# EDGAR Filing Document

**Accession Number:** 0001959426
**File Stem:** 0001959426-26-000027
**Filing Date:** 2026-5
**Character Count:** 52877
**Document Hash:** 04c16b6853487d88575921c1e63b0a7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001959426-26-000027.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001959426-26-000027

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**ABS ASSET CLASS**: Auto loans

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CarMax Auto Owner Trust 2023-1
- **CENTRAL INDEX KEY:** 0001959426
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 886784392
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-260819-05
- **FILM NUMBER:** 261025774

**BUSINESS ADDRESS:**
- **STREET 1:** 12800 TUCKAHOE CREEK PARKWAY
- **STREET 2:** SUITE 400
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23238
- **BUSINESS PHONE:** (804) 935-4512

**MAIL ADDRESS:**
- **STREET 1:** 12800 TUCKAHOE CREEK PARKWAY
- **STREET 2:** SUITE 400
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23238

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended February 28, 2026** 

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from_____to_____**

Commission File Number of issuing entity: 333-260819-05

Central Index Key Number of issuing entity: 0001959426

**CARMAX AUTO OWNER TRUST 2023-1**

(Exact name of the Issuing Entity as specified in its charter)

Commission File Number of depositor: 333-260819

Central Index Key Number of depositor: 0001259380

**CARMAX AUTO FUNDING LLC**

(Exact name of the Depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001601902

**CARMAX BUSINESS SERVICES, LLC**

(Exact name of the Sponsor as specified in its charter)

**Delaware**

(State or other jurisdiction of incorporation or organization for the Issuing Entity and the Depositor)

**88-6784392**

(I.R.S. Employer Identification No. for the Issuing Entity)

**01-0794037**

(I.R.S. Employer Identification No. for the Depositor)

**12800 Tuckahoe Creek Parkway, Suite 400, Richmond, VA 23238**

(Address of principal executive offices, Zip Code)

**(804) 935-4512**

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: **None**

Securities registered pursuant to Section 12(g) of the Act: **None**

------

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☐ (The registrant is not currently required to submit such files)

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

---

| | |
|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer ☒ (do not check if a smaller reporting company) | Smaller reporting company ☐ |
| | 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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter: **Not applicable.**

**DOCUMENTS INCORPORATED BY REFERENCE**

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980). **None.**

------

**<u>PART I</u>**

**The following items have been omitted in accordance with General Instruction J to Form 10-K:**

---

| | |
|:---|:---|
| Item 1. | Business. |
| Item 1A. | Risk Factors. |
| Item 2. | Properties. |
| Item 3. | Legal Proceedings. |

---

**Item 1B. &nbsp;&nbsp;&nbsp;&nbsp;Unresolved Staff Comments.**

&nbsp;&nbsp;&nbsp;&nbsp;None.

**Item 4. &nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosures.**

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

**Substitute information provided in accordance with General Instruction J to Form 10-K:** 

**Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information).**

**&nbsp;&nbsp;&nbsp;&nbsp;**No single obligor represents 10% or more of the pool assets held by CarMax Auto Owner Trust 2023-1 (the "Issuing Entity").

**Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers).**

**&nbsp;&nbsp;&nbsp;&nbsp;**No entity or group of affiliated entities provides any external credit enhancement or other support with respect to either payment on the pool assets held by the Issuing Entity or payments on the asset-backed notes (the "Notes") issued by the Issuing Entity.

**Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).**

**&nbsp;&nbsp;&nbsp;&nbsp;**Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this item.

**Item 1117 of Regulation AB. Legal Proceedings.**

&nbsp;&nbsp;&nbsp;&nbsp;There are no legal proceedings pending, or any proceedings known to be contemplated by governmental authorities, against CarMax Business Services, LLC (the "Sponsor" and, in its role as the servicer, the "Servicer"), CarMax Auto Funding LLC (the "Depositor"), Wilmington Trust, National Association (the "Indenture Trustee"), the Issuing Entity or the other parties described in Item 1117 of Regulation AB, or of which any property of the foregoing is the subject, that are material to holders of the Notes.

