William Blair Midwest Investor Meetings July 23-24, 2015 Tom Reedy Katharine Kenny CFO VP, Investor Relations

Forward-Looking Statements This presentation contains forward-looking statements, which are subject to risks and uncertainties. Additional discussion of factors that could cause actual results to differ materially from management’s projections and estimates is contained in the CarMax, Inc. SEC filings, including its Form 10-K, for the year ended February 28, The company disclaims any intent or obligation to update its forward-looking statements. 2

Competitive Advantages 3  Unique consumer offer  Competitively low, no-haggle prices  Huge selection  Guaranteed quality  Transparent, low pressure sales process

Competitive Advantages 4  Well-tested proprietary processes/systems  Proven adaptable to changing market conditions  Well-trained, engaged associates  Award-winning culture  Fortune’s “100 Best Companies to Work For” (11 yrs)  Training Magazine’s Top 125

5 Current CarMax Locations Existing markets, FY15 New markets opening in FY16 Today used car stores in 75 markets (Size of markers is based on number of stores in each market)

6 Compelling Growth Opportunity  Stores currently reach only 63% of population  Market share (age 0-10 used vehicles):  Average  5% in existing markets  Less than 3% nationwide  First or second purchase cycle in many markets  Expansion and share gains will drive future growth

7 Compelling Growth Opportunity

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9 Diversified Profit Base (FY15) Percentages represent breakdown of gross profit dollars, including CAF income

Financial Summary year CAGR = 10.5% FY15 up 13.5% 10 year CAGR = 19.5% FY15 up 26.4%

Key Performance Metrics 11 FY15 up 10.5% FY15 up 9.8% FY15 up 9.3%

Q1 FY16 Results 12 Q1 FY16 up 9.3%Q1 FY16 up 13.2%

Stock Repurchase Program 13 Initially launched in fall 2012 $3.8 billion in total authorizations As of 5/31/15: $1.55 billion utilized 31.9 million shares repurchased $2.25 billion available for repurchase

Capital Structure 14 (1) Debt includes finance and capital lease obligations and 8 times rent expense.

 In-store experience  On-line experience  Optimize operations 15 Focus Areas

 Store remodels  Approx 15 stores in FY16  In-store process enhancements 16 In-Store Experience

17  Mobile app On-Line Experience

 Recent carmax.com improvements  Online functionality: hold cars, set appointments, initiate transfers  Added high definition photos with zoom  Rolling out responsive design capability  FY15 website visits  Avg visits up 16% YOY to 14 Mill/mo  Mobile site / mobile apps =  32% / 17% of total visi ts at FYE  carmaxauctions.com  Increased functionality  Nationwide inventory  Vehicle history reports 18 On-Line Experience

 Grow stores efficiently  Enhance execution  Culture of continuous improvement 19 Optimize Operations

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