expense reductions for fiscal 2027 to address margin challenges.