------

**<u>PART II</u>**

**The following items have been omitted in accordance with General Instruction J to Form 10-K:**

---

| | |
|:---|:---|
| Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
| Item 6. | Selected Financial Data. |
| Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations. |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. |
| Item 8. | Financial Statements and Supplementary Data. |
| Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. |
| Item 9A. | Controls and Procedures |

---

**Item 9B. &nbsp;&nbsp;&nbsp;&nbsp;Other Information.**

&nbsp;&nbsp;&nbsp;&nbsp;None.

------

**<u>PART III</u>**

**The following items have been omitted in accordance with General Instruction J to Form 10-K:**

---

| | |
|:---|:---|
| Item 10. | Directors, Executive Officers and Corporate Governance. |
| Item 11. | Executive Compensation. |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
| Item 14. | Principal Accountant Fees and Services. |

---

**Substitute information provided in accordance with General Instruction J to Form 10-K:** 

**Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.**

&nbsp;&nbsp;&nbsp;&nbsp;Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

**Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.**

&nbsp;&nbsp;&nbsp;&nbsp;The Servicer and the Indenture Trustee (collectively, the "Servicing Parties") have been identified by the registrant as parties participating in the servicing function with respect to the asset pool held by the Issuing Entity. Each of the Servicing Parties has completed a report on an assessment of compliance with the servicing criteria applicable to it (each, a "Servicing Report"), which Servicing Reports are attached as exhibits to this report on Form 10-K. In addition, each of the Servicing Parties has provided an attestation report under Item 1122 of Regulation AB (each, an "Attestation Report") by an independent registered public accounting firm, which reports are also attached as exhibits to this report on Form 10-K. Neither of the Servicing Reports provided by the Servicer or the Indenture Trustee nor the Attestation Reports provided by the Servicer or the Indenture Trustee has identified any material instance of noncompliance with the servicing criteria applicable to the respective Servicing Party.

**Item 1123 of Regulation AB. Servicer Compliance Statement.**

&nbsp;&nbsp;&nbsp;&nbsp;The Servicer has been identified by the registrant as a servicer with respect to the asset pool held by the Issuing Entity. The Servicer has completed a statement of compliance (a "Compliance Statement") signed by an authorized officer of the Servicer. The Compliance Statement is attached as an exhibit to this report on Form 10-K.

------

**<u>PART IV</u>**

**Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement Schedules.**

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index. |
| (b) | The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index. |
| (c) | Not applicable. |

---

**Item 16. &nbsp;&nbsp;&nbsp;&nbsp;Form 10-K Summary.**

&nbsp;&nbsp;&nbsp;&nbsp;None.

**Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act** 

No annual report to security holders, proxy statement, form of proxy or other proxy soliciting material has been sent to security holders or is anticipated to be furnished to security holders subsequent to the filing of this annual report on Form 10-K.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 27, 2026

