SECURITIES & EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ----------------------

                                 SCHEDULE 13G/A*
                                 (Rule 13d-102)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
                              PURSUANT TO 13d-2(b)

                                   CARMAX Inc.
                                (Name of Issuer)

                                  Common Stock
                         (Title of Class of Securities)

                                    143130102
                                 (CUSIP Number)

                                December 31, 2004
             (Date of event which requires filing of this statement)


     Check the appropriate box to designate the rule pursuant to which this
Schedule 13GA is filed: 
     [ ] Rule 13d-1(b) 
     [X] Rule 13d-1(c) 
     [ ] Rule 13d-1(d)





                              (Page 1 of 13 Pages)
----------------
     *The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

     The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).










CUSIP No. 143130102               13G/A              Page 2 of 13 Pages

-----------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS 
            I.R.S. IDENTIFICATION NO. 
            OF ABOVE PERSONS (ENTITIES ONLY)
                                           Lone Spruce, L.P.
-----------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                               (a)  [X]
                                                               (b)  [ ]
-----------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION 
                               Delaware
-----------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                               -0-
SHARES        _________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                                               56,007
OWNED BY      _________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER
                                               -0-
REPORTING     _________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                56,007
-----------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED 
            BY EACH REPORTING PERSON
                                                56,007
-----------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                  [ ]
-----------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED 
            BY AMOUNT IN ROW (9)
                                                   0.1%
-----------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                                 PN
-----------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!



CUSIP No. 143130102               13G/A              Page 3 of 13 Pages

-----------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS 
            I.R.S. IDENTIFICATION NO. 
            OF ABOVE PERSONS (ENTITIES ONLY)
                                           Lone Balsam, L.P.
-----------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                               (a)  [X]
                                                               (b)  [ ]
-----------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION 
                Delaware
-----------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                    -0-
SHARES        _________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                122,903
OWNED BY      _________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER
                                                    -0-
REPORTING     _________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                122,903
-----------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED 
            BY EACH REPORTING PERSON
                                                122,903
-----------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                  [ ]
-----------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED 
            BY AMOUNT IN ROW (9)
                                                   0.1%
-----------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                                 PN
-----------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!




CUSIP No. 143130102               13G/A              Page 4 of 13 Pages

-----------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS 
            I.R.S. IDENTIFICATION NO. 
            OF ABOVE PERSONS (ENTITIES ONLY)
                                           Lone Sequoia, L.P.
-----------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                               (a)  [X]
                                                               (b)  [ ]
-----------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION 
                             Delaware
-----------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                    -0-
SHARES        _________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                102,681
OWNED BY      _________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER
                                                    -0-
REPORTING     _________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                102,681
-----------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED 
            BY EACH REPORTING PERSON
                                                102,681
-----------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                  [ ]
-----------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED 
            BY AMOUNT IN ROW (9)
                                                   0.1%
-----------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                                 PN
-----------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!



CUSIP No. 143130102               13G/A              Page 5 of 13 Pages

-----------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS 
            I.R.S. IDENTIFICATION NO. 
            OF ABOVE PERSONS (ENTITIES ONLY)
                                           Lone Pine Associates LLC
-----------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                               (a)  [X]
                                                               (b)  [ ]
-----------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION 
                                Delaware
-----------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                    -0-
SHARES        _________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                                              281,591
OWNED BY      _________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER
                                                    -0-
REPORTING     _________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                              281,591
-----------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED 
            BY EACH REPORTING PERSON
                                              281,591
-----------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                  [ ]
-----------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED 
            BY AMOUNT IN ROW (9)
                                                   0.3%
-----------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                                 OO
-----------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!



CUSIP No. 143130102               13G/A              Page 6 of 13 Pages

-----------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS 
            I.R.S. IDENTIFICATION NO. 
            OF ABOVE PERSONS (ENTITIES ONLY)
                                           Lone Pine Capital LLC
-----------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                               (a)  [X]
                                                               (b)  [ ]
-----------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION 
                         Delaware
-----------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                    -0-
SHARES        _________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                                              1,926,509
OWNED BY      _________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER
                                                    -0-
REPORTING     _________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                              1,926,509
-----------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED 
            BY EACH REPORTING PERSON
                                              1,926,509
-----------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                  [ ]
-----------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED 
            BY AMOUNT IN ROW (9)
                                                   1.8%
-----------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                                 IA
-----------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!



