激进投资机构Starboard近日发布报告指出，车美仕(CarMax)所构建的"结构性优势全渠道模式"尚未在当前财务表现中得到充分体现。该机构认为，这家全美最大的二手车零售商通过线上线下融合的商业模式，已建立起难以复制的竞争壁垒，但市场对其估值未能准确反映这一核心优势。
报告分析称，车美仕打造的数字化平台与实体门店网络形成了协同效应，使其在车辆检测、金融服务和物流配送等环节具备显著效率优势。然而由于近期宏观经济环境波动及行业周期性调整，公司短期业绩承压，导致其内在价值被市场低估。
Starboard强调，随着二手车市场逐渐回暖，车美仕的创新商业模式将释放更大潜力。该机构特别看好其车辆批发业务与零售业务的互补性，认为这种独特的双轮驱动模式能有效平抑行业波动风险。
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