Full Breakdown
CarMax Cuts 145 Corporate Jobs in Third Layoff Wave
By Drooid · · How we work
Recent Layoff Announcement
About 60 of the affected employees are based in the Richmond, Virginia area; the remaining workers are located in corporate offices in Dallas, Atlanta and the Edmunds subsidiary in California. Laid-off staff will receive pay through Oct. 2, severance and outplacement support, and can apply for roughly 70 open corporate and field positions.
Background of Workforce Reductions
The latest cuts follow a layoff of 350 employees in October 2025 and another of 230 employees in January 2026. Earlier rounds in summer 2024 eliminated roughly 415 workers nationwide, including 14 in Richmond and about 400 drivers, according to local reporting. These successive reductions underscore a broader effort to streamline CarMax’s corporate headcount.
Leadership and Strategic Direction
Keith Barr assumed the role of president and CEO in March 2025, succeeding Bill Nash. Barr, formerly chief executive of InterContinental Hotels Group, has outlined four strategic pillars—customer choice, ease of doing business, value maximization, and “running lean.” “Our goal is clear: Deliver strong unit sales and earnings growth that enables us to consistently reward our shareholders,” “Our goal is clear: Deliver strong unit sales and earnings growth that enables us to consistently reward our shareholders,” — Keith Barr, layoffs under CEO.
Official Statements & Responses
CarMax’s spokesperson emphasized that the layoffs are part of a “running leaner” initiative. “These changes will help us move faster and create better alignment across teams,” “These changes will help us move faster and create better alignment across teams,” — CarMax, president and CEO. The company added that “Our primary focus is supporting our associates throughout this transition,” “Our primary focus is supporting our associates throughout this transition,” — CarMax, president and CEO, and pledged outplacement assistance and internal job opportunities.
Data & Statistics
The 145 job cuts represent roughly 4 % of CarMax’s corporate workforce. CarMax employs about 28,000 people overall, with just under 2,000 in the Richmond region. In the fiscal year ending Feb. 28 2026, the retailer sold approximately 780,000 used vehicles and 540,000 wholesale vehicles. During the most recent quarter, net revenues rose 6.2 % to $8 billion, while total gross profit fell 4.4 % from the prior year’s first quarter. A scheduled June 17 earnings call will further detail the company’s performance and strategic outlook.