CarMax Launches Initiatives to Improve Used Electric Vehicle Buying Experience

CarMax introduces initiatives to improve the used EV buying experience, including battery assessments, charging credits, and educational resources.

Quiver AI Summary

CarMax, Inc. has unveiled a range of initiatives aimed at improving the used electric vehicle (EV) buying experience. The company is collaborating with partners to introduce a battery health assessment tool and offering a $200 credit for the installation of in-home chargers for customers. Additionally, CarMax has created an EV Hub online resource that features educational material about EV ownership and highlights vehicles eligible for federal used EV tax credits. This suite of enhancements demonstrates CarMax's commitment to leading the used EV market by providing consumers with essential tools and support during their shopping journey. Notable features include a battery range score for vehicles and a badge to identify tax credit-eligible EVs. Through these efforts, CarMax aims to empower customers and simplify the EV purchasing process.

Potential Positives

CarMax is making significant investments in the electric vehicle (EV) sector, underscoring its commitment to becoming a leader in the used EV market.
The introduction of an advanced battery health assessment tool enhances transparency for EV buyers, addressing a common concern about battery performance.
The $200 installation credit for in-home chargers and partnerships with Recurrent and Treehouse improve the overall customer experience and accessibility of owning an EV.
The launch of the CarMax EV Hub provides valuable educational resources for consumers, facilitating informed decision-making in the used EV buying process.

Potential Negatives

CarMax is shifting its focus towards the emerging used electric vehicle (EV) market, which may divert resources and attention from its core business of traditional used vehicles, potentially impacting overall profitability.
The press release does not provide information on specific financial projections or expected impact on sales, leaving stakeholders uncertain about potential profitability and return on investment from these initiatives.
Partnerships with external companies (Recurrent and Treehouse) may raise concerns about reliance on third-party services for critical components of the EV buying process, which could pose risks if these partnerships do not perform as expected.

FAQ

What new tools has CarMax introduced for used EV buyers?

CarMax has introduced a battery health assessment tool, an EV research hub, and a $200 credit for in-home charger installation.

How does the CarMax EV Hub assist consumers?

The CarMax EV Hub provides educational resources, guides on EV shopping, and a quiz to help determine if an EV is suitable for consumers.

What is the purpose of the battery range score?

The battery range score allows consumers to assess battery health and expected range for used EVs in CarMax's inventory.

How can CarMax customers benefit from the $200 installation credit?

Customers purchasing an EV from CarMax can receive a $200 credit for installing a Level 2 home charger through Treehouse.

What is the significance of the used EV tax credit badge on CarMax.com?

The badge highlights which vehicles may be eligible for the federal used EV tax credit, simplifying the shopping experience for consumers.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$KMX Congressional Stock Trading

Members of Congress have traded $KMX stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $KMX stock by members of Congress over the last 6 months:

REPRESENTATIVE GILBERT RAY CISNEROS, JR. purchased up to $15,000 on 01/13.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$KMX Insider Trading Activity

$KMX insiders have traded $KMX stock on the open market 12 times in the past 6 months. Of those trades, 1 have been purchases and 11 have been sales.

Here’s a breakdown of recent trading of $KMX stock by insiders over the last 6 months:

WILLIAM D NASH (President & CEO) has made 0 purchases and 2 sales selling 120,513 shares for an estimated $10,030,952.
JAMES LYSKI (EVP, Chief Growth & Strat Off) sold 57,986 shares for an estimated $4,717,161
JON G DANIELS (SVP, CAF) has made 0 purchases and 3 sales selling 47,845 shares for an estimated $4,042,263.
MOHAMMAD SHAMIM (EVP and CITO) has made 0 purchases and 2 sales selling 22,845 shares for an estimated $1,890,219.
JILL A LIVESAY (VP, Controller & PAO) sold 13,009 shares for an estimated $1,053,729
TYLER TUITE (SVP & Chief Product Officer) sold 4,869 shares for an estimated $411,820
ENRIQUE N MAYOR-MORA (EVP & CFO) sold 5,000 shares for an estimated $407,150
MITCHELL D STEENROD purchased 1,300 shares for an estimated $85,137

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$KMX Hedge Fund Activity

We have seen 341 institutional investors add shares of $KMX stock to their portfolio, and 416 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

KOVITZ INVESTMENT GROUP PARTNERS, LLC removed 5,058,826 shares (-76.7%) from their portfolio in Q1 2025, for an estimated $394,183,721
MARSHALL WACE, LLP added 2,388,465 shares (+346.4%) to their portfolio in Q1 2025, for an estimated $186,109,192
PRINCIPAL FINANCIAL GROUP INC removed 2,004,003 shares (-23.3%) from their portfolio in Q1 2025, for an estimated $156,151,913
GOLDMAN SACHS GROUP INC removed 1,653,141 shares (-64.2%) from their portfolio in Q1 2025, for an estimated $128,812,746
BROWN ADVISORY INC removed 938,184 shares (-84.0%) from their portfolio in Q1 2025, for an estimated $73,103,297
UBS GROUP AG added 887,484 shares (+42.0%) to their portfolio in Q1 2025, for an estimated $69,152,753
MILLENNIUM MANAGEMENT LLC added 862,461 shares (+393.2%) to their portfolio in Q1 2025, for an estimated $67,202,961

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$KMX Analyst Ratings

Wall Street analysts have issued reports on $KMX in the last several months. We have seen 3 firms issue buy ratings on the stock, and 1 firms issue sell ratings.

