$11.1 Million Exit After a 39% Slide Signals a Hard Reset on This Auto Retailer

CarMax operates a nationwide network of used vehicle retail stores, offering financing and ancillary services to U.S. consumers.On January 22, Courant Investment Management disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold out its entire position in CarMax (KMX 3.22%), with the estimated transaction value at $11.11 million.What happenedAccording to a SEC filing dated January 22, Courant Investment Management sold its entire stake of 247,520 CarMax shares. The position’s quarte ...