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DETROIT – Shares of CarMax Inc. fell more than 12% during morning trading Thursday after the used car retailer announced a weak preliminary outlook for its current fiscal quarter and said CEO Bill Nash would be unexpectedly stepping down.

The preliminary outlook for its third fiscal quarter includes an 8% to 12% decrease in comparable store used unit sales and net earnings per diluted share of between 18 cents and 36 cents, including 9 cents in non-recurring expenses related primarily to the leadership shakeup and other workforce reductions.

Regarding its CEO, the company said board member David McCreight, a retail clothing executive who has served as CEO of Lulu's Fashion Lounge Holdings and p

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