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): October 15, 2003

                                  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
                    October 15, 2003, announcing its lowering of third 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 October 15, 2003, issued by
                    CarMax, Inc., entitled "CarMax Reduces Third Quarter


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/ Keith Browning
                                             Keith Browning
                                             Executive Vice President
                                             and Chief Financial Officer

Date:  October 15, 2003

                                INDEX TO EXHIBITS

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

 99.1          Press release dated October 15, 2003, entitled "Carmax Reduces
               Third Quarter Expectations."