CarMax, Inc. (KMX) Turns to Pricing and Marketing Actions to Revitalize Sales (Corrected)

Group 1 - CarMax Inc. is recognized as one of the best used-car stocks to buy, according to hedge funds, as it aims to repair its business through increased advertising spending [1] - The company is facing a significant sales slump that has resulted in a nearly 50% reduction in its market value [1] - Interim CEO David McCreight expressed optimism about immediate pricing and marketing actions to improve sales performance, although these actions may pressure earnings in the near term [2] Group 2 - CarMax is targeting $150 million in cost cuts, primarily focusing on general and administrative expenses, which will include layoffs affecting nearly a third of its workforce [2] - Truist Securities raised its price target for CarMax to $37 from $35, maintaining a Hold rating, in response to third-quarter results that met estimates [3] - The company operates as the largest U.S. used vehicle retailer with over 250 locations and a "no-haggle" pricing model, specializing in certified used cars, financing, and direct consumer purchases [4]