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CarMax Inc. (KMX) · page 6 of 6

This is a formal letter from an activist investor to a newly appointed CEO.

Shareholder letter · closing_ask · closing_ask · balanced density

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Flywheel slide · 90%

We are confident that improvements across buying, reconditioning, selling, pricing, and SG&A can reactivate the Company’s scale flywheel.
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flywheel 90%

Mention of 'scale flywheel' as a mechanism for improvement.