In a release summarizing a December conference call with investors and announcing a number of leadership changes, CarMax executives pledge to reduce the used car retailer’s margins to lower prices.

“Our unmatched physical and digital infrastructure, beloved national brand and award-winning culture provide us with incredible advantages. Despite these advantages, based on recent results, it is clear CarMax needs change,” writes David McCreight, who was named interim president and CEO, succeeding the recently departed Bill Nash.

CarMax vehicles are typically priced higher than similar units at other dealerships. Customers pay a premium in exchange for a thoroughly inspected vehicle sold at a fixed price with a 30-day return policy. On the call, McCreight said prices have “drifted upward” and “appear to be less attractive” to shoppers.

Executives also announced a recommitment to marketing, increasing CarMax’s ad budget with a focus on inventory acquisition.

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