CARMAX AUTO OWNER TRUST 2023-1

---

| | |
|:---|:---|
| By: | CarMax Auto Funding LLC, |
|  | as Depositor on behalf of CarMax Auto Owner Trust 2023-1 |
| By: | <u>/s/ Greg Dostich</u> |
| Name: | Greg Dostich |
| Title: | Vice President and Treasurer |
|  | (Senior officer in charge of securitization) |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| <u>Exhibit Number</u>&nbsp;&nbsp;&nbsp;&nbsp; | <u>Description of Exhibit</u> |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1259380/000119312503054644/dex31.txt)</u> | Certificate of Formation of CarMax Auto Funding LLC.\* |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1259380/000119312505157673/dex32.htm)</u> | Amended and Restated Limited Liability Company Agreement of CarMax Auto Funding LLC dated as of December 1, 2004.\*\* |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/1259380/000119312523012990/d426493dex41.htm)</u> | Indenture dated as of January 1, 2023 between the Issuing Entity and Wilmington Trust, National Association, as indenture trustee (including forms of the Notes).\*\*\* |
| <u>[4.2](https://www.sec.gov/Archives/edgar/data/1259380/000119312523012990/d426493dex42.htm)</u> | Amended and Restated Trust Agreement dated as of January 1, 2023 between CarMax Auto Funding LLC, as depositor, and U.S. Bank Trust National Association, as owner trustee.\*\*\* |
| <u>[31.1](a2023-1ex311soxcertificati.htm)</u> | Rule 13a-14(d)/15d-14(d) Certification of CarMax Auto Funding LLC (Section 302 Certification). |
| <u>[33.1](ex331kmxreportonassessment.htm)</u> | Report on Assessment of Compliance with Applicable Servicing Criteria of CarMax Business Services, LLC. |
| <u>[33.2](ex332wtreportonassessmento.htm)</u> | Report on Assessment of Compliance with Applicable Servicing Criteria of Wilmington Trust, National Association. |
| <u>[34.1](ex341kpmgrptindregpubacctf.htm)</u> | Attestation Report on Assessment of Compliance with Servicing Criteria of KPMG LLP, on behalf of CarMax Business Services, LLC. |
| <u>[34.2](ex342pwcrptindregpubacctfi.htm)</u> | Attestation Report on Assessment of Compliance with Servicing Criteria of PricewaterhouseCoopers LLP, on behalf of Wilmington Trust, National Association. |
| <u>[35.1](a2023-1ex351servicercompli.htm)</u> | Annual Servicing Compliance Statement of CarMax Business Services, LLC. |
| <u>[99.1](https://www.sec.gov/Archives/edgar/data/1259380/000119312523012990/d426493dex991.htm)</u> | Sale and Servicing Agreement dated as of January 1, 2023 among the Issuing Entity, CarMax Auto Funding LLC, as depositor, and CarMax Business Services, LLC, as servicer.\*\*\* |
| <u>[99.2](https://www.sec.gov/Archives/edgar/data/1259380/000119312523012990/d426493dex992.htm)</u> | Receivables Purchase Agreement dated as of January 1, 2023 between CarMax Business Services, LLC, as seller, and CarMax Auto Funding LLC, as purchaser.\*\*\* |
| <u>[99.3](https://www.sec.gov/Archives/edgar/data/1259380/000119312523012990/d426493dex993.htm)</u> | Administration Agreement dated as of January 1, 2023 among the Issuing Entity, CarMax Business Services, LLC, as administrator, and Wilmington Trust, National Association, as indenture trustee.\*\*\* |
| <u>[99.4](https://www.sec.gov/Archives/edgar/data/1259380/000119312523012990/d426493dex994.htm)</u> | Asset Representations Review Agreement dated as of January 1, 2023 among the Issuing Entity, CarMax Business Services, LLC, as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer.\*\*\* |
| ________________________________________________________________________ | ________________________________________________________________________ |
| \* | Incorporated by reference from the registration statement on Form S-3 of CarMax Auto Funding LLC originally filed on September 26, 2003 (File No. 333-107925). |
| \*\* | Incorporated by reference from the registration statement on Form S-3 of CarMax Auto Funding LLC originally filed on August 4, 2005 (File No. 333-127189). |
| \*\*\* | Incorporated by reference from the current report on Form 8-K of CarMax Auto Funding LLC and the Issuing Entity filed on January 23, 2023 (File No. 333-107925 and File No. 333-260819-05). |

---

## Exhibit 31.1

EXHIBIT 31.1

**RULE 13a-14(d)/15d-14(d) CERTIFICATION (SECTION 302 CERTIFICATION)**

I, Greg Dostich, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of CarMax Auto Owner Trust 2023-1 (the "Exchange Act periodic reports");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Based on my knowledge and the servicer compliance statement required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicer has fulfilled its obligations under the servicing agreement in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

Date: May 27, 2026

<u>/s/ Greg Dostich</u>

Name: Greg Dostich &nbsp;&nbsp;&nbsp;&nbsp;

Title: Vice President and Treasurer

(Senior officer in charge of securitization)

