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CarMax laid off 145 corporate employees last week, the third round of job cuts at the used-car retailer in less than a year, as new Chief Executive Officer Keith Barr works to reduce costs and revive the business.

That figure amounts to roughly 4% of the company's total corporate headcount, according to The Wall Street Journal. The reductions touched workers based at CarMax's Richmond-area offices, its Dallas and Atlanta locations, and its Edmunds automotive research subsidiary in California. The cuts spanned a range of functions β€” among them technology, human resources, product, accounting, and marketing β€” and CarMax said approximately 60 of those let go had been in the technology department.

Almost all of those who lost their jobs were salaried workers. Workers learned of the decision on Friday, and their terminations were immediate. CarMax said departing workers will continue to receive pay until Oct. 2 and qualify for severance benefits.

"We have made the difficult decision to reduce our corporate office staffing by approximately 145 associates to support our strategic priorities and operate with a leaner corporate workforce," the company said in a statement. "By running leaner as an organization, we are positioning CarMax to be more competitive, drive sustainable growth, and provide even more value for our customers."

Friday's action was the first layoff move under Keith Barr, who took over as CEO in mid-March after predecessor Bill Nash was fired in 2025, the company said. The earlier rounds came in October 2025, when CarMax cut 350 jobs, and again in January 2026, when it eliminated 230 more positions, according to The Wall Street Journal. In total, CarMax has shed more than 1,000 employees across several rounds of cuts since 2024.

The used-car market has faced pressure from elevated vehicle prices and rising interest rates. Used-car prices reached an average of $27,239 in August, a level not seen since December 2022, according to The Wall Street Journal. Higher borrowing costs continue to weigh on vehicle demand.

When CarMax reported first-quarter results in June, Keith Barr outlined a four-pillar strategy centered on competitive pricing, stronger digital capabilities, growing the company's in-house financing arm, and cutting reconditioning costs. The company said it remains on track to achieve $200 million in exit-rate selling, general, and administrative expense savings by the end of fiscal year 2027. Revenue in that quarter rose 6.2% to $8.01 billion, though net earnings fell 11.8% to $185.6 million.

CarMax, which operates more than 250 used-car dealerships across the U.S., says it has about 28,000 employees. CarMax stock was trading at $57.30 on Friday, up 45% for the year.