CarMax

CarMax is the largest used-car retailer in the United States, pioneering the no-haggle pricing model and building a nationwide network of superstores complemented by a growing online sales channel. It also runs a sizable auto finance arm, giving it exposure to both vehicle retailing and consumer lending in a highly cyclical market. CarMax pays no dividend, reinvesting its earnings into store expansion, its digital platform and the finance business, and returning capital selectively through buybacks. This is a cyclical growth and turnaround story tied to used-car demand and affordability, and the very low score reflects both the absence of a dividend and sensitivity to the consumer cycle.