• CarMax average price/book ratio for 2023 was 1.93, a 29.04% decline from 2022.
• CarMax average price/book ratio for 2022 was 2.72, a 36.3% decline from 2021.
• CarMax average price/book ratio for 2021 was 4.27, a 7.56% decline from 2020.

Price/book ratio can be defined as