Overview
- CarMax said Bill Nash will step down as CEO on Dec. 1 after nearly a decade in the role.
- Board member David McCreight will serve as interim CEO, and chair Tom Folliard will take an expanded role as interim executive chair.
- The company projected comparable‑store used unit sales down 8%–12% and earnings of $0.18–$0.36 per share, including about $0.09 in non‑recurring costs tied to leadership changes and workforce reductions.
- Shares fell roughly 10%–12% in early trading following the announcement, and the stock is down about 50% year to date.
- Management cited softer retail demand, pressure from earlier high vehicle acquisition costs, and tighter auto credit; analysts moved to cut ratings and targets, and full Q3 results are due Dec. 18.