CUSIP No. 143130102               13G/A              Page 7 of 13 Pages

-----------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS 
            I.R.S. IDENTIFICATION NO. 
            OF ABOVE PERSONS (ENTITIES ONLY)
                                                 Stephen F. Mandel, Jr.
-----------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                               (a)  [X]
                                                               (b)  [ ]
-----------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION 
                        United States
-----------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                    -0-
SHARES        _________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                                              2,208,100
OWNED BY      _________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER
                                                    -0-
REPORTING     _________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                              2,208,100
-----------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED 
            BY EACH REPORTING PERSON
                                              2,208,100
-----------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                  [ ]
-----------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED 
            BY AMOUNT IN ROW (9)
                                                   2.1%
-----------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                                 IN
-----------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!




CUSIP No. 143130102                13G/A             Page 8 of 13 Pages

Item 1(a).     Name of Issuer:

     The name of the issuer is CARMAX Inc. (the "Company").

Item 1(b).     Address of Issuer's Principal Executive Offices:

     The Company's principal executive offices are located at 4900 Cox Road,
Glen Allen, Virginia 23060.

Item 2(a).     Name of Person Filing:

     This statement is filed by:
          (i) Lone Spruce, L.P., a Delaware limited partnership ("Lone Spruce"),
              with respect to the shares of Common Stock (defined in Item 2(d)
              below) directly owned by it;
         (ii) Lone Balsam, L.P., a Delaware limited partnership ("Lone Balsam"),
              with respect to the shares of Common Stock directly owned by it;
        (iii) Lone Sequoia, L.P., a Delaware limited partnership ("Lone
              Sequoia"), with respect to the shares of Common Stock directly
              owned by it;
         (iv) Lone Pine Associates LLC, a Delaware limited liability company
              ("Lone Pine"), with respect to the shares of Common Stock directly
              owned by Lone Spruce, Lone Balsam and Lone Sequoia;
          (v) Lone Pine Capital LLC, a Delaware limited liability company ("Lone
              Pine Capital"), which serves as investment manager to Lone
              Cypress, Ltd. ("Lone Cypress") and Lone Kauri, Ltd. ("Lone
              Kauri"), each a Cayman Islands exempted company with respect to
              the shares of Common Stock directly owned by each of Lone Cypress
              and Lone Kauri;
         (vi) Stephen F. Mandel, Jr. ("Mr. Mandel"), with respect to the shares
              of Common Stock directly owned by each of Lone Spruce, Lone
              Balsam, Lone Sequoia, Lone Cypress and Lone Kauri.

              The foregoing persons are hereinafter sometimes collectively
         referred to as the "Reporting Persons". Any disclosures herein with
         respect to persons other than the Reporting Persons are made on
         information and belief after making inquiry to the appropriate party.

Item 2(b).     Address of Principal Business Office or, if None,
               Residence:

     The address of the business office of each of the Reporting Persons is Two
Greenwich Plaza, Greenwich, Connecticut 06830.




CUSIP No. 143130102                13G/A             Page 9 of 13 Pages

Item 2(c).     Citizenship:

     Lone Spruce, Lone Balsam and Lone Sequoia are limited partnerships
organized under the laws of the State of Delaware. Lone Pine Associates LLC and
Lone Pine Capital LLC are limited liability companies organized under the laws
of the State of Delaware. Mr. Mandel is a United States citizen.

Item 2(d).     Title of Class of Securities:

     CARMAX Inc. Common Stock, $0.50 par value (the "Common Stock")

Item 2(e).  CUSIP Number:

     143130102


Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:

          (a) [ ] Broker or dealer registered under Section 15 of the Act,

          (b) [ ] Bank as defined in Section 3(a)(6) of the Act,

          (c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act,

          (d) [ ] Investment Company registered under Section 8 of the
                  Investment Company Act of 1940,

          (e) [ ] Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E),

          (f) [ ] Employee Benefit Plan or Endowment Fund in accordance
                  with 13d-1 (b)(1)(ii)(F),

          (g) [ ] Parent Holding Company or control person in accordance with 
                  Rule 13d-1 (b)(1)(ii)(G),

          (h) [ ] Savings Association as defined in Section 3(b) of the Federal 
                  Deposit Insurance Act,

          (i) [ ] Church Plan that is excluded from the definition of an
                  investment company under Section 3(c)(14) of the Investment
                  Company Act of 1940,

          (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

If this statement is filed pursuant to Rule 13d-1(c), check the box. [X]




CUSIP No. 143130102                13G/A            Page 10 of 13 Pages

Item 4.   Ownership:

