5
Keith Barr
President and Chief Executive Officer
2026 – Present
0 years (current)
Legacy
Barr became CEO on March 16, 2026 and launched the 'Shift into GEAR' strategy; in Q2 fiscal 2027 retail units rose 13.8% and EPS rose 81.3%.
CarMax, Inc.
Automotive Retail / Used Vehicle Sales and Auto FinanceFounded 1993- HQ today: Richmond, Virginia
Reviewed by Swet Parvadiya
Company data updated: October 2026
Leadership History
CarMax: CEO History
5 leaders · 1993 to present
Who is the CEO of CarMax?
Keith Barr is the CEO of CarMax, in the role since 2026. The first chief executive was Austin Ligon, from 1993.
- Current CEO
- Keith Barr (since 2026)
- First CEO
- Austin Ligon (1993)
- Leaders documented
- 5
- Founded
- 1993
| Name | Role | From | To | Years in role |
|---|---|---|---|---|
| Keith Barr | President and Chief Executive Officer | 2026 | Present | < 1 |
| David McCreight | Former Interim President and Chief Executive Officer | 2025 | 2026 | 1 |
| Bill Nash | Former President and Chief Executive Officer | 2016 | 2025 | 9 |
| Tom Folliard | Former President and Chief Executive Officer | 2006 | 2016 | 10 |
| Austin Ligon | Founding Chief Executive Officer | 1993 | 2006 | 13 |
- Who was CEO of CarMax before Keith Barr?
- David McCreight was CEO of CarMax from 2025 to 2026, before Keith Barr took over in 2026.
Company Overview
CarMax fundamentally transformed the sleazy, high-pressure world of buying a used car in America. Before CarMax, buying a used car meant negotiating with a highly commissioned salesman in a plaid suit at an independent lot. CarMax disrupted this entirely by introducing a 'no-haggle, no-pressure' corporate retail model. With large, superstore lots across the country and a large online inventory, they applied the clean, standardized corporate efficiency of a Best Buy or Target to the chaotic used car industry, becoming the largest retailer of used cars in the US. The company is headquartered in Richmond, Virginia.
CarMax buys used vehicles from consumers (whether or not they buy a car), from dealers, and at auctions, reconditions the ones that meet its retail standard, and sells them at fixed prices online, in stores, or through a mix of both. Vehicles that do not meet the retail standard are sold to licensed dealers in CarMax's online wholesale auctions. On top of the vehicle margin, CarMax earns income from CarMax Auto Finance loans, fees from third-party lenders, and commissions on extended protection plans (EPP). In fiscal 2026, used vehicle sales were 80.0% of revenue, wholesale 17.4%, and other sales and revenues 2.6%; CAF contributed $562.7 million of income, reported separately from revenue.
4
David McCreight
Former Interim President and Chief Executive Officer
2025 – 2026
1 year
Legacy
McCreight, a CarMax board member, served as interim CEO between Bill Nash's departure in late 2025 and Keith Barr's start in March 2026.
3
Bill Nash
Former President and Chief Executive Officer
2016 – 2025
9 years
Key Decisions & Impact
Nash executed the massive transition to an omnichannel retail model, allowing customers to buy cars entirely online to combat upstarts like Carvana.
Legacy
As CEO, he navigated the extreme volatility of the post-pandemic used car market, maintaining profitability despite massive swings in wholesale vehicle prices.
2
Tom Folliard
Former President and Chief Executive Officer
2006 – 2016
10 years
Key Decisions & Impact
Folliard oversaw the aggressive national expansion of CarMax's physical footprint, effectively establishing it as the largest used car retailer in the United States.
Legacy
During his decade as CEO, he formalized the highly lucrative CarMax Auto Finance division, which became a massive, stable profit engine for the company.
1
Austin Ligon
Founding Chief Executive Officer
1993 – 2006
13 years
Key Decisions & Impact
Ligon orchestrated the critical 2002 spin-off of CarMax from Circuit City, allowing it to operate as an independent, publicly traded entity.
Legacy
As the founding CEO, he fundamentally disrupted the predatory used car industry by pioneering the 'no-haggle', fixed-price superstore model.
Challenges & Strategic Context
CarMax's core challenge is vehicle affordability: high used-car prices and auto-loan rates (CAF's weighted average contract rate was 11.2% in fiscal 2026) have kept unit sales well below the fiscal 2022-2023 pandemic-era peak. Fiscal 2026 retail used unit comps fell 2.0%, retail gross profit per unit slipped to $2,253 from $2,311, and SG&A rose to 87.4% of gross profit from 84.0%. Pushing CAF into Tier 2 and Tier 3 credit raises upfront loan-loss provisions (fiscal 2026 provision: $391.2 million vs. $334.7 million). Carvana's rapid growth since 2023 has intensified competition for online buyers, while franchise dealer groups and Manheim/ACV compete for inventory and wholesale volume. The leadership change, workforce reductions, and the goodwill write-off add execution risk to the turnaround.
CarMax CEO and Leadership FAQ
Who is the current CEO of CarMax?
Keith Barr has been President and CEO of CarMax since March 16, 2026. In his first two quarters he introduced the 'Shift into GEAR' strategy, and Q2 fiscal 2027 EPS rose 81.3%.
What career roles did Bill Nash hold within CarMax before becoming CEO?
Bill Nash joined CarMax in 1997 as auction manager and held progressively senior executive positions, including Vice President of Auction Operations, Vice President of Human Resources, and Executive Vice President of Human Resources and Administrative Services.
Who was Tom Folliard and what was his legacy as CarMax CEO?
Thomas J. Folliard served as CEO of CarMax from 2006 to 2016. Folliard joined CarMax as its first senior buyer in 1993, steered the company through the 2008 recession, doubled the nationwide store footprint, and retired as Chairman of the Board.
Who was Austin Ligon and what was his role in creating CarMax?
Austin Ligon was the founding CEO of CarMax, leading the company from its initial skunkworks inception inside Circuit City in 1993 through its 2002 independent public spin-off until his retirement in 2006, establishing CarMax's core retail operating model.
What major technology investments did Bill Nash oversee as CEO?
Bill Nash oversaw the nationwide omnichannel rollout and the 2021 acquisition of the remaining interest in Edmunds, which valued it at about $404 million.
How did CarMax leadership handle the severe used-car market volatility in 2021-2023?
Under Bill Nash, CarMax navigated the 2021-2022 used-car price spike and the following affordability squeeze; revenue peaked at $29.68 billion in fiscal 2023, then declined.
Who served as interim CEO of CarMax?
Board member David McCreight served as interim CEO after Bill Nash's tenure ended in late 2025 until Keith Barr started on March 16, 2026.
Is CarMax recognized as a good place to work?
CarMax says it has been named one of the Fortune 100 Best Companies to Work For for 22 consecutive years.
Who is the CEO of CarMax?
Bill Nash is the CEO, having spent over two decades at the company. He aggressively led the massive, billion-dollar digital transformation required to fight off the existential threat of Carvana.
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