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Presale: CarMax Auto Owner Trust 2021-1

The preliminary ratings assigned to CarMax Auto Owner Trust 2021-1's (CAOT 2021-1) auto receivables asset-backed notes reflect: The availability of approximately 14.0%, 11.4%, 9.1%, and 7.3% credit support for the base and upsized pools' class A, B, C, and D notes, respectively, based on our stressed break-even cash flow scenarios. These credit support levels provide coverage of approximately 5.1x, 4.1x, 3.0x, and 2.6x our 2.65%-2.85% expected net loss range to the respective classes and are commensurate with the assigned preliminary 'A-1+ (sf)'/'AAA (sf)', 'AA+ (sf)', 'A+ (sf)', and 'BBB+ (sf)' ratings, respectively (see the S&P Global Ratings' Expected Loss and Cash Flow Modeling). The timely interest and full principal payments made under the stressed cash flow modeling scenarios appropriate for

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