Fri, May 23, 5:30 PM (26 days ago)
**Summary of CarMax Auto Owner Trust 2023-4 10-K** **Company Overview:** CarMax Auto Owner Trust 2023-4 (CARMAX) is a securitization trust focused on auto financing. The depositor is CarMax Auto Funding LLC, and the sponsor is CarMax Business Services, LLC. The trust does not have common equity registered under Section 12(b) or 12(g) of the Exchange Act. **Financial Performance:** The 10-K does not provide detailed financial statements, but it mentions that no single obligor represents 10% or more of the pool assets. There is no external credit enhancement or support for the pool assets or the issued notes. **Strategic Overview and Future Outlook:** The trust focuses on securitizing auto loans, with no significant changes in market position. The servicing parties have confirmed compliance with applicable servicing criteria, indicating a stable operational environment. **Risk Factors:** The document omits the risk factors section, but the absence of significant obligors and external credit enhancement suggests a diversified risk profile. The servicing parties' compliance reports indicate effective risk management. **Financial Condition:** The trust's financial condition appears stable, with no material instances of noncompliance with servicing criteria reported by the servicing parties. The trust has not filed reports on market risk or financial statements, as per General Instruction J to Form 10-K. **Market Position:** The trust does not provide information on market position changes, as the relevant sections have been omitted. However, the compliance reports suggest a stable market position. **Key Takeaways:** - CARMAX focuses on auto loan securitization with a diversified risk profile. - Stable operational environment with compliant servicing parties. - No significant market position changes or risk factors disclosed. - Omitted sections indicate a focus on securitization-specific disclosures.