Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Smith Richard Murray
 2. Date of Event Requiring Statement (Month/Day/Year)
11/30/2006		 3. Issuer Name and Ticker or Trading Symbol
CARMAX INC [KMX]
(Last)
(First)
(Middle)
12800 TUCKAHOE CREEK PARKWAY		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
SENIOR VICE PRESIDENT & CIO
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

RICHMOND, VA 23238		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 93,902
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options (Right to Buy) 03/01/2002(1) 03/01/2008 Common Stock 9,000 $ 4.885 D  
Stock Options (Right to Buy) 03/01/2003(2) 03/01/2009 Common Stock 7,000 $ 26.83 D  
Stock Options (Right to Buy) 04/02/2004(3) 04/02/2013 Common Stock 10,000 $ 14.285 D  
Stock Options (Right to Buy) 04/01/2005(4) 04/01/2014 Common Stock 8,000 $ 29.605 D  
Stock Options (Right to Buy) 06/24/2006(5) 06/24/2015 Common Stock 20,000 $ 26.38 D  
SARS 06/24/2006(6) 06/24/2015 Common Stock 20,000 $ 26.38 D  
Stock Options (Right to Buy) 05/01/2007(7) 05/01/2013 Common Stock 20,000 $ 34.39 D  
SARS 05/01/2007(8) 05/01/2013 Common Stock 20,000 $ 34.39 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Smith Richard Murray
12800 TUCKAHOE CREEK PARKWAY
RICHMOND, VA 23238		       SENIOR VICE PRESIDENT & CIO  

Signatures

Lisa Ferron 12/08/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This stock option vested in four equal annual installments on each of March 1, 2002, March 1, 2003, March 1, 2004 and March 1, 2005 and is now fully exercisable.
(2) This stock option vested in four equal annual installments on each of March 1, 2003, March 1, 2004, March 1, 2005 and March 1, 2006 and is now fully exercisable.
(3) This stock option is exercisable in four equal annual installments beginning on April 2, 2004.
(4) This stock option is exercisable in four equal annual installments beginning on April 1, 2005.
(5) This stock option is exercisable in four equal annual installments beginning on June 24, 2006.
(6) The stock options described on line 5 of Table II and these stock appreciation rights (SARS) were granted in tandem. Accordingly, the exercise of one results in the surrender to the Issuer of the other. The SARS, which will entitle the Reporting Person to receive the cash value of the options in lieu of exercising the options, become exercisable only following a change in control of the Issuer as set forth in the Issuer?s Amended and Restated 2002 Stock Incentive Plan.
(7) This stock option is exercisable in four equal annual installments beginning on May 1, 2007.
(8) The stock options described on line 7 of Table II and these stock appreciation rights (SARS) were granted in tandem. Accordingly, the exercise of one results in the surrender to the Issuer of the other. The SARS, which will entitle the Reporting Person to receive the cash value of the options in lieu of exercising the options, become exercisable only following a change in control of the Issuer as set forth in the Issuer?s Amended and Restated 2002 Stock Incentive Plan.

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