CarMax announced CEO Bill Nash will step down by the end of November after nearly a decade in charge.

Shares of CarMax plunged more than 15% following the announcement, with a total year-to-date loss of about 58%.

The big picture: The company forecasted an 8% to 12% drop in third-quarter comparable store sales due to weak retail demand and increased marketing expenses. • Third-quarter net profit is expected between 18 to 36 cents per share, significantly below analyst estimates of 70 cents per share. • CarMax faces challenges reselling vehicles purchased at higher prices amid a tariff-driven demand surge and a broader market downturn. • Credit tightening in the automotive sector has made it harder for customers to obtain vehicle loans.

What we’re watching: Board member David McCre

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