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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to section 13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): January&nbsp;16, 2019 </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CARMAX AUTO OWNER TRUST <FONT STYLE="white-space:nowrap">2019-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Issuing Entity with respect to Securities) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Central Index Key Number: 0001762278) </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CARMAX BUSINESS SERVICES, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Sponsor with respect to Securities) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Central Key Index Number: 0001601902) </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CARMAX AUTO FUNDING LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Depositor with respect to Securities) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Central Key Index Number: 0001259380) </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-228379-01</FONT></FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">01-0794037</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation or organization)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>12800 Tuckahoe Creek Parkway </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Richmond, VA 23238-1115 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices of registrant, including zip Code) </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: <FONT STYLE="white-space:nowrap">(804)&nbsp;935-4512</FONT> </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Former name or former address, if changed since last report: Not applicable </B></P>
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<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (&#167;230.405 of this
chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;16, 2019, CarMax Business Services, LLC (&#147;CarMax Business Services&#148;) and CarMax Auto Funding LLC (the &#147;Depositor&#148;) entered
into an Underwriting Agreement with Credit Suisse Securities (USA) LLC, as representative of the several underwriters named therein (collectively, the &#147;Underwriters&#148;), whereby each of the Underwriters has severally agreed to purchase
$1,500,000,000 aggregate principal balance of various classes of Asset-backed Notes to be issued by CarMax Auto Owner Trust <FONT STYLE="white-space:nowrap">2019-1</FONT> (the &#147;Issuing Entity&#148;), a Delaware statutory trust created pursuant
to that certain Trust Agreement, dated as of November&nbsp;5, 2018, as will be amended and restated by the Amended and Restated Trust Agreement to be dated as of January&nbsp;1, 2019, between the Depositor and Wilmington Trust, National Association,
as owner trustee (the &#147;Owner Trustee&#148;). The Underwriting Agreement provides that the obligations of the Underwriters are subject to specified conditions precedent and that the Underwriters will purchase the Notes (defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The sale of the Notes has been registered pursuant to the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) under a Registration Statement
on Form <FONT STYLE="white-space:nowrap">SF-3</FONT> (Commission File <FONT STYLE="white-space:nowrap">No.&nbsp;333-228379),</FONT> filed on November&nbsp;14, 2018. It is anticipated that the Notes will be issued on or about January&nbsp;23, 2019
(the &#147;Issuance Date&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Underwriting Agreement is attached as Exhibit 1.1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01. Other Events. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The registrant has filed a
final prospectus, dated January&nbsp;16, 2019, setting forth a description of the collateral pool and the structure of $277,000,000 aggregate principal amount of the <FONT STYLE="white-space:nowrap">Class&nbsp;A-1</FONT> Asset-backed Notes (the <FONT
STYLE="white-space:nowrap">&#147;Class&nbsp;A-1</FONT> Notes&#148;), $412,000,000 aggregate principal amount of the <FONT STYLE="white-space:nowrap">Class&nbsp;A-2a</FONT> Asset-backed Notes (the
<FONT STYLE="white-space:nowrap">&#147;Class&nbsp;A-2a</FONT> Notes&#148;), $100,000,000 aggregate principal amount of the <FONT STYLE="white-space:nowrap">Class&nbsp;A-2b</FONT> Asset-backed Notes (the
<FONT STYLE="white-space:nowrap">&#147;Class&nbsp;A-2b</FONT> Notes&#148;), $493,900,000 aggregate principal amount of the <FONT STYLE="white-space:nowrap">Class&nbsp;A-3</FONT> Asset-backed Notes (the
<FONT STYLE="white-space:nowrap">&#147;Class&nbsp;A-3</FONT> Notes&#148;), $107,910,000 aggregate principal amount of the <FONT STYLE="white-space:nowrap">Class&nbsp;A-4</FONT> Asset-backed Notes (the
<FONT STYLE="white-space:nowrap">&#147;Class&nbsp;A-4</FONT> Notes&#148;), $42,170,000 aggregate principal amount of the Class&nbsp;B Asset-backed Notes (the &#147;Class&nbsp;B Notes&#148;), $39,910,000 aggregate principal amount of the Class&nbsp;C
Asset-backed Notes (the &#147;Class&nbsp;C Notes&#148;) and $27,110,000 aggregate principal amount of the Class&nbsp;D Asset-backed Notes (the &#147;Class&nbsp;D Notes&#148; and, together with the
<FONT STYLE="white-space:nowrap">Class&nbsp;A-1</FONT> Notes, the <FONT STYLE="white-space:nowrap">Class&nbsp;A-2a</FONT> Notes, the <FONT STYLE="white-space:nowrap">Class&nbsp;A-2b</FONT> Notes, the
