CarMax
29 named things its latest annual report says its results depend on, each in the company's own words. 7 of them are also named by other companies we've read.
Suppliers
Assurant, Inc.
depends on · approximately 52% of the customers who purchased a retail used vehicle also purchased an ESPnamed as a riskAs of February 28, 2026, our third-party ESP providers included Assurant, Inc., CNA National Warranty Corporation and Fidelity Warranty Services, Inc.Business (Item 1)
Safe-Guard Products International LLC
depends on · approximately 16% purchased GAPnamed as a riskOur third-party GAP provider as of February 28, 2026, was Safe-Guard Products International LLC.Business (Item 1)
CNA National Warranty Corporation
depends onnamed as a riskAs of February 28, 2026, our third-party ESP providers included Assurant, Inc., CNA National Warranty Corporation and Fidelity Warranty Services, Inc.Business (Item 1)
Fidelity Warranty Services, Inc.
depends onnamed as a riskAs of February 28, 2026, our third-party ESP providers included Assurant, Inc., CNA National Warranty Corporation and Fidelity Warranty Services, Inc.Business (Item 1)
Third-party auctions
depends onnamed as a riskOur ability to source vehicles from third-party auctions could be affected by an increase in the number of closed auctions that are open only to new car dealers who have franchise relationships with automotive manufacturers.Risk factors (Item 1A)
Partners and platforms
Bank of America
depends onnamed as a riskAs of February 28, 2026, our network of third-party finance providers included Ally Financial, American Credit Acceptance, Bank of America, Capital One Auto Finance, Exeter Finance Corp., Santander Consumer USA and Westlake Financial Services.Business (Item 1)
Ally Financial
depends onnamed as a riskAs of February 28, 2026, our network of third-party finance providers included Ally Financial, American Credit Acceptance, Bank of America, Capital One Auto Finance, Exeter Finance Corp., Santander Consumer USA and Westlake Financial Services.Business (Item 1)
American Credit Acceptance
depends onnamed as a riskAs of February 28, 2026, our network of third-party finance providers included Ally Financial, American Credit Acceptance, Bank of America, Capital One Auto Finance, Exeter Finance Corp., Santander Consumer USA and Westlake Financial Services.Business (Item 1)
Capital One Auto Finance
depends onnamed as a riskAs of February 28, 2026, our network of third-party finance providers included Ally Financial, American Credit Acceptance, Bank of America, Capital One Auto Finance, Exeter Finance Corp., Santander Consumer USA and Westlake Financial Services.Business (Item 1)
Exeter Finance Corp.
depends onnamed as a riskAs of February 28, 2026, our network of third-party finance providers included Ally Financial, American Credit Acceptance, Bank of America, Capital One Auto Finance, Exeter Finance Corp., Santander Consumer USA and Westlake Financial Services.Business (Item 1)
Santander Consumer USA
depends onnamed as a riskAs of February 28, 2026, our network of third-party finance providers included Ally Financial, American Credit Acceptance, Bank of America, Capital One Auto Finance, Exeter Finance Corp., Santander Consumer USA and Westlake Financial Services.Business (Item 1)
Westlake Financial Services
depends onnamed as a riskAs of February 28, 2026, our network of third-party finance providers included Ally Financial, American Credit Acceptance, Bank of America, Capital One Auto Finance, Exeter Finance Corp., Santander Consumer USA and Westlake Financial Services.Business (Item 1)
Other companies
CarMax Auto Finance auto loan portfolio
insures or lends to · $16.37 billion portfolio of auto loansnamed as a riskWe are also one of the nation’s largest operators of wholesale vehicle auctions, with 538,203 vehicles sold during fiscal 2026, and one of the nation’s largest providers of used vehicle financing, servicing approximately 1.0 million customer accounts in our $16.37 billion portfolio of auto loans as of February 28, 2026.Business (Item 1)
Non-recourse notes payable
exposed to its price · approximately $0.17named as a riskAbsent any additional actions by the company to further mitigate risk, a 100-basis point increase in market interest rates associated with non-recourse funding vehicles would have decreased our fiscal 2026 net earnings per share by approximately $0.17.Market risk (Item 7A)
Asset-backed securitization market
