Starboard’s Smith says interaction with CarMax so far ‘collaborative, friendly’

Starboard Value’s Jeff Smith says Carvana (CVNA) and others have been catching up, but CarMax (KMX) has “the best of both worlds” with digital and physical assets in car buying and that its business is “fairly easy to fix.” Starboard buying into CarMax at tangible book value, noted Smith, who adds that CarMax “shouldn’t be directly disrupted” by AI. This morning, CarMax confirmed that its board of directors received a notice from Starboard Value, nominating two directors for election to the company’s board. Smith is being interviewed on Bloomberg TV.