Last week CarMax began asserting itself as a soon-to-be independent, publicly traded company, demonstrating liquidity via a $200 million inventory-backed credit facility with car manufacturers DaimlerChrysler and Toyota Financial Services.

CarMax Chief Financial Officer Keith Browning stated that the company will use securitization as one of its primary funding sources. For the past few years, CarMax has been an off-and-on issuer, bringing two deals last year through Wachovia Securities' issuance vehicle Pooled Auto Securities Shelf (formerly a First Union structure).

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