Core Insights - Makaira Partners LLC has completely divested its stake in CarMax, amounting to an estimated $18.3 million [1][2][3] - The divestment occurred during a period of significant downsizing for Makaira, with assets under management (AUM) decreasing by 41% quarter over quarter [3][6] Company Overview - CarMax is a leading U.S. retailer of used vehicles, operating over 230 stores and utilizing both physical and digital retail channels to enhance customer engagement [5][8] - The company reported a total revenue of $26.4 billion and a net income of $521.1 million for the trailing twelve months (TTM) [3] - As of November 14, 2025, CarMax's market capitalization was approximately $5.1 billion, with a stock price of $34.43 [3] Investment Context - The decision by Makaira to exit its position in CarMax reflects a broader strategy of reducing holdings in underperforming assets, as indicated by the company's recent struggles and a challenging quarter reported by its CEO [9] - Makaira's portfolio management approach is influenced by a concentrated investment strategy, similar to that of Warren Buffett, suggesting that CarMax was not a high-conviction investment for the firm [9]