         A. Lone Spruce, L.P.
             (a) Amount beneficially owned: 56,007
             (b) Percent of class: 0.1% The percentages used herein and in the
rest of Item 4 are calculated based upon the 104,225,630 shares of Common Stock 
issued and outstanding as of December 31, 2004 as reported in the Company's Form
10-Q filed on January 7, 2005.
             (c)(i) Sole power to vote or direct the vote: -0- 
               (ii) Shared power to vote or direct the vote: 56,007
              (iii) Sole power to dispose or direct the disposition: -0- 
               (iv) Shared power to dispose or direct the disposition:
                    56,007

         B. Lone Balsam, L.P.
             (a) Amount beneficially owned: 122,903 
             (b) Percent of class: 0.1%
             (c)(i) Sole power to vote or direct the vote: -0-
               (ii) Shared power to vote or direct the vote: 122,903 
              (iii) Sole power to dispose or direct the disposition: -0-
               (iv) Shared power to dispose or direct the disposition: 122,903

         C. Lone Sequoia, L.P.
             (a) Amount beneficially owned: 102,681 
             (b) Percent of class: 0.1%
             (c)(i) Sole power to vote or direct the vote: -0-
               (ii) Shared power to vote or direct the vote: 102,681 
              (iii) Sole power to dispose or direct the disposition: -0-
               (iv) Shared power to dispose or direct the disposition: 102,681

         D. Lone Pine Associates LLC 
             (a) Amount beneficially owned: 281,591 
             (b) Percent of class: 0.3% 
             (c)(i) Sole power to vote or direct the vote: -0-
               (ii) Shared power to vote or direct the vote: 281,591 
              (iii) Sole power to dispose or direct the disposition: -0-
               (iv) Shared power to dispose or direct the disposition: 281,591

         E. Lone Pine Capital LLC 
             (a) Amount beneficially owned: 1,926,509 
             (b) Percent of class: 1.8% 
             (c)(i) Sole power to vote or direct the vote: -0-
               (ii) Shared power to vote or direct the vote: 1,926,509 
              (iii)Sole power to dispose or direct the disposition: -0-
               (iv) Shared power to dispose or direct the disposition: 1,926,509




CUSIP No. 143130102                13G/A            Page 11 of 13 Pages

         F. Stephen F. Mandel, Jr. 
             (a) Amount beneficially owned: 2,208,100 
             (b) Percent of class: 2.1% 
             (c)(i) Sole power to vote or direct the vote: -0-
               (ii) Shared power to vote or direct the vote: 2,208,100 
              (iii) Sole power to dispose or direct the disposition: -0-
               (iv) Shared power to dispose or direct the disposition: 2,208,100

Item 5.     Ownership of Five Percent or Less of a Class:

            If this statement is being filed to report the fact that as of the 
date hereof the reporting person has ceased to be the beneficial owner of more 
than five percent of the class of securities, check the following [X].

Item 6.     Ownership of More than Five Percent on Behalf of Another Person:

     Not applicable.

Item 7.     Identification and Classification of the Subsidiary Which Acquired 
the Security Being Reported on by the Parent Holding Company:

     Not applicable.

Item 8.  Identification and Classification of Members of the Group:

     See Item 2.

Item 9.  Notice of Dissolution of Group:

     Not applicable.




CUSIP No. 143130102                13G/A            Page 12 of 13 Pages

Item 10.  Certification:

     Each of the Reporting Persons hereby makes the following certification:

          By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.




CUSIP No. 143130102                13G/A            Page 13 of 13 Pages

                                   SIGNATURES

     After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.

DATED:  February 11, 2005
                               LONE SPRUCE, L.P.
                               By:   Lone Pine Associates LLC,
                                     General Partner

                               By:   /s/ Stephen F. Mandel, Jr.
                                     --------------------------
                                     Stephen F. Mandel, Jr.
                                     Managing Member

                               LONE BALSAM, L.P.
                               By:   Lone Pine Associates LLC,
                                     General Partner

                               By:   /s/ Stephen F. Mandel, Jr.
                                     --------------------------
                                     Stephen F. Mandel, Jr.
                                     Managing Member

                               LONE SEQUOIA, L.P.
                               By:   Lone Pine Associates LLC,
                                     General Partner

                               By:   /s/ Stephen F. Mandel, Jr.
                                     --------------------------
                                     Stephen F. Mandel, Jr.
                                     Managing Member

                               LONE PINE ASSOCIATES LLC

                               By:   /s/ Stephen F. Mandel, Jr.
                                     --------------------------
                                     Stephen F. Mandel, Jr.
                                     Managing Member

                               LONE PINE CAPITAL LLC

                               By:   /s/ Stephen F. Mandel, Jr.
                                     --------------------------
                                     Stephen F. Mandel, Jr.
                                     Managing Member

                               STEPHEN F. MANDEL, JR.

                               /s/ Stephen F. Mandel, Jr.
                               --------------------------------