CarMax vs Carvana: Founders, CEOs and History
CarMax was founded in 1993 by Richard L. Sharp, Austin Ligon and is led by Keith Barr. Carvana was founded in 2012 by Ernest Garcia III, Ryan Keeton, Ben Huston and is led by Ernest Garcia III.
Company facts
Founders
CarMax
Richard L. Sharp
Richard L. Sharp was the Circuit City chief executive who conceived CarMax as an internal venture.
Austin Ligon
Austin Ligon led the Circuit City team that designed CarMax and ran the company from its 1993 launch in Richmond, Virginia until 2006.
Carvana
Ernest Garcia III
Carvana was founded in 2012 by Ernest Garcia III (Ernie), Ryan Keeton, and Ben Huston, but its origins are controversially intertwined with a legacy used car operation: DriveTime Automotive Group.
Ryan Keeton
Ryan Keeton is the Co-Founder and Chief Brand Officer of Carvana Co., a marketer who recognized that the automotive industry was ripe for disruption and played a critical role in shaping Carvana customer-centric brand identity and creating a different way to b…
Ben Huston
Ben Huston is the Co-Founder of Carvana Co., an operational whose background in operations and supply chain management was essential in translating the founders e-commerce vision into a physical reality and creating an efficient logistics network that reduces…
CEOs and their tenures
CarMax
- Austin Ligon1993–2006
Founding Chief Executive Officer
Ligon led Project X and ran CarMax from its 1993 launch through the 2002 spin-off until 2006.
Source - Tom Folliard2006–2016
Former President and Chief Executive Officer
Folliard, one of CarMax's first buyers, served as CEO from 2006 to 2016 and steered the company through the 2008-2009 financial crisis.
Source - Bill Nash2016–2025
Former President and Chief Executive Officer
Nash, who joined CarMax in 1997, led the company from 2016 to 2025 through the omnichannel rollout, the Edmunds acquisition, and the pandemic used-car cycle.
Source - David McCreight2025–2026
Former Interim President and Chief Executive Officer
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.
Source - Keith Barr2026–present
President and Chief Executive Officer
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%.
Source
Carvana
- Ernest Garcia III2012–present
Co-Founder, Chairman, President and CEO
Founded Carvana inside DriveTime in 2012, took it public in 2017 and led the 2022-2023 restructuring that shifted the company to profitable growth.
Source - Ben Huston2012–present
Co-Founder and Chief Operating Officer
Runs operations including reconditioning and logistics.
Source - Ryan Keeton2012–present
Co-Founder and Chief Brand Officer
Leads brand and marketing, including the car vending machine concept.
Source - Mark Jenkins2014–present
Chief Financial Officer
Oversees finance, capital markets and loan sales, including the 2023 debt exchange that extended maturities.
Source
Timeline: CarMax and Carvana side by side
1991CarMax
Project X Conceived at Circuit City
Circuit City CEO Richard L. Sharp conceives 'Project X' to apply big-box retail practices to the used car industry. Austin Ligon is appointed to lead the project, beginning 18 months of planning and development.
1993CarMax
First CarMax Superstore Opens
CarMax opens its first store in Richmond, Virginia in September 1993, introducing posted no-haggle prices, flat per-car sales pay, inspected vehicles, and computer kiosks for searching inventory.
1996CarMax
Multi-Market Expansion Begins
CarMax begins expanding beyond Richmond, opening additional superstores in the Southeast with standardized appraisal and reconditioning processes. The company establishes the operational playbook for national scaling.
1997CarMax
CarMax Tracking Stock Listed
Circuit City issues a tracking stock for its CarMax Group, giving public investors exposure to CarMax's growth while it remains part of Circuit City.
2002CarMax
Spin-Off from Circuit City
CarMax is separated from Circuit City through a tax-free transaction on October 1, 2002, becoming an independent, publicly traded company on the NYSE under ticker symbol 'KMX.' The spin-off allows focused management of the used vehicle business.
2005CarMax
Steady Expansion and CAF Growth
CarMax continues steady store openings and expands its product mix, including extended protection plans, while CarMax Auto Finance becomes a major profit contributor.
2008CarMax
Financial Crisis Navigation
CarMax navigates the global financial crisis by tightening CAF underwriting standards, reducing inventory exposure, and maintaining liquidity. The company emerges with increased market share as weaker competitors fail.
2012Carvana
Carvana Founded as DriveTime Subsidiary
Ernest Garcia III, Ryan Keeton and Ben Huston started Carvana as a project inside DriveTime Automotive Group to test selling used cars fully online.
2013CarMax
Digital Investment
CarMax invests in e-commerce and mobile shopping tools as online research becomes central to used-car buying.
2013Carvana
Carvana launches in Atlanta
Carvana began selling cars online in Atlanta, its first market.