<FONT STYLE="white-space:nowrap">Class&nbsp;A-3</FONT> Notes, the <FONT STYLE="white-space:nowrap">Class&nbsp;A-4</FONT> Notes, the Class&nbsp;B Notes and the Class&nbsp;C Notes, the &#147;Notes&#148;) by the Issuing Entity. Each of the Notes is
being offered publicly for sale. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the Issuance Date, the Depositor will enter into an Amended and Restated Trust Agreement, in substantially the form
of which is filed as an exhibit hereto, with the Owner Trustee, relating to the Issuing Entity. On the Issuance Date, CarMax Business Services and the Depositor will enter into a Receivables Purchase Agreement, in substantially the form of which is
filed as an exhibit hereto, pursuant to which specified motor vehicle retail installment sale contracts and related property will be sold by CarMax Business Services to the Depositor. On the Issuance Date, the Issuing Entity, the Depositor and
CarMax Business Services, as servicer, will enter into a Sale and Servicing Agreement, in substantially the form of which is filed as an exhibit hereto, pursuant to which motor vehicle retail installment sale contracts and related property will be
transferred by the Depositor to the Issuing Entity, and the Issuing Entity will engage CarMax Business Services to service those assets. On the Issuance Date, the Issuing Entity will issue to the Depositor the Notes pursuant to an Indenture, in
substantially the form of which is filed as an exhibit hereto, to be entered into between the Issuing Entity and U.S. Bank National Association, as indenture trustee (the &#147;Indenture Trustee&#148;). On the Issuance Date, the Issuing Entity, the
Indenture Trustee and CarMax Business Services, as administrator, will enter into an Administration Agreement, in substantially the form of which is filed as an exhibit hereto, pursuant to which the administrator agrees to perform certain duties and
obligations of the Issuing Entity and the Owner Trustee under the transaction documents. On the Issuance Date, the Issuing Entity, the Servicer and Clayton Fixed Income Services LLC, as asset representations reviewer (the &#147;Asset Representations
Reviewer&#148;), will enter into an Asset Representations Review Agreement, in substantially the form of which is filed as an exhibit hereto, pursuant to which the Asset Representations Reviewer will agree to perform, upon satisfaction of certain
trigger events, reviews of certain receivables for compliance with the representations and warranties made by CarMax Business Services and the Depositor about such receivables. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Legal opinions and a consent of Mayer Brown LLP are attached as Exhibit 5.1 and Exhibit 8.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the offering of the Notes, the chief executive officer of the Registrant has made the certifications required by Paragraph I.B.1(a)&nbsp;of
<FONT STYLE="white-space:nowrap">Form&nbsp;SF-3</FONT> attached as Exhibit 36.1.&nbsp;The certification is being filed on this Current Report to satisfy the requirements of Item 601(b)(36) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top">1.1</TD>
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<TD VALIGN="top"><A HREF="d691753dex11.htm">Underwriting Agreement, dated as of January&nbsp;
16, 2019, by and among CarMax Business Services, LLC, as servicer, CarMax Auto Funding LLC, as depositor, and Credit Suisse Securities (USA) LLC, as representative of the several underwriters named therein. </A></TD></TR>
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<TD VALIGN="top">4.1</TD>
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<TD VALIGN="top"><A HREF="d691753dex41.htm">Indenture, to be dated January&nbsp;1, 2019, between CarMax Auto Owner Trust <FONT STYLE="white-space:nowrap">2019-1</FONT> and U.S. Bank National Association, as indenture trustee. </A></TD></TR>
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<TD VALIGN="top">4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d691753dex42.htm">Amended and Restated Trust Agreement, to be dated January&nbsp;1, 2019, between CarMax Auto Funding LLC, as depositor, and Wilmington Trust, National Association, as owner trustee. </A></TD></TR>
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<TD VALIGN="top">5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d691753dex51.htm">Opinion of Mayer Brown LLP, dated as of January 18, 2019, with respect to enforceability of securities. </A></TD></TR>
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<TD VALIGN="top">8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d691753dex81.htm">Opinion of Mayer Brown LLP, dated as of January&nbsp;18, 2019, with respect to tax matters. </A></TD></TR>
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<TD VALIGN="top">23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Mayer Brown LLP (included as part of <A HREF="d691753dex51.htm">Exhibit 5.1</A> and <A HREF="d691753dex81.htm">Exhibit 8.1</A>).</TD></TR>
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<TD VALIGN="top">36.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d691753dex361.htm">Depositor CEO Certification </A></TD></TR>
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<TD VALIGN="top">99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d691753dex991.htm">Sale and Servicing Agreement, to be dated January&nbsp;1, 2019, among CarMax Business Services, LLC, as servicer, CarMax Auto Funding LLC, as depositor, and CarMax Auto Owner Trust <FONT
