CarMax Cuts 145 Corporate Jobs in Third Layoff Round Under New CEO Keith Barr

CarMax (KMX) laid off 145 corporate employees, about 4% of its corporate workforce, in its third round of cuts since October 2025. The terminations, effective immediately, were announced Friday and affect workers in Richmond, Dallas, Atlanta and the Edmunds subsidiary in California. Departing staff receive pay through Oct. 2 plus severance. Roughly 60 of the cuts hit the technology department, with others spanning HR, product, accounting and marketing. It was the first layoff action under CEO Keith Barr, who took over in mid-March after Bill Nash was fired. Prior rounds cut 350 jobs in October 2025 and 230 in January 2026; CarMax has shed more than 1,000 employees since 2024. The used-car market is pressured by elevated prices, averaging $27,239 in August, and high borrowing costs. CarMax targets $200 million in exit-rate SG&A savings by fiscal 2027. First-quarter revenue rose 6.2% to $8.01 billion, while net earnings fell 11.8% to $185.6 million. Shares traded at $57.30, up 45% this year.