FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN 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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1. Name and Address of Reporting Person * LIGON WILLIAM A   2. Issuer Name and Ticker or Trading Symbol CARMAX INC [KMX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) PRESIDENT CAR (Last) (First) (Middle) ATTN: STOCK OPTIONS, 4900 COX ROAD 3. Date of Earliest Transaction (Month/Day/Year) 12/28/2004 (Street) GLEN ALLEN, VA 23060 4. If Amendment, Date Original Filed(Month/Day/Year) 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 Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 12/28/2004 12/28/2004 G   1,950 D $ 0 1,183,504 D   Common Stock 12/28/2004 12/28/2004 G   1,950 A $ 0 54,570 I BY CHILDREN Common Stock               4,708 I BY WIFE

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Options (Right to buy)

$ 1.625

03/01/2001

03/01/2007

Common Stock

70,000

70,000

D

Stock Options (Right to buy)

$ 4.885

03/01/2002

03/01/2008

Common Stock

175,000

175,000

D

Stock Options (Right to buy)

$ 6.0625

06/15/2000

06/15/2006

Common Stock

100,000

100,000

D

Stock Options (Right to buy)

$ 14.285

04/02/2004

04/02/2013

Common Stock

180,000

180,000

D

Stock Options (Right to buy)

$ 26.83

03/01/2003

03/01/2009

Common Stock

100,000

100,000

D

Stock Options (Right to buy)

$ 29.605

04/01/2005

04/01/2014

Common Stock

120,000

120,000

D

SARS

$ 14.285

04/02/2004

04/02/2013

Common Stock

180,000

180,000

D

SARS

$ 29.605

04/01/2005

04/01/2014

Common Stock

120,000

120,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
LIGON WILLIAM A ATTN: STOCK OPTIONS 4900 COX ROAD GLEN ALLEN, VA 23060			PRESIDENT CAR

Signatures

KEITH BROWNING		12/28/2004
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(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).

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