Why Is CarMax Stock Gaining Wednesday? - CarMax (NYSE:KMX)

Investor Starboard Sees CarMax Upside as Barr Takes Helm

Starboard Value has amassed a stake of about $350 million in CarMax and sees an opportunity to accelerate the used car retailer’s turnaround under incoming CEO Keith Barr.

CarMax Issues Statement on Engagement With Starboard Value

RICHMOND, Va.--(BUSINESS WIRE)--Mar 11, 2026-

Why Is CarMax Stock Gaining Wednesday? - CarMax (NYSE:KMX)

CarMax Inc. (NYSE:KMX) shares rose Wednesday after activist investor Starboard Value LP pushed for board changes and operational improvements. The hedge fund urged the used-car retailer to tighten costs and improve execution as it prepares for leadership changes. Activist Pressure Builds Starboard argued that the company’s operating model holds stronger potential than recent performance suggests. The investor group also nominated two directors f…

CarMax rises after activist investor Starboard takes $350 million stake

CarMax climbed more than 7% in premarket trading on Wednesday....

Starboard takes Stake in CarMax and nominates two directors

Activist hedge fund Starboard Value has built a significant position in CarMax and nominated two directors to the company’s board as it pushes for operational and strategic changes, according to a report by Reuters. The report cites an unnamed source familiar with the matter as revealing that Starboard holds roughly $350m worth of CarMax shares and has put forward Jeffrey Smith and Bill Cobb for board seats. The used-car retailer currently has n…