STYLE="white-space:nowrap">2019-1.</FONT> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d691753dex992.htm">Receivables Purchase Agreement, to be dated January&nbsp;1, 2019, between CarMax Business Services, LLC, as seller, and CarMax Auto Funding LLC, as purchaser. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">99.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d691753dex993.htm">Administration Agreement, to be dated January&nbsp;
1, 2019, among CarMax Business Services, LLC, as administrator, CarMax Auto Owner Trust <FONT STYLE="white-space:nowrap">2019-1</FONT> and U.S. Bank National Association, as indenture trustee. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">99.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d691753dex994.htm">Asset Representations Review Agreement, to be dated January&nbsp;
1, 2019, among CarMax Auto Owner Trust <FONT STYLE="white-space:nowrap">2019-1,</FONT> CarMax Business Services, LLC, as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer. </A></TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the depositor has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">CarMax Auto Funding LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">(Depositor)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated: January&nbsp;18, 2019</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Enrique Mayor-Mora</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enrique Mayor-Mora</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Vice President and
Treasurer</P></TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
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8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 16, 2019
CARMAX AUTO OWNER TRUST
2019-1
(Issuing Entity with respect to Securities)
(Central Index Key Number: 0001762278)
CARMAX BUSINESS SERVICES, LLC
(Sponsor with respect to Securities)
(Central Key Index Number: 0001601902)
CARMAX AUTO FUNDING LLC
(Depositor with respect to Securities)
(Central Key Index Number: 0001259380)
Delaware
333-228379-01
01-0794037
(State or other jurisdiction
of incorporation or organization)
(Commission
File Number)
(Registrant's IRS Employer
Identification No.)
12800 Tuckahoe Creek Parkway
Richmond, VA 23238-1115
(Address of principal executive offices of registrant, including zip Code)
Registrant's telephone number, including area code:
(804) 935-4512
Former name or former address, if changed since last report: Not applicable
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17
CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (§230.405 of this
chapter) or Rule
12b-2
of the Exchange Act
(§240.12b-2
of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐
Item 1.01. Entry into a Material Definitive Agreement
On January 16, 2019, CarMax Business Services, LLC ("CarMax Business Services") and CarMax Auto Funding LLC (the "Depositor") entered
into an Underwriting Agreement with Credit Suisse Securities (USA) LLC, as representative of the several underwriters named therein (collectively, the "Underwriters"), whereby each of the Underwriters has severally agreed to purchase
$1,500,000,000 aggregate principal balance of various classes of Asset-backed Notes to be issued by CarMax Auto Owner Trust
2019-1
(the "Issuing Entity"), a Delaware statutory trust created pursuant
to that certain Trust Agreement, dated as of November 5, 2018, as will be amended and restated by the Amended and Restated Trust Agreement to be dated as of January 1, 2019, between the Depositor and Wilmington Trust, National Association,
as owner trustee (the "Owner Trustee"). The Underwriting Agreement provides that the obligations of the Underwriters are subject to specified conditions precedent and that the Underwriters will purchase the Notes (defined below).
The sale of the Notes has been registered pursuant to the Securities Act of 1933, as amended (the "Securities Act") under a Registration Statement
on Form
SF-3
(Commission File
No. 333-228379),
filed on November 14, 2018. It is anticipated that the Notes will be issued on or about January 23, 2019
(the "Issuance Date").
The Underwriting Agreement is attached as Exhibit 1.1.
Item 8.01. Other Events.
The registrant has filed a
final prospectus, dated January 16, 2019, setting forth a description of the collateral pool and the structure of $277,000,000 aggregate principal amount of the
Class A-1
Asset-backed Notes (the
"Class A-1
Notes"), $412,000,000 aggregate principal amount of the
Class A-2a
Asset-backed Notes (the
"Class A-2a
Notes"), $100,000,000 aggregate principal amount of the
Class A-2b
Asset-backed Notes (the
"Class A-2b
Notes"), $493,900,000 aggregate principal amount of the
Class A-3
Asset-backed Notes (the
"Class A-3
Notes"), $107,910,000 aggregate principal amount of the
Class A-4
Asset-backed Notes (the
"Class A-4
Notes"), $42,170,000 aggregate principal amount of the Class B Asset-backed Notes (the "Class B Notes"), $39,910,000 aggregate principal amount of the Class C
Asset-backed Notes (the "Class C Notes") and $27,110,000 aggregate principal amount of the Class D Asset-backed Notes (the "Class D Notes" and, together with the
Class A-1
Notes, the
Class A-2a
Notes, the
Class A-2b
Notes, the
Class A-3
Notes, the
Class A-4
Notes, the Class B Notes and the Class C Notes, the "Notes") by the Issuing Entity. Each of the Notes is
being offered publicly for sale.
