CarMax Names Keith Barr as Chief Executive Officer

RICHMOND, Va.--(BUSINESS WIRE)--Feb 12, 2026--

CarMax, Inc. (NYSE: KMX) (“CarMax” or the “Company”) today announced that Keith Barr has been appointed President and Chief Executive Officer, and a member of the Board of Directors (“the Board”), effective March 16, 2026. David McCreight, current Interim President and CEO of CarMax, will transition to his prior duties as an independent Director of the Board. Tom Folliard will remain in his role as Interim Executive Chair of the Board until the Company’s Annual Meeting in June 2026, after which he is expected to resume his prior duties as non-executive Chair of the Board.

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Mr. Barr is a proven leader who has driven transformational growth and operational excellence across large-scale, consumer-centric businesses. Most recently, he served as Chief Executive Officer at InterContinental Hotels Group (NYSE: IHG), where he led one of the world's largest hospitality companies with 345,000 people working across more than 6,000 properties in over 100 countries. During his tenure, Mr. Barr reimagined IHG’s customer experience, modernized IHG's technology to support large-scale growth, and delivered substantial improvements in operational efficiency, customer satisfaction, and brand loyalty. Notably, Mr. Barr oversaw the development of an innovative digital reservation system that enhanced the booking experience and empowered guests to personalize their stays, setting a new standard for the industry. Under Mr. Barr’s leadership, IHG grew market share across geographies and created significant value for shareholders. Mr. Barr also currently serves on the Board of Directors at MGM Resorts.

“The Board and I are thrilled to welcome Keith to CarMax. His decades of leadership experience and proven ability to enhance the customer experience, lead digital transformations, build brand loyalty, and effectively integrate online and physical properties make Keith the right choice to lead CarMax through a critical juncture and drive the company’s next chapter of growth,” said Mr. Folliard. “Keith’s values-based approach to leadership will enhance CarMax’s award-winning people-first culture, and he has demonstrated a clear ability to drive profitable sales growth alongside an unwavering focus on the consumer.”

Mr. Folliard continued, “We are grateful to David for stepping into the role of Interim CEO over the past several months. As we conducted a thorough search for the right leader for CarMax’s next phase, David’s leadership was vital to strengthen the business in the near-term and solidify the foundation from which we will grow.”

“I am honored to join CarMax and lead this iconic organization alongside our talented associates,” said Mr. Barr. “A car is one of the most important purchases American families make, and today’s consumer is increasingly seeking value and a customized shopping experience. I believe the large and highly fragmented used vehicle market is only in the early innings of meeting the needs of the modern consumer. CarMax is uniquely positioned to capture this opportunity by delivering the best value and service across both in-person and online channels, leveraging its transparent pricing, extensive inventory, and flexibility to shop however customers prefer. I'm excited to lead this great company into its next chapter of growth, building on more than three decades of market leadership.”

About Keith Barr

Mr. Barr has more than 25 years of executive leadership experience in global hospitality, consumer marketing, and brand-led growth across highly competitive and fast-evolving markets. His leadership experience includes large-scale brand portfolio management, loyalty and digital transformation initiatives, operational improvement, and global expansion.

Mr. Barr served as Chief Executive Officer of InterContinental Hotels Group PLC (“IHG”), one of the world’s largest hotel companies, from 2017 to 2023. During his tenure as CEO, Mr. Barr led the expansion of IHG’s global portfolio of brands spanning luxury, premium, and essential segments, advanced IHG’s digital and loyalty value propositions, and oversaw significant growth in the company’s global footprint.

Prior to becoming CEO, Mr. Barr served as Chief Commercial Officer, where he held global responsibility for brands, sales, marketing, revenue management, loyalty functions and the consumer digital strategy. He joined IHG in 2000 and has held senior leadership positions in IHG’s Americas, Asia, Middle East and Africa (AMEA), and Greater China regions, including four years as CEO of IHG’s Greater China business.

Prior to joining IHG, Mr. Barr held several senior positions at Bristol Hotels and Resorts, which was acquired by IHG in 2000.