Company: CarMax Auto Funding LLC

as Depositor on behalf of CarMax Auto Owner Trust 2023-1

## Exhibit 33.1

EXHIBIT 33.1

**REPORT ON ASSESSMENT OF COMPLIANCE WITH APPLICABLE SERVICING CRITERIA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.CarMax Business Services, LLC ("CarMax") is responsible for assessing compliance with the servicing criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB, as of February 28, 2026 and for the fiscal year ended February 28, 2026 (the "Reporting Period"), as set forth in Appendix A hereto. The transactions covered by this report consist of all asset-backed securities transactions sponsored by CarMax involving motor vehicle retail installment sale contracts that were commenced with an initial bona fide offer after December 31, 2005 where the related asset-backed securities were outstanding during the Reporting Period (the "Platform"), as identified in Appendix B hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.CarMax has engaged certain vendors (the "Vendors") that are not servicers as defined in Item 1101(j) of Regulation AB to perform specific, limited or scripted activities, and CarMax elects to take responsibility for assessing compliance with the servicing criteria or portion of the servicing criteria applicable to such Vendors' activities as set forth in Appendix A hereto. CarMax has policies and procedures in place to provide reasonable assurance that each Vendor's activities comply in all material respects with the servicing criteria or portion of the servicing criteria applicable to such Vendor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Except as set forth in paragraph 4 below, CarMax used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance with the applicable servicing criteria as of February 28, 2026 and for the Reporting Period with respect to the Platform taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The criteria listed in the column titled "Inapplicable Servicing Criteria" on Appendix A hereto are inapplicable to CarMax based on the activities it performs, directly or through its Vendors, with respect to the Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.CarMax has complied, in all material respects, with the applicable servicing criteria as of February 28, 2026 and for the Reporting Period with respect to the Platform taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.CarMax has not identified and is not aware of any material instance of noncompliance by the Vendors with the applicable servicing criteria as of February 28, 2026 and for the Reporting Period with respect to the Platform taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.CarMax has not identified any material deficiency in its policies and procedures to monitor compliance by the Vendors with the applicable servicing criteria as of February 28, 2026 and for the Reporting Period with respect to the Platform taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.KPMG LLP, an independent registered public accounting firm, has issued an attestation report on CarMax's assessment of compliance with the applicable servicing criteria as of February 28, 2026 and for the Reporting Period.

