09:18 AM EDT, 03/11/2026 (MT Newswires) -- CarMax ( KMX ) activist investor Starboard Value said Wednesday that it has nominated two directors to the board and sent a letter identifying areas where management can drive improvement.

Starboard, which has invested about $350 million in CarMax ( KMX ), said it sought to nominate Frontdoor Chief Executive William C. Cobb and Starboard Chief Executive Jeffrey C. Smith for election to the board at its 2026 annual meeting of shareholders.

In a letter to incoming Chief Executive Keith Barr, Starboard suggested that management improve digital front-end services, optimize reconditioning operations, adopt a dynamic pricing scheme, and cut operating costs.

CarMax ( KMX ) did not immediately reply to MT Newswires' request for comment.