CarMax CEO Walks Out, Earnings Tank—Wall Street Sounds The Alarm!

CarMax’s second quarter results for fiscal year 2026 reveal a mixed performance in a challenging market. The company reported total sales of $6.6 billion, down 6% compared to the previous year, mainly due to lower volume. Retail unit sales declined by 5.4%, while used unit comps fell by 6.3%. The average selling price decreased slightly to $26,000, reflecting a reduction of $250 per unit year-over-year. On the positive side, CarMax has articulated a focused strategy to enhance its omnichannel customer experience, prioritizing competitive pricing and selection to drive sales and market share. The launch of the “Wanna Drive?” brand campaign aims to boost consumer awareness and leverage CarMax’s unique selling propositions. Additionally, the company is committed to delivering incremental SG&A reductions of at least $150 million over the next 18 months to enhance operational efficiency.