May 27, 2026

CARMAX BUSINESS SERVICES, LLC

<u>/s/ Greg Dostich</u>

Greg Dostich

Vice President and Treasurer

------

APPENDIX A

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| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>SERVICING CRITERIA</u>** | **<u>APPLICABLE SERVICING CRITERIA</u>** | **<u>APPLICABLE SERVICING CRITERIA</u>** | **<u>INAPPLICABLE SERVICING CRITERIA</u>** |
| **<u>Reference</u>** | **<u>Criteria</u>** | **<u>Performed Directly by CarMax</u>** | **<u>Performed by Vendor(s) for which CarMax is the Responsible Party</u>** | **<u>NOT performed by CarMax or by subservicer(s) or vendor(s) retained by CarMax</u>** |
| | <br>**General Servicing Conditions** | | | |
| 1122(d)(1)(i) | &nbsp;&nbsp;Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |  |  |
| 1122(d)(1)(ii) | &nbsp;&nbsp;If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. | X |  |  |
| 1122(d)(1)(iii) | &nbsp;&nbsp;Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  |  | X |
| 1122(d)(1)(iv) | &nbsp;&nbsp;A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  |  | X |
| 1122(d)(1)(v) | &nbsp;&nbsp;Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | X |  |  |
|  | **<br>Cash Collection and Administration** |  |  |  |
| 1122(d)(2)(i) | &nbsp;&nbsp;Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | X(1) | X(1) |  |
| 1122(d)(2)(ii) | &nbsp;&nbsp;Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. |  |  | X |
| 1122(d)(2)(iii) | &nbsp;&nbsp;Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. | X(2) |  |  |
| 1122(d)(2)(iv) | &nbsp;&nbsp;The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash)as set forth in the transaction agreements. | X |  |  |
| 1122(d)(2)(v) | &nbsp;&nbsp;Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-l(b)(I) of the Securities Exchange Act. | X |  |  |
| 1122(d)(2)(vi) | &nbsp;&nbsp;Unissued checks are safeguarded so as to prevent unauthorized access. |  |  | X |
| 1122(d)(2)(vii) | &nbsp;&nbsp;Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |  |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>SERVICING CRITERIA</u>** | **<u>APPLICABLE SERVICING CRITERIA</u>** | **<u>APPLICABLE SERVICING CRITERIA</u>** | **<u>INAPPLICABLE SERVICING CRITERIA</u>** |
| **<u>Reference</u>** | **<u>Criteria</u>** | **<u>Performed Directly by CarMax</u>** | **<u>Performed by Vendor(s) for which CarMax is the Responsible Party</u>** | **<u>NOT performed by CarMax or by subservicer(s) or vendor(s) retained by CarMax</u>** |
| | **<br>Investor Remittances and Reporting** | | | |
| 1122(d)(3)(i) | &nbsp;&nbsp;Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. | X |  |  |
| 1122(d)(3)(ii) | &nbsp;&nbsp;Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | X |  |  |
| 1122(d)(3)(iii) | &nbsp;&nbsp;Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | X |  |  |
| 1122(d)(3)(iv) | &nbsp;&nbsp;Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X |  |  |
|  | **<br>Pool Asset Administration** |  |  |  |
| 1122(d)(4)(i) | &nbsp;&nbsp;Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X |  |  |
| 1122(d)(4)(ii) | &nbsp;&nbsp;Pool asset and related documents are safeguarded as required by the transaction agreements | X | X(3) |  |
| 1122(d)(4)(iii) | &nbsp;&nbsp;Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | X |  |  |
| 1122(d)(4)(iv) | &nbsp;&nbsp;Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. | X |  |  |
| 1122(d)(4)(v) | &nbsp;&nbsp;The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. | X |  |  |
| 1122(d)(4)(vi) | &nbsp;&nbsp;Changes with respect to the terms or status of an obligor's pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | X |  |  |
| 1122(d)(4)(vii) | &nbsp;&nbsp;Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | X(4) | X(4) |  |
| 1122(d)(4)(viii) | &nbsp;&nbsp;Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | X |  |  |
| 1122(d)(4)(ix) | &nbsp;&nbsp;Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  |  | X |
| 1122(d)(4)(x) | &nbsp;&nbsp;Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |  |  | X |

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------

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| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>SERVICING CRITERIA</u>** | **<u>APPLICABLE SERVICING CRITERIA</u>** | **<u>APPLICABLE SERVICING CRITERIA</u>** | **<u>INAPPLICABLE SERVICING CRITERIA</u>** |
| **<u>Reference</u>** | **<u>Criteria</u>** | **<u>Performed Directly by CarMax</u>** | **<u>Performed by Vendor(s) for which CarMax is the Responsible Party</u>** | **<u>NOT performed by CarMax or by subservicer(s) or vendor(s) retained by CarMax</u>** |
| 1122(d)(4)(xi) | &nbsp;&nbsp;Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  |  | X |
| 1122(d)(4)(xii) | &nbsp;&nbsp;Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  |  | X |
| 1122(d)(4)(xiii) | &nbsp;&nbsp;Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the Servicer, or such other number of days specified in the transaction agreements. |  |  | X |
| 1122(d)(4)(xiv) | &nbsp;&nbsp;Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | X |  |  |
| 1122(d)(4)(xv) | &nbsp;&nbsp;Any external enhancement or other support, identified in Item 1114(a)(I) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |  |  | X |

---

(1)Certain payments received from obligors with respect to certain pool assets are deposited into the applicable accounts by a third party lockbox provider. As permitted by Section 200.06 of the SEC Division of Corporation Finance Compliance and Disclosure Interpretations (Regulation AB and Related Rules) ("C&DI 200.06"), CarMax has elected to take responsibility for assessing compliance by that vendor with that portion of the servicing criteria under Item 1122(d)(2)(i) of Regulation AB that relates to that vendor's activities.

