EXHIBIT 99.2 - ANNUAL REPORT OF ACCOUNTANT RELATIVE TO SERVICING







             Report of Independent Registered Public Accounting Firm



The Board of Directors
CarMax Auto Superstores, Inc.:


We have examined management's assertion about CarMax Auto Superstores, Inc.'s
(CarMax) compliance, as Servicer, with section 3.9 of the Sale and Servicing
Agreement (see excerpt attached), dated May 1, 2004 (the Agreement), between
CarMax, as Servicer, CarMax Auto Funding LLC, as Seller, and CarMax Auto Owner
Trust 2004-1, for the period from May 1, 2004 through February 28, 2005,
included in the accompanying Management Report. Management is responsible for
CarMax's compliance with those requirements. Our responsibility is to express an
opinion on management's assertion about CarMax's compliance based on our
examination.

Our examination was conducted in accordance with attestation standards
established by the Public Company Accounting Oversight Board (United States)
and, accordingly, included examining, on a test basis, evidence about CarMax's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our opinion does not provide a
legal determination on CarMax's compliance with specified requirements.

In our opinion, management's assertion that CarMax Auto Superstores, Inc.
complied with the requirements of the aforementioned section of the Agreement
for the period from May 1, 2004 through February 28, 2005 is fairly stated, in
all material respects.


/s/  KPMG LLP


May 23, 2005






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                                Management Report




Management of CarMax Auto Superstores, Inc. (CarMax), as Servicer, is
responsible for compliance with the servicing requirements in section 3.9 of the
Sale and Servicing Agreement dated May 1, 2004, (the "Agreement") between CarMax
Auto Funding LLC, as Seller, and CarMax, as Servicer, and CarMax Auto Owner
Trust 2004-1.



Management has performed an evaluation of CarMax's compliance with the
aforementioned section of the Agreement for the period beginning May 1, 2004 and
ended February 28, 2005. Based upon this evaluation, management believes that,
during the period beginning May 1, 2004 and ended February 28, 2005, CarMax, as
Servicer, was materially in compliance with the aforementioned section of the
Agreement.







CarMax, Inc. and subsidiaries





/s/ Austin Ligon                                /s/ Keith D. Browning
Austin Ligon                                    Keith D. Browning
President and Chief Executive Officer           Executive Vice President and
                                                Chief Financial Officer








May 23, 2005






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Excerpt from SALE AND SERVICING AGREEMENT, dated as of May 1, 2004 among CARMAX
AUTO OWNER TRUST 2004-1, as Issuer, CARMAX AUTO FUNDING LLC, as Depositor, and
CARMAX AUTO SUPERSTORES, INC., as Servicer



                  SECTION 3.9 Servicer's Certificate. On or before the
Determination Date immediately preceding each Distribution Date, the Servicer
shall deliver to the Depositor, the Seller, the Owner Trustee, the Indenture
Trustee and each Paying Agent, with a copy to the Rating Agencies, a certificate
of a Servicing Officer substantially in the form of Exhibit A (a "Servicer's
Certificate") and attached to a Servicer's report containing all information
necessary to make the transfers and distributions pursuant to Sections 4.5, 4.6
and 4.7, together with the written statements to be furnished by the Owner
Trustee to the Certificateholders pursuant to Section 4.9 and by the Indenture
Trustee to the Noteholders pursuant to Section 4.9 and pursuant to Section 6.6
of the Indenture. The Servicer shall separately identify (by account number) in
a written notice to the Depositor, the Owner Trustee and the Indenture Trustee
the Receivables to be repurchased by the Depositor or to be purchased by the
Servicer, as the case may be, on the Business Day preceding such Distribution
Date, and, upon request of one of the foregoing parties, each Receivable which
became a Defaulted Receivable during the related Collection Period. The Servicer
shall deliver to the Rating Agencies any information, to the extent it is
available to the Servicer, that the Rating Agencies reasonably request in order
to monitor the Trust.