Carmax's Turnaround is a Work in Progress, but Insiders are Buying Anyway

CarMax insiders loaded up on shares after a quarterly earnings report that showed the used-car dealer's turnaround remains a work in progress.

The first purchase was by director Peter Bensen on June 22. Bensen snapped up 2,500 shares for $52.20 apiece -- $130,500 in total. The transaction brought his direct holdings to 24,796 shares, which were valued at $1.3 million based on Wednesday's closing price of $51.82.

On June 24, director Mark O'Neil purchased 9,600 shares at $52.36 a share -- split between a direct purchase and an acquisition through a family trust. After these transactions, his total holdings include 29,490 shares held directly and4,800 shares through the trust. His spouse owns 16,684 shares.

Directors Sona Chawla and Marcella Shinder bought stock on June 25. Chawla purchased 2,000 shares for $53.39 each and Shinder picked up 574 shares for $52.01 apiece. After these transactions, their direct holdings stood at 21,702 and 24,993 shares, respectively.

CarMax stock dropped nearly 9% after its earnings report on June 17, but swiftly rebounded the next session. The report left investors conflicted: lower prices helped CarMax sell more vehicles in the quarter. but also pressured margins and weighed on profits.

Shares have rallied 30% this year, outpacing a 22% gain for the S&P Small Cap 600 index, which CarMax is in. This momentum comes as the auto retailer executes a sweeping turnaround plan under its new chief executive.

CEO Keith Barr, who assumed the role in March, told analysts last month that the company's core operations weren't fast and efficient enough, and that costs remained too high. "We know exactly what needs to change, and we are moving forward with urgency," Barr said.

Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members -- so-called insiders -- as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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July 02, 2026 12:43 ET (16:43 GMT)

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