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  "documentTitle": "CarMax Inc. (KMX)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
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  "presentationDate": "2026-03-10 00:00:00",
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      "text": "When buying, fixing, and selling are executed well, the model creates a powerful flywheel in which higher volumes drive lower unit costs, enabling more competitive pricing and further share gains.",
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      "text": "At its core, CarMax's model is straightforward: the Company buys cars, reconditions them, sells them, and supports those activities by providing financing, warranties, and related services. When buying, fixing, and selling are executed well, the model creates a powerful flywheel in which higher volumes drive lower unit costs, enabling more competitive pricing and further share gains.",
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      "text": "March 10, 2026. Letter addressed to Keith Barr, incoming CEO of CarMax, from Starboard Value.",
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      "text": "One of CarMax's most important structural advantages is its ability to source inventory directly from consumers. Specifically, ~90% of CarMax's vehicle acquisitions come from",
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      "text": "Starboard Value LP is one of the largest shareholders of CarMax, with approximately a $350 million investment. We believe CarMax is well positioned with a differentiated omnichannel model, but recent performance has fallen short of potential.",
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      "text": "Company filings, as of March 10th, 2026.",
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      "text": "Omnichannel Front-End Buying Experience",
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