Activist investor Starboard urges CarMax to reform online sales and cut costs
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格隆汇 March 11｜Aggressive investor Starboard Value urges CarMax to revamp its online car trading platform and reduce costs, believing that the used car retailer is "far from reaching its full potential." Starboard holds approximately $350 million worth of CarMax shares. In a letter to the new CEO Keith Barr, Starboard stated that simplifying CarMax's online trade-in process and improving conversion rates could help the company regain market share, as more and more consumers compare quotes through online platforms. Starboard also called on CarMax to keep sales, general, and administrative expenses within 70%-75% of gross profit, believing that strict cost control will help the company price vehicles more competitively and restore growth.
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