CARMAX INC
For the period ended Feb 28, 2026. Filed Apr 15, 2026.
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FY2026 · Filed Apr 15, 2026
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Item 2. Properties
We conduct our retail vehicle operations primarily in two formats – production and non-production stores. Production stores are those locations at which vehicle reconditioning is performed. Production stores have more service bays and require additional space for reconditioning activities and, therefore, are generally larger than non-production stores. In determining whether to construct a production or a non-production store on a given site, we take several factors into account, including the anticipated long-term regional reconditioning needs and the available acreage of the sites in that market. As a result, some stores that are constructed to accommodate reconditioning activities may initially be operated as non-production stores until we expand our presence in that market. In addition, some of our stores operate under a small format cross-functional operating model, which typically has a smaller footprint. While these stores are primarily located in small Metropolitan Statistical Areas of less than 600,000 people, they are also used as fill-in locations in larger markets.
USED CAR STORESBY FORMAT AS OF FEBRUARY 28, 2026
| Production Stores | Non-production Stores | |
|---|---|---|
| Store count | 111 | 145 |
| Store location size | generally 10 - 25 acres | generally 4 - 12 acres |
| Small format stores | 6 | 68 |
USED CAR STORESBY STATE AS OF FEBRUARY 28, 2026
| State · Count · State · Count | ||||
|---|---|---|---|---|
| Alabama | 6 | Mississippi | 3 | |
| Arizona | 5 | Missouri | 4 | |
| Arkansas | 1 | Nebraska | 1 | |
| California | 34 | Nevada | 4 | |
| Colorado | 6 | New Hampshire | 1 | |
| Connecticut | 3 | New Jersey | 6 | |
| Delaware | 1 | New Mexico | 2 | |
| Florida | 24 | New York | 5 | |
| Georgia | 12 | North Carolina | 13 | |
| Idaho | 1 | Ohio | 6 | |
| Illinois | 11 | Oklahoma | 3 | |
| Indiana | 4 | Oregon | 3 | |
| Iowa | 1 | Pennsylvania | 5 | |
| Kansas | 2 | Rhode Island | 1 | |
| Kentucky | 3 | South Carolina | 4 | |
| Louisiana | 5 | Tennessee | 10 | |
| Maine | 1 | Texas | 27 | |
| Maryland | 8 | Utah | 1 | |
| Massachusetts | 4 | Virginia | 12 | |
| Michigan | 1 | Washington | 6 | |
| Minnesota | 2 | Wisconsin | 4 | |
| Total | 256 | |||
Of the 256 used car stores open as of February 28, 2026, 171 were located on owned sites and 85 were located on leased sites. The leases are classified as follows:
| Land-only leases | 29 |
|---|---|
| Land and building leases | 56 |
| Total leased sites | 85 |
In addition to our stores, we operate two stand-alone reconditioning facilities, one stand-alone auction facility and four stand-alone reconditioning/auction centers. These locations are used to balance capacity at our stores and drive efficiencies across our network. Of the seven stand-alone reconditioning and auction facilities open as of February 28, 2026, six were located on owned sites and one was located on a leased site.
As of February 28, 2026, we leased our CAF office building in Atlanta, Georgia. We also lease other ancillary properties to support our corporate and store operations. We own our home office building in Richmond, Virginia and land associated with planned future locations.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.