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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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  "notes": "This is a page from a shareholder letter (likely Starboard Value) identifying specific areas for improvement at CarMax.",
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      "text": "We believe there is an ample amount of low hanging fruit; so much fruit that it may even be touching the ground.",
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      "kind": "paragraph",
      "text": "On the selling side, we believe the core issue is execution rather than brand strength... We are confident based on your background and experience that the digital experience can be transformed into a massive advantage.",
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      "kind": "paragraph",
      "text": "We believe a more dynamic pricing framework is required. Historically, CarMax managed toward relatively stable gross profit per unit targets... The better the digital experience, the less pricing becomes the differentiator.",
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      "kind": "paragraph",
      "text": "As for the substantial near-term opportunity, our diligence suggests that meaningful portions of in-store reconditioning remain manual... could exceed $300 in per-unit savings.",
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      "kind": "source-note",
      "text": "2 Starboard estimates. All estimates are based on information obtained from sources believed to be reliable and incorporate certain assumptions. Such information and assumptions could prove to be inaccurate. 3 Wall Street research.",
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      "kind": "title",
      "text": "Selling and Customer Experience",
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      "text": "Pricing Discipline",
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