Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see analyst certifications and important disclosures beginning on page 3. U.S. Auto Retail KMX sees increase in searches for EVs/hybrids amidst rising fuel prices; CVNA vols tracking +38% in 1Q KMX internal data shows 13% MoM increase in searches for EVs & hybrids in March. While significant, industry contacts aren't seeing this translate into increased purchases of EVs or hybrids. Tracking data still shows KMX tracking above Street in F4Q (ended Feb). CVNA vols tracking +38% YoY in 1Q. KMX sees increased searches for EVs/hybrids, but this isn't impacting vols yet On 3/23/26, CarMax (KMX) said that its internal data shows a 12.8% MoM increase in searches for electric vehicles (EVs) and hybrids so far in March. KMX noted that this is a "statistically significant lift" and may be prompted by consumers seeking out more fuel efficient options amidst the recent rise in gas prices. The data we track shows a mixed picture of EV volumes, with KMX's EV volumes flat MoM in March so far (vs. +17.3% for all vehicles) while CVNA's EV volumes are up +53.1% (vs. +33.1% for all vehicles). Our discussions with industry contacts also suggest that there aren't any notable shifts in consumer buying patterns in March. That said, this could change if fuel prices remain elevated for an extended period. KMX F4Q26 update: Vols and pricing still tracking above Barclays/Street ests We continue to monitor tracking data from Barclays Data Science team for Carvana (CVNA) and KMX on a weekly basis. This data has tended to be a good indicator of results, as we show in Figure 2 and Figure 3 below. Consistent with the report we published on March 16 (see report here), the data continues to suggest KMX volumes and pricing in F4Q26 could be a bit better than Barclays and Street estimates. On volumes, Barclays Data Science estimates show a -2.1% decline in F4Q26 (ending in February). This compares with Barclays and Street estimates of roughly -4%. Meanwhile, the average selling price for KMX is tracking down -0.5% in F4Q26, also a bit better than Barclays at -2% and the Street at -1%. Additional revisions to this data are possible before KMX reports results on April 14, though this currently indicates somewhat stronger revenues and potentially higher gross profit per unit (GPU) than current forecasts. Equity Research U.S. Auto Retail 26 March 2026 Industry Update U.S. Auto Retail NEUTRAL U.S. Auto Retail John Babcock +1 212 526 6811 john.babcock@barclays.com BCI, US Aaron Acquah +1 212 526 1393 aaronj.acquah@barclays.com BCI, US Completed: 25-Mar-26, 22:34 GMT Released: 26-Mar-26, 10:00 GMT Restricted - External FIGURE 2. CVNA Used Retail units have tended to track closely with Barclays Data Science estimates FIGURE 3. KMX Used Retail units have tended to track closely with Barclays Data Science estimates -60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 4Q2019 2Q2020 4Q2020 2Q2021 4Q2021 2Q2022 4Q2022 2Q2023 4Q2023 2Q2024 4Q2024 2Q2025 4Q2025 Used Retail Units BarcE Used Retail Units -100% -50% 0% 50% 100% 150% 200% 4Q2016 2Q2017 4Q2017 2Q2018 4Q2018 2Q2019 4Q2019 2Q2020 4Q2020 2Q2021 4Q2021 2Q2022 4Q2022 2Q2023 4Q2023 2Q2024 4Q2024 2Q2025 4Q2025 2Q2026 4Q2026 Used Retail Units BarcEstimate Outliers are due to incomplete monthly data Outliers are due to incomplete monthly data Source: Outliers are due to incomplete monthly data Source: Barclays Data Science Research YTD volume growth at +38.4% for CVNA, +0.2% for KMX Year-to-date tracking data through March 22 shows CVNA volumes are up +38.4% while KMX volumes are flattish at +0.2%. Interestingly, the data shows some slowing volume growth in the last couple weeks. We primarily attribute this to somewhat more challenging comps as our recent trade discussions suggest tensions in the Middle East are having little impact on the used vehicle market so far. Additionally, there could still be meaningful revisions to the data. Recall, our model currently assumes retail unit sales for CVNA will be +23.5% YoY in 1Q26 and Barclays Data Science estimates show volumes above that. However, there is one more week left in the quarter and comps are particularly challenging following the tariff-related boost in demand in the last 5-6 days of March 2025. Supporting charts FIGURE 1. Barclays