CarMax in the market with CarMax Auto Owner Trust 2011-1. The auto ABS, which is reportedly slated to price as early as this week, is worth $650 million.

Moody's Investors Service, which has assigned provisional ratings to the auto securitization, said that its median cumulative net loss expectation is 1.80% and the volatility proxy 'Aaa' level is 10.00% for the CarMax 2011-1 pool.

The rating agency said that its net loss expectation and volatility proxy 'Aaa' ;evel for the CarMax 2011-1 deal is based on its analysis of the underlying collateral's credit quality. It is also based on the collateral's historical performance trends, CarMax Business Services' ability to perform the servicing functions, and current expectations for future economic conditions.

CarMax sold its last auto transaction, which was managed by Barclays Capital and Wells Fargo, in early November 2010. The co-managers on this deal were Bank of America Merrill Lynch and JPMorgan Securities.

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