CarMax has announced the elimination of 145 corporate positions. This marks the third round of layoffs at the company within the last 11 months. Previously, the retailer reduced its workforce by 350 roles in October 2025 and by 230 positions in January. These are the first personnel cuts implemented under the leadership of CEO Keith Barr.
Keith Barr assumed the role of CEO in March with a mandate to drive growth amid market challenges, including high vehicle prices, rising interest rates, and increased fuel costs. During a June earnings call, Barr emphasized his focus on streamlining the digital car shopping experience, noting that existing processes created friction and hindered the company's operational scale.
Financially, CarMax reported a 6.2% increase in net revenues to $8 billion in the most recent quarter. The company is scheduled to release its next financial results on September 29. Meanwhile, competitor Carvana reported a 38% year-over-year increase in retail units sold during its second quarter, citing improvements in logistics and vehicle reconditioning processes.
