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CarMax shares fell 10% in premarket trading Thursday after the used car retailer issued a weak preliminary outlook and said CEO Bill Nash will step down. The company expects third-quarter comparable used unit sales to drop 8% to 12% and earnings per share of 18 to 36 cents, including 9 cents in non-recurring costs tied to leadership changes and workforce reductions. Board member David McCreight will serve as interim CEO, and Chair Tom Folliard becomes interim executive chair, effective Dec. 1. William Blair downgraded the stock. CarMax shares are down 50% in 2025; results are due Dec. 18.

Prepared by Christopher Adams and reviewed by editorial team.