CarMax Unveils New Leadership Team

CarMax, Inc. has made significant changes to its leadership team in an effort to enhance its business operations. David McCreight, a current member of the Board of Directors, has been appointed as the Interim President and Chief Executive Officer. At the same time, Tom Folliard, who has extensive experience at CarMax, becomes the Interim Executive Chair of the Board.

Bill Nash, the outgoing Chief Executive Officer, will step down from both his leadership position and his role on the Board. This leadership transition takes effect on December 1, 2025. A search for a permanent CEO is already underway, facilitated by professional search firm Russell Reynolds Associates, under the guidance of the Compensation and Personnel Committee, with Folliard’s support.

Understanding the Leadership Changes

Folliard commented on the need for these changes, citing recent performance challenges. He noted, “CarMax is the nation’s largest used car retailer because we have built a business that customers trust. However, our recent results do not reflect that potential.”

McCreight expressed his commitment to guiding the company during this transitional phase. “I am honored to serve as the Interim CEO at a critical point in CarMax’s history,” he stated.

Preliminary Financial Outlook

In conjunction with these leadership updates, CarMax released a preliminary financial outlook for the third fiscal quarter, which ends November 30, 2025. Key financial indicators include:

• Comparable store used unit sales expected to decline by 8%-12%
• Net earnings per diluted share projected between $0.18 and $0.36, including non-recurring expenses of approximately $0.09

This shift comes amidst several challenges, such as decreased retail unit sales, significant depreciation in the wholesale market, and an uptick in marketing expenditures as CarMax launches a new branding strategy.

About the New Leaders

David McCreight

With more than 20 years of experience, McCreight has held leadership roles at various prominent retail brands. His previous positions include CEO of Anthropologie from 2011 to 2018, where he transformed the brand into a best-in-class omni-channel platform. He joined the CarMax Board in 2018.

Tom Folliard

Folliard has been integral to CarMax since 1993, serving as CEO from 2006 to 2016. His extensive background within the company positions him well as Interim Executive Chair during this transitional period. He also serves as Non-Executive Chairman of the Board at PulteGroup, Inc.

About CarMax

CarMax is recognized as the largest retailer of used cars in the United States. The company is known for driving transparency and integrity in automotive retail. In the fiscal year ending February 28, 2025, CarMax sold approximately 790,000 used vehicles and 540,000 wholesale vehicles. With over 250 locations and a robust workforce, CarMax remains dedicated to enhancing customer experience and community involvement.

As the company navigates these changes, full fiscal results for the third quarter of 2026 are scheduled to be reported on December 18, 2025.