RICHMOND, VA - CarMax Inc . (NYSE:KMX), a leading retailer in the used car industry, conducted its 2024 Annual Meeting of Shareholders on Monday. During the gathering, shareholders voted on several key proposals, including the election of directors and the ratification of the company's independent auditor.
The election results confirmed the appointment of ten directors to CarMax's Board. Each director will serve a one-year term expiring at the 2025 Annual Meeting of Shareholders. Peter J. Bensen, Sona Chawla, David W. McCreight, Mark F. O’Neil, Pietro Satriano, and William D. Nash were among those re-elected, receiving substantial support from voting shareholders. Notably, Bensen secured the highest number of votes for, totaling 134,270,395, while Ronald E. Blaylock received the most votes against at 5,095,116. The director elections also saw a significant number of broker non-votes, with each director receiving 9,811,372.
In addition to board elections, shareholders ratified KPMG LLP as CarMax's independent registered public accounting firm for the fiscal year 2025. The proposal passed with an overwhelming majority of 140,130,900 votes for and 5,497,785 against.
Furthermore, a non-binding advisory resolution on the compensation of CarMax's named executive officers was approved, with 120,308,324 votes in favor. Although this vote is advisory and not binding on the company, it is a measure of shareholder sentiment regarding the company's executive compensation policies and practices.
The meeting, which took place in Richmond, Virginia, reflects the company's commitment to corporate governance and shareholder engagement. CarMax, known for its large-scale auto retailing, has a fiscal year-end of February 29 and is incorporated in the state of Virginia.
InvestingPro Insights
As CarMax Inc. navigates through its fiscal year, the latest data from InvestingPro provides a deeper understanding of the company's financial health and market position. With a market capitalization of $11.45 billion and an adjusted price-to-earnings (P/E) ratio for the last twelve months as of Q1 2025 at 25.57, CarMax shows a significant presence in the industry. However, the company faces challenges as reflected by a revenue decline of 6.31% over the last twelve months leading up to Q1 2025. This is corroborated by InvestingPro Tips indicating that analysts have revised their earnings downwards for the upcoming period and anticipate a sales decline in the current year.
Despite these headwinds, CarMax remains a prominent player in the Specialty Retail industry, with its gross profit for the last twelve months as of Q1 2025 standing at $3.27 billion. The company's stock price movements have been quite volatile, which may appeal to certain investors looking for opportunities in market fluctuations. Additionally, CarMax's liquid assets exceed its short-term obligations, suggesting a stable financial footing in terms of liquidity. For investors considering CarMax, it's worth noting that the company is predicted to be profitable this year and has been profitable over the last twelve months, yet it does not pay a dividend to shareholders.
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