1. 1 31 st Annual Gabelli Automotive Aftermarket Symposium October 30, 2007 Mike Dolan Executive Vice President and Chief Administrative Officer

2. 2 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. The Company disclaims any intent or obligation to update its forward-looking statements.

3. 3 The CarMax Advantage ®  Unique consumer offer  Proprietary processes and systems  Skilled, dedicated people  Diversified profit base

4. 4 Unique Consumer Offer  Low, no-haggle prices  Huge selection  carmax.com  Customer-friendly service Ease of Shopping Peace of Mind  Guaranteed quality

5. 5 CarMax Today Nation’s largest used car retailer 84 used car superstores 38 markets Store growth: FY07 10 stores +15% FY08 13 stores +17% (Est.) Large markets (9) Mid-sized markets (28) Small markets (1) Sacramento Los Angeles Salt Lake City Albuquerque San Antonio Wichita Austin Kansas City Chicago Houston Dallas Oklahoma City Miami Tampa Orlando Jacksonville Birmingham Memphis Nashville Louisville Indianapolis Columbus Knoxville Va. Beach Richmond DC / Baltimore C’ville Raleigh Greensboro Charlotte Greenville ColumbiaAtlanta Las Vegas Fresno Hartford / New Haven Milwaukee Tucson

6. 6 Consumer and Business Recognition  25+ awards in the last 2 years  “Best of” Atlanta, Austin, Columbia, Sacramento, San Antonio consumer awards  BBB award for Business Ethics in Atlanta, central Indiana, central North Carolina and others  American Business Award – “Stevie Award” for Best Overall Company  2 million cars sold as of December 2006

7. 7 Finance Originations Purchasing/ Inventory Management Reconditioning Consumer Offer Proprietary Processes and Systems 14 Years of Refinement

8. 8 Skilled, Dedicated Associates Three years running (2005 - 2007)  THE CARMAX CULTURE  Comprehensive, formal training in four functional areas Classroom and on-line training Mentoring

9. 9 Diversified Gross Profit Contribution FY 2007 9

10. 10 CarMax Lifecycle 1993200020032007Future Start upStop growth to refine model Restart growth Proven concept 15% annual store growth

11. 11 Future Sources of Growth Store Expansion  84 stores today  CarMax has stores in markets where 40% of the U.S. population lives  15% - 20% new store openings

12. 12 Future Sources of Growth Market Share Expansion  Comp used unit sales (5-year average)  CarMax +6%  Public new car dealers (3)%  Monthly used unit sales per store  CarMax 426  Public new car dealers 49

13. 13 Strong Results – FY07 $ in millions SuperstoresRevenuesNet Earnings * * FY06 restated for SFAS 123R AGR = 15%AGR = 19%AGR = 48% 67 77 $6,260 $7,466 $134 $199

14. 14 ROIC (%) (2) ROIC (1) 5-Year Average (2002 thru 2006) CarMax Earns Attractive Returns Source: Published reports and CarMax estimates. (1) After-tax EBIT/average invested capital. Invested capital includes operating leases capitalized at 8x rentals. Results not adjusted for subsequent restatements. (2) Public dealer average includes: ABG, AN, GPI, LAD, PAG, and SAH.

15. 15 Future Sources of Growth Sales Growth  Comp used unit growth: 4% - 8%  New store openings: 15% - 20%  Resulting FY12 revenue range: $13 - $18 bn

16. 16 New at CarMax  New carmax.com Search Capability  Give customers greater search flexibility  Improve site-to-store conversion  Provide competitive advantage

17. 17 Current carmax.com Search Capability

18. 18 New carmax.com Search Capability

19. 19  Appraisal System Enhancements  Better and more timely analytical data for buyers  Improved estimation of reconditioning costs  Improved customer offers and delivery mechanism New at CarMax

20. 20 What is CarMax? A unique and sustainable retail growth story with defensible competitive advantages

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