Washington, D.C. 20549

                                    FORM 8-K

                                 Current Report

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported): May 12, 2004

                                  CARMAX, INC.

             (Exact name of registrant as specified in its charter)

  Virginia                         1-31420                     54-1821055
-------------                   ------------                   ----------
(State or other                  (Commission                  (IRS Employer
 jurisdiction                     File No.)                Identification No.)
of incorporation)

4900 Cox Road, Glen Allen, Virginia                                  23060
-----------------------------------                                  -----
(Address of principal executive offices)                          (Zip Code)

        Registrant's telephone number, including area code: 804-747-0422

Item 5.              Other Events
-------              ------------

                     The registrant issued a press release on May 12, 2004,
                     announcing its lowering of first quarter expectations.
                     The press release is attached hereto as Exhibit 99.1 and is
                     incorporated by reference into this Item 5.

Item 7.              Financial Statements and Exhibits
-------              ---------------------------------
(c) Exhibits

         99.1        Press release, dated May 12, 2004, issued by CarMax, Inc.,
                     entitled "CarMax Reduces First Quarter Expectations."


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                    CARMAX, INC.

                                    By:      /s/ Austin Ligon
                                             Austin Ligon
                                             and Chief Executive Officer

Date:  May 12, 2004

                                INDEX TO EXHIBITS

Number                              Exhibit
-------                             -------

   99.1           Press release dated May 12, 2004, entitled "CarMax Reduces
                  First Quarter Expectations."