On Tuesday, November 28th, Kortney Klingert pitched CarMax to the Student Managed Investment Fund. Kortney is confident that CarMax is well positioned to deliver long-term growth. CarMax is the largest retailer of used cars in the United States, selling more used cars each year than their three closest competitors combined. They revolutionized the auto industry by simplifying the process of selling, purchasing and financing used cars with no-haggle, honest pricing. The used car market is highly fragmented, consisting of over 18,000 franchised dealers, 120,000+ local used car lots and individual sellers. CarMax’s national footprint, sizable data advantage, great associates and proprietary systems uniquely position them to service customers and navigate between an ever important digital and store experience. CarMax has the established footprint to scale up and expand its market share and to best service changing consumer demands. Their innovative and digitally focused business model will continue to benefit them in the future. This investment diversifies our portfolio and gives SMIF exposure to a company that is strongly positioned for growth and success. The class approved the motion 17:18 to purchase 100 shares of CarMax and fund this purchase through the sale of the consumer discretionary ETF, XLY.