Data Science team data suggests YTD unit sales growth of +38.4% for CVNA and +0.2% for KMX -75% -50% -25% 0% 25% 50% 75% 100% 125% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 CVNA KMX Outliers are due to incomplete monthly data; Data for KMX in the latest week is adjusted in consideration of past weekly revisions. Source: Barclays Data Science Research   26 March 2026 2 Barclays | U.S. Auto Retail Analyst(s) Certification(s): I, John Babcock, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and its affiliates (collectively and each individually, "Barclays"). All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects the local time where the report was produced and may differ from the release date provided in GMT . 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Investors should carefully read the entire research report including the definitions of all ratings and not infer its contents from ratings alone. Stock Rating Overweight - The stock is expected to outperform the unweighted expected total return of the industry coverage universe over a 12-month investment horizon. Equal Weight - The stock is expected to perform in line with the unweighted expected total return of the industry coverage universe over a 12-month investment horizon. Underweight - The stock is expected to underperform the unweighted expected total return of the industry coverage universe over a 12-month investment horizon. Rating Suspended - The rating and target price have been suspended temporarily due to market events that made coverage impracticable or to comply with applicable regulations and/or firm policies in certain circumstances including where the Investment Bank of Barclays Bank PLC is acting in an advisory capacity in a merger or strategic transaction involving the company. Industry View Positive - industry coverage universe fundamentals/valuations are improving. Neutral - industry coverage universe fundamentals/valuations are steady, neither improving nor deteriorating. Negative - industry coverage universe fundamentals/valuations are deteriorating. Below is the list of companies that constitute the "industry coverage universe": U.S. Auto Retail ACV Auctions Inc. (ACVA) Asbury Automotive Group Inc. (ABG) AutoNation, Inc. (AN) CarMax Inc. (KMX) Carvana Co. (CVNA) Copart Inc. (CPRT) Group 1 Automotive Inc. (GPI) Lithia Motors Inc. (LAD) LKQ Corp. (LKQ) Openlane Inc. (OPLN) Penske Automotive Group Inc. (PAG) Sonic Automotive Inc. (SAH) 26 March 2026 4 Barclays | U.S. Auto Retail Distribution of Ratings: Barclays Equity Research has 1865 companies under coverage. 50% have been assigned an Overweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Buy rating; 47% of companies with this rating are investment banking clients of the Firm; 65% of the issuers with this rating have received financial services from the Firm. 34% have been assigned an Equal Weight rating which, for purposes of mandatory regulatory disclosures, is classified as a Hold rating; 35% of companies with this rating are investment banking clients of the Firm; 56% of the issuers with this rating have received financial services from the Firm. 14% have been assigned an Underweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Sell rating; 34% of companies with this rating are investment banking clients of the Firm; 59% of the issuers with this rating have received financial services from the Firm. 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(BCI, US) Barclays Bank Ireland PLC, Frankfurt Branch (BBI, Frankfurt) Barclays Bank Ireland PLC, Paris Branch (BBI, Paris) Barclays Bank Ireland PLC, Milan Branch (BBI, Milan) Barclays Securities Japan Limited (BSJL, Japan) Barclays Bank PLC, Hong Kong Branch (Barclays Bank, Hong Kong) Barclays Bank Mexico, S.A. (BBMX, Mexico) Barclays Capital Casa de Bolsa, S.A. de C.V. (BCCB, Mexico) Barclays Securities (India) Private Limited (BSIPL, India) Barclays Bank PLC, Singapore Branch (Barclays Bank, Singapore) Barclays Bank PLC, DIFC Branch (Barclays Bank, DIFC) Restricted Distribution This report is not meant for distribution into Saudi Arabia. 