CarMax Board Authorizes Additional $500 Million Share Repurchase

  CarMax Board Authorizes Additional $500 Million Share Repurchase

Business Wire

RICHMOND, Va. -- February 1, 2013

CarMax, Inc. (NYSE: KMX) today announced that its Board of Directors has
approved a $500 million extension of its existing share repurchase program for
the company's outstanding common stock. This extension is in addition to the
previously announced $300 million repurchase authorization approved by the
Board on October 17, 2012. This $500 million authorization expires on December
31, 2014.

“We are happy to extend our share repurchase program,” said Tom Reedy,
executive vice president and CFO. “The Board’s authorization reflects
confidence in the business and our ability to deliver our stated growth plans,
as well as CarMax's ongoing commitment to shareholder value.”

Purchases under the repurchase program may be made in open market or privately
negotiated transactions and are expected to comply with Securities and
Exchange Commission Rule 10b-18. Purchases will be made from time to time at
CarMax’s discretion and the timing and amount of any share repurchases will be
determined based on share price, market conditions, legal requirements and
other factors. The share repurchase program does not obligate CarMax, Inc. to
acquire any particular amount of common stock, and it may be suspended or
discontinued at any time. Any shares repurchased under the program will be
deemed authorized but unissued shares of common stock.

CarMax, a member of the Fortune 500 and the S&P 500, and one of the Fortune
“100 Best Companies to Work For,” for nine consecutive years, is the nation’s
largest retailer of used vehicles. Headquartered in Richmond, Va., CarMax
currently operates 117 used car superstores in 58 markets. The CarMax consumer
offer features low, no-haggle prices, a broad selection of CarMax Quality
Certified used vehicles and superior customer service. During the twelve
months ended February 29, 2012, the company retailed 408,080 used vehicles and
sold 316,649 wholesale vehicles at our in-store auctions. For more
information, access the CarMax website at www.carmax.com.

Forward-Looking Statements

This press release contains forward-looking statements about our future
business and growth plans and prospects, as well as our potential share
repurchase activity. These statements are based on our current knowledge and
assumptions about future events and involve risks and uncertainties that could
cause actual results to differ materially from anticipated results. Important
factors that could cause actual results to differ materially from those
contained in our forward-looking statements are set forth in our Annual Report
on Form 10-K for the fiscal year ended February29,2012, and our quarterly or
current reports as filed with or furnished to the Securities and Exchange
Commission. We disclaim any intent or obligation to update our forward-looking
statements.

Contact:

CarMax, Inc.
Investors and Financial Media:
Katharine Kenny, Vice President, Investor Relations, (804) 935-4591
Celeste Gunter, Manager, Investor Relations, (804) 935-4597
or
General Media:
Trina Lee, Director, Public Relations, (804) 747-0422, ext. 4197
Britt Farrar, Manager, Public Relations, (804) 747-0422, ext. 3473