Several CarMax (NYSE: KMX) insiders bought stock following the company’s latest quarterly earnings report, suggesting they remain optimistic despite acknowledging that the used-car retailer still has work to do.

The first purchase came on June 22, when director Peter Bensen bought 2,500 shares at $52.20 per share, investing about $130,500. Two days later, director Mark O’Neil purchased 9,600 shares at $52.36 each. On June 25. Director Sona Chawla bought 2,000 shares at $53.39 per share, while director Marcella Shinder added 574 shares at $52.01 each.

The wave of insider buying came shortly after CarMax reported quarterly results and outlined its turnaround strategy. CEO Keith Barr, who became the CEO in March, told analysts that the company’s operations still need improvement. He acknowledged that key processes are not operating as efficiently as they should and that operating costs remain too high. However, Barr also emphasized that management has identified the necessary changes and is moving quickly to improve execution.

Sincerely,

Ian Cooper