26 March 2026 5 Barclays | U.S. Auto Retail CarMax Inc. (KMX / KMX) Stock Rating: UNDERWEIGHT Industry View: NEUTRAL Closing Price: USD 41.88 (25-Mar-2026) Rating and Price Target Chart - USD (as of 25-Mar-2026) Currency=USD Closing PriceTarget PriceRating ChangeJul-2023Jan-2024Jul-2024Jan-2025Jul-2025Jan-20262030405060708090 Source: IDC, Barclays Research   Link to Barclays Live for interactive charting Publication Date Closing Price* Rating Adjusted Price Target 20-Jan-2026 48.83   28.00 19-Dec-2025 39.34   24.00 11-Nov-2025 30.88 Underweight 28.00 Source: Bloomberg, Barclays Research *This is the closing price referenced in the publication, which may not be the last available closing price at the time of publication. Historical stock prices and price targets may have been adjusted for stock splits and dividends. A: Barclays Bank PLC and/or an affiliate has been lead manager or co-lead manager of a publicly disclosed offer of securities of CarMax Inc. in the previous 12 months. CE: Barclays Bank PLC and/or an affiliate is a market-maker in equity securities issued by CarMax Inc.. D: Barclays Bank PLC and/or an affiliate has received compensation for investment banking services from CarMax Inc. in the past 12 months. E: Barclays Bank PLC and/or an affiliate expects to receive or intends to seek compensation for investment banking services from CarMax Inc. within the next 3 months. J: Barclays Bank PLC and/or an affiliate is a liquidity provider and/or trades regularly in the securities by CarMax Inc. and/or in any related derivatives. K: Barclays Bank PLC and/or an affiliate has received non-investment banking related compensation (including compensation for brokerage services, if applicable) from CarMax Inc. within the past 12 months. L: CarMax Inc. is, or during the past 12 months has been, an investment banking client of Barclays Bank PLC and/or an affiliate. M: CarMax Inc. is, or during the past 12 months has been, a non-investment banking client (securities related services) of Barclays Bank PLC and/or an affiliate. Valuation Methodology: Our $28 PT is based on a 18.5x P/E multiple applied to our fiscal year 2027 EPS forecast. This is towards the lower end of the range in which the stock has traded since 2000 (between 12x and 25x) and below the average of around 20x. We think the lower multiple is warranted given recent operational performance and growth trends. Risks which May Impede the Achievement of the Barclays Research Valuation and Price Target: Risks to our thesis include increased market share and elevated used retail demand, which could be driven by better-than-expected macro conditions. CarMax could also see meaningful improvement in credit performance as it has already significantly increased loan loss provisions in recent quarters. 26 March 2026 6 Barclays | U.S. Auto Retail Carvana Co. (CVNA / CVNA) Stock Rating: OVERWEIGHT Industry View: NEUTRAL Closing Price: USD 308.56 (25-Mar-2026) Rating and Price Target Chart - USD (as of 25-Mar-2026) Currency=USD Closing PriceTarget PriceRating ChangeJul-2023Jan-2024Jul-2024Jan-2025Jul-2025Jan-20260100200300400500600 Source: IDC, Barclays Research   Link to Barclays Live for interactive charting Publication Date Closing Price* Rating Adjusted Price Target 19-Feb-2026 361.53   450.00 20-Jan-2026 443.12   530.00 10-Dec-2025 456.33   465.00 11-Nov-2025 290.14 Overweight 390.00 Source: Bloomberg, Barclays Research *This is the closing price referenced in the publication, which may not be the last available closing price at the time of publication. Historical stock prices and price targets may have been adjusted for stock splits and dividends. A: Barclays Bank PLC and/or an affiliate has been lead manager or co-lead manager of a publicly disclosed offer of securities of Carvana Co. in the previous 12 months. CD: Barclays Bank PLC and/or an affiliate is a market-maker in debt securities issued by Carvana Co.. CE: Barclays Bank PLC and/or an affiliate is a market-maker in equity securities issued by Carvana Co.. D: Barclays Bank PLC and/or an affiliate has received compensation for investment banking services from Carvana Co. in the past 12 months. FB: Barclays Bank PLC and/or an affiliate beneficially owns a long position of more than 0.5% of a class of equity securities of Carvana Co., as calculated in accordance with EU regulations. J: Barclays Bank PLC and/or an affiliate is a liquidity provider and/or trades regularly in the securities by Carvana Co. and/or in any related