CARMAX INC — Director's Dealing 2011

May 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARMAX INC (KMX)
CIK: 0001170010
Period of Report: 2011-05-03

Reporting Person: ORCUTT KIM D (VP / Principal Acctg Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-03	Common Stock	M	7700	$24.99	Acquired	19079	Direct
2011-05-03	Common Stock	M	9500	$19.82	Acquired	20579	Direct
2011-05-03	Common Stock	M	12414	$11.43	Acquired	40993	Direct
2011-05-03	Common Stock	M	7253	$25.39	Acquired	48246	Direct
2011-05-03	Common Stock	S	36867	$34.50	Disposed	11379	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-03	Stock Options (Right to Buy)	$24.99	M	7700	Disposed	2014-04-03	Common Stock (7700)	Direct
2011-05-03	Stock Options (Right to Buy)	$19.82	M	9500	Disposed	2015-04-07	Common Stock (9500)	Direct
2011-05-03	Stock Options (Right to Buy)	$11.43	M	12414	Disposed	2016-04-07	Common Stock (12414)	Direct
2011-05-03	Stock Options (Right to Buy)	$25.39	M	7253	Disposed	2017-04-06	Common Stock (7253)	Direct

Footnotes

F1: The shares with respect to this transaction were sold at prices ranging from $34.50 to $34.51. Upon request, the Reporting Person will provide the Securities and Exchange Commission staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price.