(2)With respect to applicable servicing criterion 1122(d)(2)(iii), there were no activities performed during the twelve months ended February 28, 2026 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities.

(3)Safeguarding and storage of original motor vehicle retail installment sale contracts are provided by a third party vendor. As permitted by C&DI 200.06, CarMax has elected to take responsibility for assessing compliance by that vendor with that portion of the servicing criteria under Item 1122(d)(4)(ii) of Regulation AB that relates to that vendor's activities.

(4)Certain recovery actions are conducted by third party vendors on behalf of CarMax. As permitted by C&DI 200.06, CarMax has elected to take responsibility for assessing compliance by such vendors with that portion of the servicing criteria under Item 1122(d)(4)(vii) of Regulation AB that relates to such vendors' activities.

------

APPENDIX B

CarMax Auto Owner Trust 2021-1

CarMax Auto Owner Trust 2021-2

CarMax Auto Owner Trust 2021-3

CarMax Auto Owner Trust 2021-4

CarMax Auto Owner Trust 2022-1

CarMax Auto Owner Trust 2022-2

CarMax Auto Owner Trust 2022-3

CarMax Auto Owner Trust 2022-4

CarMax Auto Owner Trust 2023-1

CarMax Auto Owner Trust 2023-2

CarMax Auto Owner Trust 2023-3

CarMax Auto Owner Trust 2023-4

CarMax Auto Owner Trust 2024-1

CarMax Auto Owner Trust 2024-2

CarMax Auto Owner Trust 2024-3

CarMax Auto Owner Trust 2024-4

CarMax Select Receivables Trust 2024-A

CarMax Auto Owner Trust 2025-1

CarMax Auto Owner Trust 2025-2

CarMax Auto Owner Trust 2025-3

CarMax Auto Owner Trust 2025-4

CarMax Select Receivables Trust 2025-A

CarMax Select Receivables Trust 2025-B

CarMax Auto Owner Trust 2026-1

CarMax Select Receivables Trust 2026-A

## Exhibit 33.2

EXHIBIT 33.2

**Management Assessment Report**

Management of Wilmington Trust National Association (the Company) is responsible for assessing compliance with the applicable servicing criteria set forth in Item 1122(d)(1)(ii), 1122(d)(2)(ii), 1122(d)(2)(iv), 1122(d)(2)(v), 1122(d)(3)(ii), 1122(d)(3)(iii) and 1122(d)(3)(iv) of Regulation AB of the Securities and Exchange Commission relating to the servicing of auto related asset-backed transactions initiated or amended for purposes of Regulation AB on or after January 1, 2006, for which the Company provides trustee services (the Platform) as of February 28, 2026 and for the period from March 1, 2025 through February 28, 2026. Management has determined that all other criteria set forth in Item 1122(d) are not applicable to the servicing activities performed by the Company with respect to the Platform. Appendix A to this report identifies the auto related asset-backed transactions defined by management as constituting the Platform.

The Company's management has assessed the Company's compliance with the applicable servicing criteria as of February 28, 2026 and for the period from March 1, 2025 through February 28, 2026. In making this assessment, management used the criteria set forth by the Securities and Exchange Commission in criterion (d)(1)(ii), (d)(2)(ii), (d)(2)(iv), (d)(2)(v), (d)(3)(ii), (d)(3)(iii) and (d)(3)(iv) of Item 1122 of Regulation AB.

Based on such assessment, management believes that, as of February 28, 2026 and for the period from March 1, 2025 through February 28, 2026, the Company has complied in all material respects with the servicing criteria set forth in Item 1122(d)(1)(ii), 1122(d)(2)(ii), 1122(d)(2)(iv), 1122(d)(2)(v), 1122(d)(3)(ii), 1122(d)(3)(iii) and 1122(d)(3)(iv) of Regulation AB of the Securities and Exchange Commission relating to the servicing of the Platform. PricewaterhouseCoopers LLP, a registered public accounting firm, has issued an attestation report with respect to management's assessment of compliance with the applicable servicing criteria as of February 28, 2026 and for the period from March 1, 2026 through February 28, 2026. 

