KMX - Insider Activity Update: Jon Daniels Executes Options Exercise Resulting In $188K At CarMax | Benzinga
Disclosed in a recent SEC filing on December 28, Daniels, SVP at CarMax (NYSE:KMX), made a noteworthy transaction involving the exercise of company stock options.
What Happened: A notable Form 4 filing on Thursday with the U.S. Securities and Exchange Commission revealed that Daniels, SVP at CarMax, exercised stock options for 10,000 shares of KMX, resulting in a transaction value of $188,399.
As of Friday morning, CarMax shares are down by 0.8%, with a current price of $77.22. This implies that Daniels's 10,000 shares have a value of $188,399.
Delving into CarMax's Background
CarMax sells, finances, and services used and new cars through a chain of about 240 used retail stores. It was formed in 1993 as a unit of Circuit City and spun off into an independent company in late 2002. Used-vehicle sales typically account for about 83% of revenue (78% in fiscal 2023 due to the chip shortage) and wholesale about 13% (20% in fiscal 2023), with the remaining portion composed of extended service plans and repair. In fiscal 2023, the company retailed and wholesaled 807,823, and 585,071 used vehicles, respectively. CarMax is the largest used-vehicle retailer in the U.S. but still estimates that it has only about 4% U.S. market share of vehicles 0-10 years old in 2022. ...