On the Issuance Date, the Depositor will enter into an Amended and Restated Trust Agreement, in substantially the form
of which is filed as an exhibit hereto, with the Owner Trustee, relating to the Issuing Entity. On the Issuance Date, CarMax Business Services and the Depositor will enter into a Receivables Purchase Agreement, in substantially the form of which is
filed as an exhibit hereto, pursuant to which specified motor vehicle retail installment sale contracts and related property will be sold by CarMax Business Services to the Depositor. On the Issuance Date, the Issuing Entity, the Depositor and
CarMax Business Services, as servicer, will enter into a Sale and Servicing Agreement, in substantially the form of which is filed as an exhibit hereto, pursuant to which motor vehicle retail installment sale contracts and related property will be
transferred by the Depositor to the Issuing Entity, and the Issuing Entity will engage CarMax Business Services to service those assets. On the Issuance Date, the Issuing Entity will issue to the Depositor the Notes pursuant to an Indenture, in
substantially the form of which is filed as an exhibit hereto, to be entered into between the Issuing Entity and U.S. Bank National Association, as indenture trustee (the "Indenture Trustee"). On the Issuance Date, the Issuing Entity, the
Indenture Trustee and CarMax Business Services, as administrator, will enter into an Administration Agreement, in substantially the form of which is filed as an exhibit hereto, pursuant to which the administrator agrees to perform certain duties and
obligations of the Issuing Entity and the Owner Trustee under the transaction documents. On the Issuance Date, the Issuing Entity, the Servicer and Clayton Fixed Income Services LLC, as asset representations reviewer (the "Asset Representations
Reviewer"), will enter into an Asset Representations Review Agreement, in substantially the form of which is filed as an exhibit hereto, pursuant to which the Asset Representations Reviewer will agree to perform, upon satisfaction of certain
trigger events, reviews of certain receivables for compliance with the representations and warranties made by CarMax Business Services and the Depositor about such receivables.
Legal opinions and a consent of Mayer Brown LLP are attached as Exhibit 5.1 and Exhibit 8.1.
In connection with the offering of the Notes, the chief executive officer of the Registrant has made the certifications required by Paragraph I.B.1(a) of
Form SF-3
attached as Exhibit 36.1. The certification is being filed on this Current Report to satisfy the requirements of Item 601(b)(36) of Regulation
S-K.
Item 9.01. Financial Statements and Exhibits.
Exhibit No.
Description
1.1
Underwriting Agreement, dated as of January 
16, 2019, by and among CarMax Business Services, LLC, as servicer, CarMax Auto Funding LLC, as depositor, and Credit Suisse Securities (USA) LLC, as representative of the several underwriters named therein.
4.1
Indenture, to be dated January 1, 2019, between CarMax Auto Owner Trust
2019-1
and U.S. Bank National Association, as indenture trustee.
4.2
Amended and Restated Trust Agreement, to be dated January 1, 2019, between CarMax Auto Funding LLC, as depositor, and Wilmington Trust, National Association, as owner trustee.
5.1
Opinion of Mayer Brown LLP, dated as of January 18, 2019, with respect to enforceability of securities.
8.1
Opinion of Mayer Brown LLP, dated as of January 18, 2019, with respect to tax matters.
23.1
Consent of Mayer Brown LLP (included as part of
Exhibit 5.1
and
Exhibit 8.1
).
36.1
Depositor CEO Certification
99.1
Sale and Servicing Agreement, to be dated January 1, 2019, among CarMax Business Services, LLC, as servicer, CarMax Auto Funding LLC, as depositor, and CarMax Auto Owner Trust
2019-1.
99.2
Receivables Purchase Agreement, to be dated January 1, 2019, between CarMax Business Services, LLC, as seller, and CarMax Auto Funding LLC, as purchaser.
99.3
Administration Agreement, to be dated January 
1, 2019, among CarMax Business Services, LLC, as administrator, CarMax Auto Owner Trust
2019-1
and U.S. Bank National Association, as indenture trustee.
99.4
Asset Representations Review Agreement, to be dated January 
1, 2019, among CarMax Auto Owner Trust
2019-1,
CarMax Business Services, LLC, as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the depositor has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CarMax Auto Funding LLC
(Depositor)
Dated: January 18, 2019
By:
/s/ Enrique Mayor-Mora
Name:
Title:
Enrique Mayor-Mora
Vice President and
Treasurer