---

| | |
|:---|:---|
| By: | /s/ Benjamin F. Jordan |
| Name: | Benjamin F. Jordan |
| Title: | Senior Vice President |
|  | Institutional Services Structured Finance |
| Dated: | March 2, 2026 |

---

------

**List of Transactions - Appendix A**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital One Prime Auto Receivables Trust 2022-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital One Prime Auto Receivables Trust 2022-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital One Prime Auto Receivables Trust 2023-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital One Prime Auto Receivables Trust 2023-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital One Prime Auto Receivables Trust 2024-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital One Prime Auto Receivables Trust 2025-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Auto Owner Trust 2022-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Auto Owner Trust 2022-4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Auto Owner Trust 2023-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Auto Owner Trust 2023-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Auto Owner Trust 2023-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Auto Owner Trust 2025-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Select Receivables Trust 2025-A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Auto Owner Trust 2025-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Auto Owner Trust 2025-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Select Receivables Trust 2025-B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Auto Owner Trust 2025-4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Omni Auto Receivables Trust 2022-D

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Omni Auto Receivables Trust 2024-B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Omni Auto Receivables Trust 2025-B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Omni Automobile Lease Securitization Trust 2024-A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Omni Automobile Lease Securitization Trust 2025-A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drive Auto Receivables Trust 2021-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drive Auto Receivables Trust 2024-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drive Auto Receivables Trust 2025-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Santander Drive Auto Receivables Trust 2023-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Santander Drive Auto Receivables Trust 2023-4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Santander Drive Auto Receivables Trust 2023-6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Santander Drive Auto Receivables Trust 2024-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Santander Drive Auto Receivables Trust 2024-4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Santander Drive Auto Receivables Trust 2025-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fifth Third Auto Trust 2023-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital One Prime Auto Receivables Trust 2021-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Auto Owner Trust 2021-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CarMax Auto Owner Trust 2021-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Omni Auto Receivables Trust 2021-B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Omni Auto Receivables Trust 2021-C

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Omni Select Auto Trust 2021-A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Omni Automobile Lease Securitization Trust 2023-A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drive Auto Receivables Trust 2021-1

## Exhibit 34.1

EXHIBIT 34.1

**Report of Independent Registered Public Accounting Firm**

The Manager and Members

CarMax Business Services, LLC

We have examined management of CarMax Business Services, LLC (the Company)'s assertion, included in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, that the Company complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB (the Applicable Servicing Criteria for all asset-backed securities transactions sponsored by CarMax Business Services, LLC involving motor vehicle retail installment sale contracts that were commenced with an initial bona fide offer after December 31, 2005 (the Platform), except for servicing criteria 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(2)(ii), 1122(d)(2)(vi), 1122(d)(4)(ix), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii), and 1122(d)(4)(xv), which the Company has determined are not applicable to the activities it performs with respect to the Platform (the Applicable Servicing Criteria) as of and for the fiscal year ended February 28, 2026. With respect to applicable servicing criterion 1122(d)(2)(iii), the Company has determined that there were no activities performed during the fiscal year ended February 28, 2026 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities (Management's Assertion). Appendix A to the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. Management is responsible for the Company's compliance with the Applicable Servicing Criteria for the Platform. Our responsibility is to express an opinion on Management's Assertion about the Company's compliance with the Applicable Servicing Criteria for the Platform based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants to obtain reasonable assurance and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the Applicable Servicing Criteria for the Platform and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the Applicable Servicing Criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the Applicable Servicing Criteria for the Platform.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.