Here are some recent analyst ratings:

RBC Capital issued a "Underperform" rating on 04/21/2025
Wedbush issued a "Outperform" rating on 04/21/2025
Needham issued a "Buy" rating on 04/11/2025
Stephens issued a "Overweight" rating on 03/26/2025

To track analyst ratings and price targets for $KMX, check out Quiver Quantitative's $KMX forecast page.

$KMX Price Targets

Multiple analysts have issued price targets for $KMX recently. We have seen 3 analysts offer price targets for $KMX in the last 6 months, with a median target of $92.0.

Here are some recent targets:

Chris Pierce from Needham set a target price of $92.0 on 04/11/2025
Steven Shemesh from RBC Capital set a target price of $103.0 on 12/20/2024
Scot Ciccarelli from Truist Financial set a target price of $88.0 on 12/19/2024

Full Release

Richmond, VA, June 04, 2025 (GLOBE NEWSWIRE) -- CarMax, Inc . (NYSE: KMX), the nation’s largest retailer of used cars, today announced a series of strategic initiatives designed to enhance the used electric vehicle (EV) buying experience for consumers. CarMax is partnering with innovative companies to introduce an advanced battery health assessment tool and provide access to a $200 credit for installation of certain in-home chargers for CarMax customers. In addition, the company has launched the CarMax EV Hub as an online educational resource, along with a badge on CarMax.com that highlights vehicles that may qualify for the federal used EV tax credit. Through these efforts, CarMax is empowering EV shoppers with information and making EV ownership more accessible.

“CarMax is committed to becoming the leader in the used EV sector as part of our strategy to deliver the most customer-centric experience in the industry. The new electric vehicle market has seen strong growth in recent years, and we expect that to drive increased activity in the used EV market as well. Our strategic partnerships and enhancements to CarMax.com are designed to empower consumers with all the tools and resources they need in their shopping journey, improving the used EV purchasing experience,” said Terence Rasmussen, VP of Business & Corporate Development at CarMax.

Launch of Used EV Research Hub
CarMax has launched an EV research hub to further support and educate consumers considering a used EV purchase. This comprehensive online resource offers a wealth of information on EV ownership, including detailed guides on what to consider when shopping for an EV and an online quiz to help customers determine if an EV is right for them.

The EV Hub complements the information and resources that CarMax’s subsidiary Edmunds provides, including proprietary EV testing methodologies such as the Edmunds EV Range Test, cost to drive estimates and an incentive finder.

Battery Health and In-home Charging
CarMax teamed up with Recurrent to provide new information on CarMax.com to address a key concern for used EV buyers: battery health. The online feature provides a battery range score on EVs in CarMax’s inventory and allows consumers to click through to Recurrent’s site to obtain the actual estimated battery range and full Recurrent Report, which provides a deeper understanding of a vehicle’s expected battery degradation, seasonal range, time-to-charge, and more.

Additionally, at its 250 stores nationwide, CarMax provides EV customers with information on how they can purchase and install a Level 2 home charger through Treehouse , a software-enabled installation platform for electrification projects. Incorporating home charging into the EV exploration process helps ease customer concerns around charging and range anxiety, giving them the opportunity to enjoy fast, cost effective, and easy charging right at home. Customers who purchase an EV from CarMax and choose Treehouse for installation will also receive a one-time $200 installation credit from Treehouse.

Added Terence Rasmussen, “Our partnerships with Recurrent and Treehouse demonstrate our commitment to the EV market. We’re not just offering these services to our customers; CarMax has also invested in both companies.”

Badge for Used EV Tax Credit Eligibility
CarMax also introduced a badge on CarMax.com that flags which vehicles within its nationwide inventory may be eligible for the used EV tax credit of up to $4,000. This feature aims to simplify the shopping experience for consumers by clearly identifying vehicles that may qualify for this incentive. Consumers can find additional information about the federal used EV tax credit, including buyer eligibility requirements, on the CarMax EV Hub.

About CarMax
CarMax , the nation’s largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year that ended February 28, 2025, CarMax sold approximately 790,000 used vehicles and 540,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $8 billion in receivables during fiscal 2025, adding to its nearly $18 billion portfolio. CarMax has 250 store locations, over 30,000 associates, and is proud to have been recognized for 21 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to helping its communities thrive and reducing the environmental footprint of its operations. Learn more in the 2025 Responsibility Report . For more information, visit www.carmax.com .

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