depends onnamed as a riskWe use a securitization program to fund the majority of the auto loans originated by CAF.Risk factors (Item 1A)
Automotive manufacturer recalls
named as a riskBecause we do not have manufacturer authorization to complete recall-related repairs, some vehicles we sell may have unrepaired safety recalls.Risk factors (Item 1A)
Edmunds
We leverage the Edmunds sales team to open new markets and sign-up new dealers for MaxOffer.Business (Item 1)
Competitors
Franchised dealers
competes with · over 18,000 franchised dealersnamed as a riskAccording to industry sources, as of December 31, 2025, there were over 18,000 franchised dealers in the U.S., who sell the majority of late-model used vehicles.Business (Item 1)
Places
California
concentrated in · a large portion of our salesnamed as a riskSince a large portion of our sales is generated in the Southeastern U.S., California, Texas and Washington, D.C./Baltimore, our results of operations depend substantially on general economic conditions and consumer spending habits in these markets.Risk factors (Item 1A)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Texas
concentrated in · a large portion of our salesnamed as a riskSince a large portion of our sales is generated in the Southeastern U.S., California, Texas and Washington, D.C./Baltimore, our results of operations depend substantially on general economic conditions and consumer spending habits in these markets.Risk factors (Item 1A)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
Southeastern U.S.
concentrated in · a large portion of our salesnamed as a riskSince a large portion of our sales is generated in the Southeastern U.S., California, Texas and Washington, D.C./Baltimore, our results of operations depend substantially on general economic conditions and consumer spending habits in these markets.Risk factors (Item 1A)
Washington, D.C./Baltimore
concentrated in · a large portion of our salesnamed as a riskSince a large portion of our sales is generated in the Southeastern U.S., California, Texas and Washington, D.C./Baltimore, our results of operations depend substantially on general economic conditions and consumer spending habits in these markets.Risk factors (Item 1A)
Hazards
Severe weather events
named as a riskThe occurrence of severe weather events, such as rain, flooding, hail, snow, wind, storms, hurricanes, extended periods of unusually cold weather or natural disasters, including wildfires, could cause store closures or affect the timing of consumer demand, either of which could adversely affect consumer traffic and could have a material adverse effect on our sales and results of operations in a given period.Risk factors (Item 1A)
Commodities and inputs
SOFR
exposed to its price · approximately $0.04named as a riskSubstantially all of these borrowings are variable-rate debt based on SOFR.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Used vehicle prices
exposed to its pricenamed as a riskIn addition, any significant changes in retail or wholesale prices for used vehicles could have a material adverse effect on our results of operations by reducing margins.Risk factors (Item 1A)
Automotive parts
depends onnamed as a riskA reduction in the availability of, or access to, sources of inventory, including parts used to recondition inventory, could have a material adverse effect on our business, sales and results of operations.Risk factors (Item 1A)
Regulators
Consumer Financial Protection Bureau
subject tonamed as a riskOur activities are subject to oversight by the Federal Trade Commission and other federal and state regulators, and our financing activities are also subject to the supervisory authority of the Consumer Financial Protection Bureau.Business (Item 1)
Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more
Federal Trade Commission
subject tonamed as a riskOur activities are subject to oversight by the Federal Trade Commission and other federal and state regulators, and our financing activities are also subject to the supervisory authority of the Consumer Financial Protection Bureau.Business (Item 1)
Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more
Laws and programs
U.S. tariffs on automotive parts, vehicles and steel
subject tonamed as a riskFor example, tariffs impacting the availability and price of automotive parts, vehicles, or steel used in constructing new locations, and uncertainties regarding the ability to obtain refunds for previously paid tariffs that have subsequently been invalidated could also adversely impact our business.Risk factors (Item 1A)