About CarMax

CarMax, the nation’s largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year that ended February 28, 2025, CarMax sold approximately 790,000 used vehicles and 540,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $8 billion in auto loans during fiscal 2025, adding to its nearly $18 billion portfolio. CarMax has more than 250 store locations, over 28,000 associates, and is proud to have been recognized for 21 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to helping its communities thrive and reducing the environmental footprint of its operations. Learn more in the 2025 Responsibility Report. For more information, visit www.carmax.com.

Forward-Looking Statements

We caution readers that the statements contained in this release that are not statements of historical fact, including statements about our future business plans, operations, challenges, opportunities or prospects, including without limitation any statements or factors regarding expected succession matters, operating capacity, sales, inventory, market share, financial and operational targets and goals, revenue, margins, expenses, liquidity, loan originations, capital expenditures, share repurchase plans, debt obligations or earnings, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of words such as “anticipate,” “believe,” “committed,” “could,” “enable,” “encouraged,” “estimate,” “expect,” “focused on,” “intend,” “may,” “on track,” “outlook,” “plan,” “positioned,” “predict,” “should,” “target,” “will” and other similar expressions, whether in the negative or affirmative. Such forward-looking statements are based upon management’s current knowledge, expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from anticipated results. Among the factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements are the following:

For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 28, 2025, and our quarterly or current reports as filed with or furnished to the U.S. Securities and Exchange Commission. Our filings are publicly available on our investor information home page at investors.carmax.com. Requests for information may also be made to the Investor Relations Department by email to investor_relations@carmax.com or by calling (804) 747-0422 x7865. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Keith Barr, CarMax President & CEO effective March 16, 2026

LONDON (AP) — The British economy barely grew in the final three months of 2025, official figures showed Thursday, with critics blaming uncertainty surrounding the government's budget for lower than anticipated business investment and consumption.

The Office for National Statistics said the British economy, the world's sixth-largest by many measures, expanded by only 0.1% on a quarterly basis, the same rate as that recorded in the third quarter.

The economy grew by 1.3% over the year as a whole, up from 1.1% the previous year. It's the highest annual level of growth since 2022.

Economists said uncertainty ahead of the Labour government's budget in late November meant businesses and consumers took a wait-and-see approach.

For much of the period, there had been expectations that Treasury chief Rachel Reeves would break key promises not to raise income tax levels. In the end, the tax rises were far more modest than anticipated.

“The underwhelming final quarter caps off another disheartening year for the U.K. economy with growth tailing off unnervingly quickly after the strong start to 2025, as rising taxes, heightened uncertainty and poor productivity increasingly squeezed activity,” said Suren Thiru, economics director at accounting body ICAEW.

Some recent economic indicators have pointed to a pickup in growth in the early part of 2026. However, growth is not expected to rise dramatically over the full year. Last week, the Bank of England cut its growth forecasts for the next two years, from 1.2% to 0.9% for 2026, and from 1.6% to 1.5% for 2027.

Britain’s Labour government, which has lost significant support since it won the general election in 2024 partly because of the economy, is hoping that with growth tepid and with inflation expected to fall sharply this year, the Bank of England will cut its main interest rate by a further quarter of a percentage point in March to 3.50%. Last week, the bank kept it unchanged at 3.75%.

“The task for 2026 is for the government to double down on its growth agenda to build a sustained economic recovery that will eventually flow into people’s pay packets," said Simon Pittaway, senior economist at the think tank Resolution Foundation.

This version corrects that the first paragraph refers to the final three months of 2025, not 2026.

Governor of the Bank of England, Andrew Bailey, talks during a Bank of England Monetary Policy Report press conference in London, Thursday, Feb. 5, 2026. (Carl Court/Pool Photo via AP)

Britain's Chancellor of the Exchequer Rachel Reeves leaves 11 Downing Street for the House of Commons in London, Wednesday, Feb. 4, 2026. (AP Photo/Alastair Grant)