CarMax (KMX) has spent years building itself into America’s biggest used-car retailer, with giant lots, nationwide reach, and a brand most car buyers instantly recognize. But lately, the company has looked more like it is stuck in traffic. Slowing demand, pricing pressure, and rising competition crushed momentum, sending KMX stock lower and leaving investors wondering how the industry leader lost control of the wheel.
That’s where activist investor Starboard Value entered the picture.
