Activist investment firm Starboard recently released a report stating that the "structural advantage omnichannel model" built by CarMax has not yet been fully reflected in its current financial performance.

The institution believes that the largest used car retailer in the United States has established an unreplicable competitive barrier through its integrated online and offline business model, yet the market valuation has not accurately reflected this core advantage. The report analyzes that the digital platform and physical store network built by the company create a synergistic effect, granting it significant efficiency advantages in vehicle inspection, financial services, and logistics distribution. However, due to recent macroeconomic fluctuations and cyclical industry adjustments, the company's short-term performance is under pressure, resulting in its intrinsic value being underestimated by the market. Starboard emphasizes that as the used car market gradually recovers, the company's innovative business model will unleash greater potential. The institution is particularly optimistic about the complementarity between its vehicle wholesale and retail businesses, believing that this unique dual-engine model can effectively mitigate industry volatility risks.