As described in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, for servicing criteria 1122(d)(2)(i), 1122(d)(4)(ii), and 1122(d)(4)(vii), the Company has engaged various vendors to perform certain activities required by these servicing criteria. The Company has determined that none of these vendors is considered a "servicer" as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the servicing criteria applicable to each vendor as permitted by the SEC's Compliance and Disclosure Interpretation (C&DI) 200.06, Vendors Engaged by Servicers (C&DI 200.06). As permitted by C&DI 200.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendors' activities comply in all material respects with the servicing criteria applicable to each vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendors and related servicing criteria as described in its assertion, and we performed no procedures with respect to the Company's eligibility to apply C&DI 200.06. In our opinion, Management's Assertion that the Company complied with the aforementioned Servicing Criteria, including servicing criteria 1122(d)(2)(i), 1122(d)(4)(ii), and 1122(d)(4)(vii) for which compliance is determined based on C&DI 200.06 as described above, as of and for the fiscal year ended February 28, 2026 is fairly stated, in all material respects.

Our opinion on Management's Assertion does not extend to any other information that accompanies or contains our report.

/s/ KPMG LLP

Richmond, Virginia

May 27, 2026

## Exhibit 34.2

EXHIBIT 34.2

**Report of Independent Registered Public Accounting Firm**

To the Management of Wilmington Trust National Association

We have examined management's assertion, included in the accompanying Management Assessment Report, that Wilmington Trust National Association (the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for Items 1122(d)(1)(ii), 1122(d)(2)(ii), 1122(d)(2)(iv), 1122(d)(2)(v), 1122(d)(3)(ii), 1122(d)(3)(iii), and 1122(d)(3)(iv) of the Securities and Exchange Commission's Regulation AB for the servicing of auto related asset-backed transactions initiated or amended for purposes of Regulation AB on or after January 1, 2006, for which the Company also provides trustee services (the "Platform"), as of February 28, 2026 and for the period from March 1, 2025, through February 28, 2026. Appendix A to Management's Assessment Report identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. Wilmington Trust National Association's management is responsible for its assertion and for the Company's compliance with the applicable servicing criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the applicable servicing criteria based on our examination.

Our examination was conducted in accordance with the attestation standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the applicable servicing criteria is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of selected asset-backed transactions and securities that comprise the Platform, testing of selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the applicable servicing criteria. Our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to detect noncompliance arising from errors that may have occurred prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that our examination provides, and that the evidence we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements related to the engagement.

In our opinion, management's assertion that Wilmington Trust National Association complied with the aforementioned applicable servicing criteria as of and for the period from March 1, 2025, through February 28, 2026, for the Platform is fairly stated, in all material respects.

/s/ PricewaterhouseCoopers LLP

Buffalo, NY

March 2, 2026

## Exhibit 35.1

EXHIBIT 35.1

**ANNUAL SERVICER COMPLIANCE STATEMENT PURSUANT TO ITEM 1123 OF REGULATION AB**

**CARMAX BUSINESS SERVICES, LLC**

The undersigned, a duly authorized officer of CarMax Business Services, LLC, as Servicer pursuant to Section 3.10 of the Sale and Servicing Agreement dated as of January 1, 2023 (the "Sale and Servicing Agreement") among CarMax Auto Owner Trust 2023-1, as Issuer (the "Issuer"), CarMax Auto Funding LLC, as Depositor, and CarMax Business Services, LLC, as Servicer (the "Servicer"), does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.CarMax Business Services, LLC is, as of the date hereof, the Servicer under the Sale and Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The undersigned is duly authorized to execute and deliver this Officer's Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A review of the activities of the Servicer during the period beginning on March 1, 2025 and ending on February 28, 2026 and of the Servicer's performance under the Sale and Servicing Agreement was made under my supervision. To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Sale and Servicing Agreement in all material respects throughout such period.

Capitalized terms used in this certificate and not otherwise defined herein have the meanings assigned to them in the Sale and Servicing Agreement.

IN WITNESS WHEREOF, the undersigned, a duly authorized officer of the Servicer, has duly executed this Officer's Certificate this 27th day of May, 2026.

CARMAX BUSINESS SERVICES, LLC

<u>/s/ Greg Dostich</u>

Greg Dostich

Vice President and Treasurer

<br>