CarMax 2024-A Trust Files 10-K, Confirms Compliance
| Field | Detail |
|---|---|
| Company | Carmax Select Receivables Trust 2024-A |
| Form Type | 10-K |
| Filed Date | May 23, 2025 |
| Risk Level | low |
| Sentiment | neutral |
Sentiment: neutral
Topics: Asset-Backed Securities, Auto Loans, Securitization, Regulatory Compliance, 10-K Filing, CarMax, Fixed Income
TL;DR
**CarMax's 2024-A auto loan trust is just ticking boxes, confirming regulatory compliance, so don't expect any surprises here.**
AI Summary
CarMax Select Receivables Trust 2024-A, an asset-backed securities issuer, filed its 10-K for the fiscal year ended February 28, 2025. The trust, sponsored by CarMax Business Services, LLC and deposited by CarMax Auto Funding LLC, operates solely to issue and service auto loan-backed securities. As a statutory trust, its primary function is to pass through payments from the underlying auto loan collateral to investors. The filing confirms the trust has met all Section 13 or 15(d) reporting requirements under the Securities Exchange Act of 1934 for the preceding 12 months. There are no reported revenues or net income for the trust itself, as its financial performance is directly tied to the performance of the securitized auto loans. Key risks include the credit performance of the underlying auto loans and general economic conditions impacting consumer ability to repay. The strategic outlook remains focused on the efficient administration of the securitization transaction.
Why It Matters
This 10-K filing for CarMax Select Receivables Trust 2024-A provides transparency into the administrative compliance of a significant asset-backed securities issuer. For investors holding these auto loan-backed securities, it confirms that the trust is meeting its regulatory obligations, which is crucial for maintaining confidence in the securitization structure. Employees of CarMax Business Services and CarMax Auto Funding are indirectly impacted by the continued smooth operation of these trusts, which facilitate CarMax's auto lending business. In the broader market, the consistent filing by such trusts underpins the stability and regulatory adherence of the auto ABS market, a key component of consumer credit. This compliance helps differentiate CarMax's securitization efforts in a competitive auto finance landscape.
Risk Assessment
Risk Level: low — The risk level is low because the filing primarily confirms administrative compliance for a statutory trust, CarMax Select Receivables Trust 2024-A, for the fiscal year ended February 28, 2025. The trust explicitly states it has filed all required reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, indicating sound operational and regulatory adherence. There are no indications of financial distress or operational changes within the trust's administrative function.
Analyst Insight
Investors in CarMax Select Receivables Trust 2024-A should view this filing as a positive confirmation of administrative stability and regulatory compliance. No immediate action is required based on this filing, but investors should continue to monitor the performance of the underlying auto loan collateral for any changes in credit quality.
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 for fiscal year ended February 28, 2025)
- 333-260819-11 — Commission File Number (Identifies the issuing entity, CarMax Select Receivables Trust 2024-A)
- February 28, 2025 — Fiscal Year End (The period covered by this annual report)
- 12 months — Reporting Period (The duration for which the registrant has filed all required reports)
Key Players & Entities
- CarMax Select Receivables Trust 2024-A (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
- 0002025329 (company) — Central Index Key Number of issuing entity
- 0001259380 (company) — Central Index Key Number of depositor
- 0001601902 (company) — Central Index Key Number of sponsor
- 99-6551316 (company) — I.R.S. Employer Identification No. for the Issuing Entity
- 01-0794037 (company) — I.R.S. Employer Identification No. for the Depositor
FAQ
What is the primary purpose of CarMax Select Receivables Trust 2024-A?
CarMax Select Receivables Trust 2024-A is an issuing entity, specifically a statutory trust, established to issue asset-backed securities collateralized by auto loans originated by CarMax. Its primary purpose is to facilitate the securitization of these auto loans.
Who are the key parties involved with CarMax Select Receivables Trust 2024-A?
The key parties are CarMax Select Receivables Trust 2024-A as the Issuing Entity, CARMAX AUTO FUNDING LLC as the Depositor, and CARMAX BUSINESS SERVICES, LLC as the Sponsor. These entities work together to manage the securitization of auto loans.
Has CarMax Select Receivables Trust 2024-A complied with SEC filing requirements?
Yes, the 10-K filing explicitly states that CarMax Select Receivables Trust 2024-A has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, indicating full compliance.
What is the fiscal year end for CarMax Select Receivables Trust 2024-A?
The fiscal year for CarMax Select Receivables Trust 2024-A ended on February 28, 2025, as indicated in the 10-K filing.
Does CarMax Select Receivables Trust 2024-A report revenue or net income?
As a statutory trust whose sole purpose is to issue and service asset-backed securities, CarMax Select Receivables Trust 2024-A does not typically report traditional revenue or net income figures in the same way an operating company would. Its financial performance is tied to the underlying auto loan collateral.
What are the main risks associated with CarMax Select Receivables Trust 2024-A?
The main risks are generally related to the credit performance of the underlying auto loan collateral, including default rates and recovery rates, and broader economic conditions that could impact borrowers' ability to make payments. This specific 10-K focuses on administrative compliance rather than detailed risk factors.
