Business
CarMax stock falls 24% as CEO steps down, used car retailer releases weak outlook
A CarMax dealership in Santa Rosa, California, on April 11, 2023.
Justin Sullivan | Getty Images
DETROIT – Shares of CarMax Inc. fell 24% trading Thursday after the used car retailer announced a weak preliminary outlook for its current fiscal quarter and said CEO Bill Nash would be unexpectedly stepping down.
The preliminary outlook for its third fiscal quarter includes an 8% to 12% decrease in comparable store used unit sales and net earnings per diluted share of between 18 cents and 36 cents, including 9 cents in non-recurring expenses related primarily to the leadership shakeup and other workforce reductions.
Regarding its CEO, the company said board member David McCreight, a retail clothing executive who has served as CEO of Lulu’s Fashion Lounge Holdings and president of Urban Outfitters Inc., will replace Nash on an interim basis until a permanent replacement has been found.
CarMax also said Chair Tom Folliard, an executive with a 30-year history with the company, including as CEO from 2006 to 2016, has been appointed interim executive chair.
“The Board has decided that more direct involvement from David and me will help strengthen the business in this transitional period. During this time, we are focused on driving sales, enhancing profitability and reducing cost,” Folliard said in a release, adding that the company’s recent results “do not reflect that potential and change is needed.”
Auto dealer stocks
The announced changes are effective Dec. 1, according to CarMax.
In connection to the announced changes and outlook, William Blair downgraded CarMax stock to market perform from outperform.
CarMax has struggled this year, with its stock price down roughly 50% in 2025. That compares with other car retailer stocks being up double digits, including a 52% increase this year for online used car retailer Carvana.
Nash on CarMax’s most recent quarterly earnings call in September admitted that results that “fell short” of the company’s expectations, as well as Wall Street’s. The results included notable declines in nearly all key earnings including sales, net earnings and gross profit.
Those September results led to a significant decline in shares of the company and negative analyst reactions, including a $24 price cut by Morgan Stanley.
CarMax is scheduled to report its current fiscal quarter results on Dec. 18.
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MUMBAI: Serious Fraud Investigation Office (SFIO) has opened a formal probe into IndusInd Bank after a Dec 23, 2025 letter triggered an investigation under the Companies Act, 2013, over accounting lapses tied to internal derivative trades.In a filing, the bank said SFIO, under the MCA, seeks information after the lender flagged on June 2 issues spanning internal derivatives, unsubstantiated “other assets/liabilities”, and microfinance interest/fee income. It disclosed the update on Dec 18, pledged full cooperation, and posted details on its website.Derivatives irregularities have hit P&L by about Rs 1,960 crore as of March 31, 2025, eroding reported net worth by roughly 2.3% as of Dec 2024. Earlier profits were overstated as notional gains flowed into P&L while losses sat parked as assets, inflating NII and earnings quality. The derivatives irregularities saw several members of the senior management stepping down with the board bringing in Rajiv Anand from Axis Bank to head the private lender.The bank recognised the losses, absorbed pain in its FY25 earnings which tipped the bank into a Q4 FY25 net loss after one-off write-offs/provisions. Capital/net worth took a 2–2.5% post-tax hit, trimming buffers and nudging growth appetite and capital pricing.The derivatives loss resulted in the shares of the bank sliding as investors reassessed earnings credibility and governance. The scrutiny also sharpened on the board/management/audit committees, intensifying regulatory pressure and SFIO oversight.
MUMBAI: Navi Mumbai International Airport (NMIA) opens to commercial operations on Thursday after years of missed deadlines, opening a second gateway for air travel in the Mumbai region. The day will see four airlines operating about 30 domestic flights at India’s newest greenfield airport. The first scheduled arrival will be an IndiGo flight from Bengaluru, touching down at 8 am, while the first departure will also be operated by IndiGo, a morning service from Navi Mumbai to Hyderabad, scheduled to take off at 8.40 am. The terminal building will open to departure passengers around 6.40 am, said an NMIA spokesperson.“On Day One, domestic services will be operated by IndiGo, Air India Express, Akasa Air and Star Air connecting NMIA to nine destinations across India. The airport will handle 15 scheduled departures on the first day,” said an NMIA spokesperson.“During the initial phase, NMIA will operate between 8 am and 8 pm, with up to 24 scheduled daily departures to 13 destinations and the capability to manage up to 10 aircraft movements per hour. From Feb 2026, operations are planned to progressively scale up to round-the-clock services,” the spokesperson added. “Passenger services from day one will be supported by Digi Yatra-enabled contactless processing at designated touchpoints, along with trained terminal staff across kerbside, check-in, security and boarding areas,” the spokesperson said. Conventional check-in counters too will be available for passengers not opting for Digiyatra. Retail and food and beverage offerings have been curated with a focus on affordability and local preferences, the airport said.In its initial phase, NMIA opens with terminal 1 and one operational runway; the terminal building has a capacity to handle 20 million passengers annually, but it is expected to touch that number before mid-2026. The terminal building can accommodate about 2-3 million passengers beyond its declared capacity. The new airport is 45-50 km from North Mumbai, 35-40 km from South Mumbai and 35-45 km from the eastern suburbs.
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