Used-car retailer CarMax appointed former hotel industry executive Keith Barr as president and CEO effective March 16, the company announced in a press release.
David McCreight, current interim CarMax president and CEO, will assume his prior duties as an independent director of the board, the company said. Tom Folliard will retain his role as interim executive chair of the board until the company’s annual meeting in June, after which he is expected to resume his prior duties as non-executive chair of the board.
Barr most recently served as CEO of InterContinental Hotels Group, one of the world's largest hospitality companies with over 6,000 properties in 100 countries and 345,000 employees, per the release.
During his tenure at IHG, Barr helped modernize the company’s technology and oversaw the development of a digital reservation system that delivered substantial improvements in operational efficiency, CarMax said in the release.
Barr joined IHG in 2000 and has held senior leadership positions in the Americas, Asia, the Middle East and Africa, including four years as CEO of IHG’s Greater China business.
“CarMax is uniquely positioned to capture this opportunity by delivering the best value and service across both in-person and online channels, leveraging its transparent pricing, extensive inventory, and flexibility to shop however customers prefer,” Barr said. “I'm excited to lead this great company into its next chapter of growth, building on more than three decades of market leadership.”
CarMax claims to be the nation’s largest retailer of used vehicles with more than 250 store locations and 28,000 employees. The company sold about 790,000 used vehicles to consumers and another 540,000 wholesale vehicles at its auctions in the fiscal year ending Feb. 28, 2025. The CarMax Auto Finance unit originated more than $8 billion in auto loans during that period.