Where is CarMax Select Receivables Trust 2024-A's principal executive office located?
The principal executive office for CarMax Select Receivables Trust 2024-A is located at 12800 Tuckahoe Creek Parkway, Suite 400, Richmond, VA 23238.
Is CarMax Select Receivables Trust 2024-A a well-known seasoned issuer?
No, the filing indicates with a check mark that CarMax Select Receivables Trust 2024-A is not a well-known seasoned issuer as defined in Rule 405 of the Securities Act.
What is the Central Index Key (CIK) number for CarMax Select Receivables Trust 2024-A?
The Central Index Key (CIK) number for CarMax Select Receivables Trust 2024-A, the issuing entity, is 0002025329.
What type of assets back the securities issued by CarMax Select Receivables Trust 2024-A?
The securities issued by CarMax Select Receivables Trust 2024-A are backed by auto loans, as indicated by the ABS Asset Class in the filing header.
Risk Factors
- Credit Risk of Underlying Auto Loans [high — financial]: The primary risk to CarMax Select Receivables Trust 2024-A is the credit performance of the underlying auto loans. Defaults or delinquencies by borrowers directly impact the cash flows available to pay investors. The trust's performance is intrinsically linked to the economic stability and repayment capacity of the consumers who financed their vehicle purchases through these loans.
- Economic Conditions Impacting Repayment [high — market]: Broader economic downturns, rising unemployment, or increased interest rates can significantly impair borrowers' ability to make timely payments on their auto loans. This could lead to higher-than-expected losses for the trust, affecting investor returns. The trust has no control over these macroeconomic factors.
- Servicing and Administration of Loans [medium — operational]: While CarMax Auto Funding LLC acts as the servicer, any operational failures or inefficiencies in loan servicing, collection, or administration could negatively affect the trust's cash flows and investor distributions. This includes the effectiveness of loss mitigation strategies.
- Changes in Consumer Protection Laws [low — regulatory]: New or evolving regulations related to consumer lending, auto financing, or securitization could impose additional compliance burdens or alter the terms of the underlying loans, potentially impacting the trust's operations and financial outcomes.
Industry Context
The auto finance industry is highly competitive, with a significant portion of vehicle sales involving some form of financing. Key trends include the increasing use of technology in loan origination and servicing, evolving consumer preferences for flexible payment options, and the ongoing impact of economic conditions on borrower creditworthiness. Securitization remains a critical funding mechanism for originators like CarMax Auto Funding LLC to access capital markets and manage balance sheet risk.
Regulatory Implications
As a securitization trust, CarMax Select Receivables Trust 2024-A is subject to various regulations governing financial markets and consumer protection. While the trust itself is a pass-through entity with limited operations, changes in regulations impacting auto lending, credit reporting, or securitization practices could indirectly affect the performance and servicing of the underlying collateral and investor outcomes.
What Investors Should Do
- Monitor Underlying Loan Performance
- Assess Economic Sensitivity
- Review Servicer Performance
Key Dates
- 2025-02-28: Fiscal Year End — Marks the end of the reporting period for the 10-K filing, providing financial and operational data for the preceding 12 months.
- 2025-05-23: 10-K Filing Date — The date the annual report was officially filed with the SEC, making the information publicly available to investors and analysts.
Glossary
- Asset-Backed Securities (ABS)
- Securities that are backed by a pool of assets such as loans, leases, or credit card debt. Payments from the underlying assets are used to pay investors. (CarMax Select Receivables Trust 2024-A is an ABS issuer, specifically dealing with auto loan-backed securities.)
- Statutory Trust
- A legal entity created under state law, often used for securitization transactions. It typically has no employees and its primary purpose is to hold assets and pass through payments. (CarMax Select Receivables Trust 2024-A is structured as a statutory trust.)
- Depositor
- The entity that transfers the securitized assets (in this case, auto loans) into the trust. (CarMax Auto Funding LLC is the depositor for this trust.)
- Sponsor
- The entity that originates or purchases the assets to be securitized and typically structures the securitization transaction. (CarMax Business Services, LLC is the sponsor of this trust.)
- 10-K
- An annual report required by the U.S. Securities and Exchange Commission (SEC) that gives a comprehensive summary of a company's financial performance. (This document is the 10-K filing for CarMax Select Receivables Trust 2024-A for the fiscal year ended February 28, 2025.)
Year-Over-Year Comparison
As CarMax Select Receivables Trust 2024-A is a specific securitization issuance, a direct year-over-year comparison of financial metrics like revenue or net income is not applicable to the trust itself. The trust's financial performance is entirely dependent on the underlying pool of auto loans originated and serviced by CarMax entities. Therefore, analysis should focus on the performance of the collateral pool and any changes in risk factors or transaction terms disclosed in this filing compared to previous reports related to similar issuances.
Filing Details
This Form 10-K (Form 10-K) was filed with the SEC on May 23, 2025 regarding CarMax Select Receivables Trust 2024-A.