CARMAX AUTO FUNDING LLC 8-K

What Happened

• On June 16, 2026, CARMAX Auto Funding LLC (the Depositor) completed a securitization transaction and issued Class A‑1, A‑2, A‑3, B, C, D and E asset-backed notes with an aggregate original principal amount of $600,000,000 through CarMax Select Receivables Trust 2026-B (trusts were created May 6, 2026).
• The issuance was made under a previously filed Form SF‑3 registration statement (File No. 333-288943) originally filed July 25, 2025. Related transaction documents (trust agreements, receivables purchase and contribution agreements, sale and servicing agreement, indenture, administration agreement, asset review agreement, and securities account control agreement) were entered into on the closing date and filed as exhibits to the 8‑K.

Key Details

• Aggregate principal amount issued: $600,000,000.
• Closing Date: June 16, 2026; trusts created: May 6, 2026; registration statement: July 25, 2025.
• Servicer/administrator: CarMax Business Services, LLC; Indenture Trustee: U.S. Bank Trust Company, N.A.; Owner/Grantor Trust Trustee: Wilmington Trust, N.A.; Asset Representations Reviewer: Clayton Fixed Income Services LLC; Securities Intermediary: U.S. Bank National Association.
• The transaction transfers specified motor vehicle retail installment sale contracts and related property from CarMax Business Services to the depositor/issuing entities and then funds those assets through the issued notes.

Why It Matters

• This is a standard asset-backed securitization that raises $600M of financing secured by CarMax retail installment contracts. It provides liquidity and financing capacity tied to CarMax’s consumer auto receivables.
• For most retail investors, the filing documents a financing activity of CarMax’s funding affiliate rather than operational results or executive changes; the primary impact is on the company’s funding structure and capital markets activities rather than immediate changes to sales or earnings metrics.