CarMax Auto Owner Trust 2024-1 Files Compliant 10-K

TL;DR

**CarMax Auto Owner Trust 2024-1's 10-K is a routine, compliant filing, indicating stable operations for its auto loan securitization.**

AI Summary

CarMax Auto Owner Trust 2024-1, an asset-backed securities issuer, filed its 10-K for the fiscal year ended February 28, 2025. As a special purpose entity, its primary function is to hold and manage a pool of auto loans originated by CarMax Business Services, LLC, and to issue securities backed by these assets. The filing confirms the Trust's compliance with all Section 13 or 15(d) reporting requirements of the Securities Exchange Act of 1934 during the preceding 12 months. There are no reported changes in revenue or net income as the Trust's financial performance is directly tied to the performance of the underlying auto loan collateral, which is not detailed in this specific administrative filing. Key business changes are minimal, focusing on the ongoing administration of the securitization. Risks are inherent in the performance of the auto loan portfolio, including potential defaults, though this filing does not provide specific delinquency rates or credit enhancements. The strategic outlook remains consistent with its purpose: to provide a funding mechanism for CarMax's auto loan originations.

Why It Matters

This 10-K filing confirms the CarMax Auto Owner Trust 2024-1's adherence to regulatory reporting, which is crucial for maintaining investor confidence in the transparency and stability of its asset-backed securities. For investors, it signals that the securitization structure is operating as intended, providing a baseline for assessing the ongoing performance of their investments in the auto loan market. Employees of CarMax Business Services, LLC are indirectly affected as the Trust facilitates the financing of their core business. In the broader market, this compliance helps sustain the integrity of the auto ABS sector, a significant component of consumer credit. Competitively, consistent reporting from CarMax's securitization vehicles helps it maintain a strong position in the auto lending and ABS issuance landscape.

Risk Assessment

Risk Level: low — The risk level is low because this 10-K is an administrative filing confirming compliance with SEC reporting requirements for the fiscal year ended February 28, 2025. It explicitly states the registrant has filed all required reports under Section 13 or 15(d) of the Securities Exchange Act of 1934, indicating no immediate operational or regulatory red flags for the Trust itself.

Analyst Insight

Investors should view this filing as a confirmation of routine compliance, not a signal for immediate action. It reinforces the administrative stability of the CarMax Auto Owner Trust 2024-1. For deeper insight, investors should seek out performance reports on the underlying auto loan collateral, which are not part of this specific 10-K.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

N/A

cash Position

$0

revenue Growth

N/A

Key Numbers

• 10-K — Form Type (Annual report filed by CarMax Auto Owner Trust 2024-1)
• 2025-02-28 — Conformed Period of Report (The fiscal year end for which the report is filed)
• 2025-05-23 — Filed As Of Date (Date the 10-K was officially filed with the SEC)
• 93-6876451 — IRS Employer Identification No. (For the Issuing Entity, CarMax Auto Owner Trust 2024-1)

Key Players & Entities

• CarMax Auto Owner Trust 2024-1 (company) — Issuing Entity
• CarMax Auto Funding LLC (company) — Depositor
• CarMax Business Services, LLC (company) — Sponsor
• SEC (regulator) — Securities and Exchange Commission
• February 28, 2025 (date) — Fiscal year end
• 0002003263 (number) — Central Index Key (CIK) for Issuing Entity
• 0001259380 (number) — Central Index Key (CIK) for Depositor
• 0001601902 (number) — Central Index Key (CIK) for Sponsor
• 333-260819-09 (number) — Commission File Number of issuing entity
• 1934 Act (regulator) — Securities Exchange Act of 1934

FAQ

Risk Factors

• Reliance on Underlying Auto Loan Performance [high — financial]: The Trust's financial performance is entirely dependent on the performance of the pool of auto loans originated by CarMax Business Services, LLC. Any deterioration in the credit quality or increase in delinquencies and defaults within this portfolio will directly impact the Trust's ability to meet its obligations to security holders. Specific delinquency rates and credit enhancement levels are not detailed in this administrative filing.
• Servicing and Administration of Loan Portfolio [medium — operational]: The ongoing administration and servicing of the auto loan portfolio by CarMax Business Services, LLC are critical. Any operational failures, inefficiencies, or changes in servicing practices could negatively affect the collection of payments and the overall performance of the collateral, thereby impacting the Trust's cash flows and the value of the issued securities.
• Interest Rate and Economic Sensitivity [medium — market]: As an asset-backed security issuer, the Trust is indirectly exposed to market risks. Fluctuations in interest rates can affect the value of the securitized assets and the cost of funding. Broader economic downturns could lead to increased unemployment and reduced consumer spending, potentially increasing default rates on the underlying auto loans.

Industry Context

The auto finance industry is characterized by its reliance on consumer credit and economic conditions. Securitization, as utilized by CarMax Auto Owner Trust 2024-1, is a common funding mechanism for auto lenders, allowing them to originate more loans by selling existing ones. The market is competitive, with lenders facing risks from rising interest rates and potential increases in loan defaults during economic downturns.

Regulatory Implications

As an issuer of securities, the Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of this Form 10-K. Compliance with these regulations ensures transparency for investors. The underlying loan origination and servicing activities are also subject to various consumer protection and financial regulations.

What Investors Should Do

1. Monitor Underlying Loan Performance
2. Review Servicer's Operational Health
3. Assess Macroeconomic Factors

Key Dates

• 2025-02-28: Fiscal Year End — Marks the end of the reporting period for the 10-K filing, encompassing the performance of the underlying auto loan portfolio.
• 2025-05-23: 10-K Filing Date — The official date the annual report was submitted to the SEC, providing investors with the latest financial and operational information.

Glossary

Asset-Backed Securities (ABS)

Securities that are backed by a pool of assets such as loans, leases, credit card debt, or receivables. (CarMax Auto Owner Trust 2024-1 is an issuer of ABS, specifically backed by auto loans.)

Special Purpose Entity (SPE)

A legal entity created for a specific, narrow purpose, often used in securitization to isolate assets and liabilities. (The Trust is an SPE, designed solely to hold auto loans and issue securities.)

Depositor

The entity that transfers the assets (auto loans) into the trust for securitization. (CarMax Auto Funding LLC is the depositor for this Trust.)

Sponsor

The entity that originates the assets being securitized and typically oversees the process. (CarMax Business Services, LLC is the sponsor, originating the auto loans.)

Collateral

The underlying assets that back the securities issued by the Trust. (The pool of auto loans originated by CarMax Business Services, LLC serves as the collateral.)

Year-Over-Year Comparison

This filing represents the first 10-K for CarMax Auto Owner Trust 2024-1, as indicated by the '2024-1' designation in its name. Therefore, a direct year-over-year comparison of financial metrics like revenue growth, net income, or margin changes is not possible with this document alone. Future filings will allow for such comparative analysis. New risks specific to this securitization structure may emerge in subsequent reports.

Filing Details

This Form 10-K (Form 10-K) was filed with the SEC on May 23, 2025 regarding CarMax Auto Owner Trust 2024-1.

View full filing on EDGAR

View Full Filing

View this 10-K filing on SEC EDGAR