Former hotel executive Keith Barr previously had a comfy room to rent to you. Now, he has a car to sell you.
)
CarMax tapped Barr, the former CEO of UK-based IHG Hotels & Resorts, to be its new CEO and help chart the used-car empire's turnaround. Barr will succeed Bill Nash, who departed CarMax in November as the retailer battled declining sales and heightened competition, The Wall Street Journal reported.
The move comes as CarMax fends off its more nimble online competitor, Carvana.
The latter company, which once was left for dead in 2022 amid speculation it would go bankrupt, is now on pace to outsell CarMax in used vehicle volume, according to the WSJ.
CarMax’s sales volume has been stagnant since 2022, the WSJ reported in December 2025. The used-car company has 255 showrooms, and only 12% of its total sales came from online-only transactions. In contrast, Carvana does not operate traditional showrooms and lists 39 "vending machine" car-tower locations for picking up a vehicle bought online.
Under Nash, the retailer dropped vehicle prices, boosted marketing dollars and cut hundreds of jobs.
Barr told the WSJ he’s looking to improve the online sales experience for CarMax customers and cut the company's cost to buy and fix up used cars to market.
He said the foundational pieces of success are there for CarMax, including the company's ability to scale and its high brand trust with consumers.
“It’s stitching it together and driving the car harder and faster and better, which basically means we’re going to sell more cars and continue to create more value for shareholders,” Barr told the WSJ.
Barr led IHG Hotels & Resorts for six years until July 2023 and then served as a senior business adviser for the chain until January 2024, according to his LinkedIn profile. He said he stepped down for personal reasons, including a desire to return to the U.S. after living abroad in his roles with the hotel chain, Hotel Dive reported.
CarMax’s net earnings fell from $411M during the first nine months of 2024 to $368M in the same period in 2025, according to its filings with the Securities and Exchange Commission.
Thomas Folliard, CarMax’s executive chairman, said during a December 2025 earnings call the retailer was looking for a “proven leader who can drive sales, maximize the benefits of our omnichannel experience, strengthen our brand, improve operations and champion our culture.”
)
)
)
)
)
)
)
)
)
)
)
)