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Starboard Value has amassed a stake of about $350 million in CarMax and sees an opportunity to accelerate the used car retailer’s turnaround under incoming CEO Keith Barr.

The value of retail purchases decreased 0.2% after no change in December, Commerce Department data showed March 6. Excluding car dealers, sales were little changed.

Carvana's shares tumbled after it posted strong profit growth in the fourth quarter that still missed Wall Street’s estimates due to higher-than-expected operating costs.

The used car retailer terminated former CEO William D. Nash in November after lagging sales and a slump in the stock had erased more than half of CarMax’s market value in a year. 

Toyota kept its title as the world’s biggest carmaker for a sixth year, widening its lead over Volkswagen by posting record sales despite trade turmoil and growing competition.

“It is clear CarMax needs change,” interim CEO David McCreight said. The used car retailer terminated its former CEO William D. Nash at the start of December.

The S&P 500 entry, announced Dec. 5, has added fuel to the shares’ ascent. The first day Carvana trades in the index will be Dec. 22. 

Ford joins Hyundai Motor on the Amazon Autos portal, which allows car buyers to browse, finance and purchase a used car by clicking on the familiar “add to cart” icon.

Going online is the latest move by CEO Gil West to further grow retail sales, which gets the company much better pricing than selling its rental vehicles at wholesale auctions.

The springtime surge in U.S. auto sales landed with a thud in June, setting up a slowdown in the months ahead as carmakers digest tariffs on auto imports and consumers find fewer deals.