2015Carvana
First coin-operated vending machine
Carvana opened its first coin-operated car vending machine in Nashville, Tennessee.
2017CarMax
Omnichannel Pilot
CarMax pilots omnichannel features including online reservations, financing pre-qualification, and home delivery, laying groundwork for its nationwide omni rollout.
2017Carvana
IPO on NYSE
Carvana priced its IPO at $15 per share in April 2017 and listed on the NYSE under the ticker CVNA.
2020CarMax
COVID-19 Digital Acceleration
The COVID-19 pandemic accelerates CarMax's digital transformation, with the company scaling home delivery, curbside pickup, and end-to-end online purchases to meet consumer demand for contactless transactions.
2021CarMax
Edmunds Acquisition
CarMax acquires the remaining interest in Edmunds Holding Company, valuing the car-research site at about $404 million, to strengthen its digital shopping and appraisal tools.
2021Carvana
Pandemic boom and peak valuation
Revenue reached $12.8 billion as online car buying surged, and Carvana shares hit an all-time high in August 2021.
2022Carvana
ADESA U.S. acquisition
Carvana closed its $2.2 billion purchase of ADESA's U.S. auction business in May 2022 as the used-car market turned.
2023CarMax
Revenue Peak at $29.68 Billion
CarMax reports fiscal 2023 revenue of $29.68 billion, its peak to date, before higher interest rates and affordability pressure weigh on used-vehicle demand.
2023Carvana
Survival and Restructuring
After shares fell about 98% from their peak in 2022, Carvana completed a debt exchange in 2023 that reduced debt and pushed out maturities, and returned to profitability with $150 million net income.
2024CarMax
Cost Discipline and Margin Focus
With revenue below the fiscal 2023 peak, CarMax focuses on margin protection, CAF underwriting discipline, and selective store growth.
2024Carvana
Return to Record Profitability
Carvana earned $404 million in net income on $13.673 billion revenue as retail units grew again.
2025CarMax
CEO Bill Nash Departs; CAF Expands Credit Spectrum
Bill Nash's nine-year tenure as CEO ends in late 2025, with board member David McCreight serving as interim CEO. CAF expands into Tier 2 and Tier 3 lending and completes a $900 million non-prime securitization in Q3 fiscal 2026.
2025Carvana
Record Revenue and Net Income
The company processed 596,641 retail units, generating $20.322 billion in revenue and a record $1.895 billion in net income, achieving a 9.3% net income margin, a very large recovery that demonstrates the company ability to generate free cash flow and maintain…
2026CarMax
Keith Barr Becomes CEO
Keith Barr becomes President and CEO effective March 16, 2026, succeeding interim CEO David McCreight.
2026CarMax
FY2026 Revenue Falls to $25.881 Billion
CarMax reports fiscal 2026 revenue of $25.88 billion (down 1.8%) and net earnings of $247.3 million (down 50.6%), including a $141.3 million goodwill impairment.
2026CarMax
Shift into GEAR Drives Q2 FY2027 Rebound
CarMax reports Q2 fiscal 2027 revenue of $7.9 billion (up 19.5%), retail used units up 13.8%, and EPS of $1.16 (up 81.3%), and announces plans to resume share repurchases.
2026Carvana
Record quarters
Q2 2026 revenue reached a record $7.376 billion on 197,325 retail units, up 52% and 38% year over year.
Acquisitions
Questions about CarMax vs Carvana
Who is the CEO of CarMax, Inc. and Carvana Co.?
CarMax, Inc. is led by Keith Barr and Carvana Co. is led by Ernest Garcia III. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was CarMax, Inc. founded vs Carvana Co.?
CarMax, Inc. was founded in 1993 — 19 years before Carvana Co., which was founded in 2012. CarMax, Inc.'s longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Carvana Co..
How many employees does CarMax, Inc. have compared to Carvana Co.?
CarMax, Inc. employs approximately 27,796 people, while Carvana Co. employs approximately 23,100. CarMax, Inc. has the larger workforce at 27,796 employees, compared to Carvana Co.'s 23,100. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are CarMax, Inc. and Carvana Co. headquartered?
Both CarMax, Inc. and Carvana Co. are headquartered in United States, meaning they operate under the same primary regulatory and tax environment.
Who founded CarMax, Inc. and Carvana Co.?
CarMax, Inc. was founded by Richard L. Sharp, Austin Ligon. Carvana Co. was founded by Ernest Garcia III, Ryan Keeton, Ben Huston.
Which company has a longer operating history — CarMax, Inc. or Carvana Co.?
CarMax, Inc. has been operating for approximately 33 years, making it the more established of the two companies. Carvana Co. has been in operation for around 14 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the CarMax vs Carvana overview