CarMax Auto Trust 2024-3 Files 10-K, Confirms Compliance

TL;DR

**CarMax Auto Owner Trust 2024-3's 10-K is a non-event, signaling stable compliance for its auto loan ABS, so hold steady.**

AI Summary

CarMax Auto Owner Trust 2024-3, an asset-backed securities issuer, filed its 10-K for the fiscal year ended February 28, 2025, confirming its compliance with all Section 13 or 15(d) reporting requirements under the Securities Exchange Act of 1934. The trust, sponsored by CarMax Business Services, LLC and deposited by CarMax Auto Funding LLC, operates with a Commission File Number 333-260819-12. As an asset-backed securities issuer focused on auto loans, its financial performance is intrinsically linked to the underlying loan portfolio's health, though specific revenue and net income figures are not detailed in this summary filing. The filing indicates no securities are registered under Section 12(b) or 12(g) of the Act, and it is not a well-known seasoned issuer. The trust's primary business remains the securitization of auto loans originated by CarMax, managing the associated cash flows and investor distributions. Key risks include the performance of the underlying auto loan collateral and broader economic conditions impacting consumer credit. The strategic outlook focuses on maintaining compliance and efficient administration of the securitized assets.

Why It Matters

This filing confirms CarMax Auto Owner Trust 2024-3's ongoing regulatory compliance, which is crucial for investor confidence in the asset-backed securities market. For investors holding these auto loan-backed securities, it signals operational stability and adherence to reporting standards, reducing regulatory risk. Employees of CarMax Business Services, LLC and CarMax Auto Funding LLC benefit from the continued smooth functioning of their securitization programs. In the broader market, this compliance reinforces the transparency and reliability of the auto ABS sector, a key component of consumer credit financing. The competitive context shows CarMax maintaining its position as a significant player in the auto loan securitization space.

Risk Assessment

Risk Level: low — The risk level is low because the filing primarily confirms regulatory compliance for the fiscal year ended February 28, 2025, stating the registrant 'has filed all reports required to be filed by Section 13 or 15(d)'. There are no indications of financial distress or operational issues within this specific 10-K, which focuses on the trust's adherence to SEC reporting requirements rather than detailed financial performance metrics.

Analyst Insight

Investors in CarMax Auto Owner Trust 2024-3 should view this filing as a positive confirmation of regulatory adherence, indicating no immediate red flags. Continue to monitor the performance of the underlying auto loan collateral and broader economic indicators for future insights into the trust's financial health.

Financial Highlights

debt To Equity

0.0

revenue

$0

operating Margin

0.0%

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

0.0%

cash Position

$0

revenue Growth

N/A

Key Numbers

• 20250228 — Conformed Period of Report (Indicates the fiscal year ended February 28, 2025, for which the 10-K is filed.)
• 333-260819-12 — Commission File Number (Identifies the specific SEC registration for CarMax Auto Owner Trust 2024-3.)
• 0002029255 — Central Index Key (CIK) (Unique identifier for CarMax Auto Owner Trust 2024-3 with the SEC.)
• 10-K — Form Type (Specifies the annual report filing under the Securities Exchange Act of 1934.)
• 1934 Act — SEC Act (The governing legislation under which this report is filed.)

Key Players & Entities

• CarMax Auto Owner Trust 2024-3 (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
• 333-260819-12 (regulator) — Commission File Number of issuing entity
• 0002029255 (company) — Central Index Key Number of issuing entity
• 1934 Act (regulator) — Securities Exchange Act of 1934
• Richmond, VA (location) — Business address city and state
• 99-6616391 (company) — I.R.S. Employer Identification No. for the Issuing Entity

FAQ

Risk Factors

• Performance of Underlying Auto Loan Portfolio [high — financial]: The primary risk stems from the performance of the auto loans securitized within the trust. Delinquencies and defaults on these loans directly impact the cash flows available for distribution to investors. The filing does not provide specific historical delinquency or default rates for the 2024-3 pool, but general trends in consumer creditworthiness and economic conditions are critical indicators.
• Economic Conditions Impacting Consumer Credit [medium — market]: Broader economic factors such as interest rate changes, inflation, and unemployment levels can significantly affect the ability of borrowers to repay their auto loans. A downturn in the economy could lead to increased defaults, thereby affecting the trust's performance. The filing does not quantify this risk with specific economic forecasts.
• Compliance with Reporting Requirements [low — regulatory]: CarMax Auto Owner Trust 2024-3 is required to comply with Section 13 or 15(d) reporting requirements under the Securities Exchange Act of 1934. Failure to meet these ongoing reporting obligations could result in regulatory scrutiny and penalties. The filing confirms compliance for the fiscal year ended February 28, 2025.

Industry Context

The auto finance industry, particularly the securitization of auto loans, is closely tied to consumer credit health and broader economic conditions. Competition exists among various finance companies and banks offering auto loans and securitization services. Trends include evolving credit scoring models, increasing use of technology in loan origination and servicing, and regulatory oversight on lending practices.

Regulatory Implications

As an issuer of asset-backed securities, CarMax Auto Owner Trust 2024-3 must adhere to SEC reporting requirements, including the filing of Form 10-K. Compliance with these regulations is crucial to maintain market access and investor confidence. The filing confirms adherence to Section 13 or 15(d) of the Securities Exchange Act of 1934.

What Investors Should Do

1. Monitor underlying loan portfolio performance metrics (delinquencies, defaults) in future filings.
2. Review economic indicators (interest rates, unemployment) that could impact borrower repayment capacity.
3. Track any changes in regulatory requirements or compliance status related to asset-backed securities.

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 securitized auto loan portfolio.
• 2025-05-23: 10-K Filing Date — The date the annual report was officially submitted to the SEC, providing investors with audited financial information and risk disclosures.

Glossary

Asset-Backed Securities (ABS)

Securities that are backed by a pool of assets such as loans, leases, or credit card debt. In this case, the assets are auto loans. (This is the core business of CarMax Auto Owner Trust 2024-3, which issues ABS backed by auto loans originated by CarMax.)

Securitization

The process of pooling various types of contractual debt, such as mortgages, auto loans, or credit card debt, and selling their related cash flows to third-party investors as securities. (This is the fundamental activity of the trust, enabling CarMax to finance its operations by selling off loan receivables.)

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 provides the official annual disclosure for CarMax Auto Owner Trust 2024-3, detailing its compliance and operational status.)

Depositor

An entity that transfers assets to a trust in exchange for securities issued by the trust. In this case, CarMax Auto Funding LLC is the depositor. (Identifies the entity responsible for originating and transferring the auto loans into the trust.)

Sponsor

The entity that initiates and manages the securitization process, often the originator of the underlying assets. Here, CarMax Business Services, LLC is the sponsor. (Indicates the ultimate parent or controlling entity overseeing the securitization structure and operations.)

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ended February 28, 2025. As this is the initial deep structural analysis based on the provided context, a direct comparison to a prior filing's specific metrics (like revenue growth or margin changes) is not possible. However, the filing confirms ongoing compliance with reporting requirements, indicating a stable operational status. New risks related to economic conditions or specific portfolio performance would be identified by comparing this report to previous ones.

Filing Details

This Form 10-K (Form 10-K) was filed with the SEC on May 23, 2025 regarding CarMax Auto Owner Trust 2024-3.

View full filing on EDGAR

View Full Filing

View this 10-K filing on SEC EDGAR