derivatives. L: Carvana Co. is, or during the past 12 months has been, an investment banking client of Barclays Bank PLC and/or an affiliate. Valuation Methodology: Our $450 PT is based on our discounted cash flow valuation, with a 11% weighted average cost of capital (per Bloomberg inputs) and 12x terminal multiple after 2040. Risks which May Impede the Achievement of the Barclays Research Valuation and Price Target: Carvana has a volatile share price that is sensitive to the company's ability to meet expectations. Its performance is also subject to fluctuations in the used vehicle market and Carvana would be more exposed to weaker macro conditions given its greater mix of subprime/nonprime borrowers. 26 March 2026 7 Barclays | U.S. Auto Retail Disclaimer: This publication has been produced by Barclays Research Department in the Investment Bank of Barclays Bank PLC and/or one or more of its affiliates (collectively and each individually, "Barclays"). It has been prepared for institutional investors and not for retail investors. 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Sustainable Investing Related Research: There is currently no globally accepted framework or definition (legal, regulatory or otherwise) of, nor market consensus as to what constitutes a ‘sustainable’ , ‘ESG’ , ‘green’ , ‘climate-friendly’ or an equivalent company, investment, strategy or consideration or what precise attributes are required to be eligible to be categorised by such terms. This means there are different ways to evaluate a company or an investment and so different values may be placed on certain sustainability credentials as well as adverse ESG-related impacts of companies and ESG controversies. The evolving nature of sustainable investing considerations, models and methodologies means it can be challenging to definitively and universally classify a company or investment under a sustainable investing label and there may be areas where such companies and investments could improve or where adverse ESG-related impacts or ESG controversies exist. The evolving nature of sustainable finance related regulations and the development of jurisdiction-specific regulatory criteria also means that there is likely to be a degree of divergence as to the interpretation of such terms in the market. We expect industry guidance, market practice, and regulations in this field to continue to evolve. Any information, data, image, or other content including from a third party source contained, referred to herein or used for whatsoever purpose by Barclays or a third party (“Information”), in relation to any actual or potential ‘ESG’ , ‘sustainable' or equivalent objective, issue, factor or consideration is not intended to be relied upon for ESG or sustainability classification, regulatory regime or industry initiative purposes (“ESG Regimes”), unless otherwise stated. Nothing in these materials, including any images included therein, is intended to convey, suggest or indicate that Barclays considers or represents any product, service, person or body mentioned in these materials as meeting or qualifying for any ESG or sustainability classification, label or similar standards that may exist under ESG Regimes. Barclays has not conducted any assessment of compliance with ESG Regimes. Parties are reminded to make their own assessments for these purposes. IRS Circular 230 Prepared Materials Disclaimer: Barclays does not provide tax advice and nothing contained herein should be construed to be tax advice. Please be advised that any discussion of U.S. tax matters contained herein (including any attachments) (i) is not intended or written to be used, and cannot be used, by you for the purpose of avoiding U.S. tax-related penalties; and (ii) was written to support the promotion or marketing of the transactions or other matters addressed herein. Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor. © Copyright Barclays Bank PLC (2026). All rights reserved. No part of this publication may be reproduced or redistributed in any manner without the prior written permission of Barclays. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place, London, E14 5HP . Additional information regarding this publication will be furnished upon request. 26 March 2026 10 Barclays | U.S. Auto Retail