CarMax Stock Jumps After Starboard Value Unveils $350 Million Position and Board Push

On March 11, 2026, CarMax shares climbed in premarket trading after activist fund Starboard Value disclosed a $350 million stake and put forward two nominees for the company's nine-member board. The stock, which had dropped about 43% over the prior year, rose roughly 6.79% to $45.00 after closing at $42.14 the previous day. Starboard is urging CarMax to speed up its digital transition, cut costs by an estimated $300 million, and adopt more dynamic pricing to improve profitability and competitiveness.