Anders Velischek ’16 pitched CarMax (KMX) to the Student Managed Investment Fund (SMIF) on November 11, 2015. KMX is a used-car retailer in the Consumer Discretionary sector, within the Specialty Retail industry and the Automobile Retail sub-industry. The company was founded with a vision to simplify the used-car buying experience. Their customer-focused business model encompasses low, no haggle prices and guaranteed appraisals. KMX’s strong executive leadership, share repurchase program, and continued domestic expansion illustrate its enormous growth potential. However, some risks that the company faces include a drop in used-vehicle sales prices, a decrease in consumer spending, a rise in delinquency rates, and a rise in gas prices. Furthermore, the company’s auto loan financing program, CarMax Auto Finance (CAF), is risky as well.