UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 7, 2012

CARMAX AUTO OWNER TRUST 2012-1

(Issuing Entity with respect to Securities)

CARMAX BUSINESS SERVICES, LLC

(Sponsor with respect to Securities)

CARMAX AUTO FUNDING LLC

(Depositor with respect to Securities)

Delaware

(State or other jurisdiction of incorporation or organization)

333-174975-03

(Commission File Number)

01-0794037

(Registrant’s IRS Employer Identification No.)

12800 Tuckahoe Creek Parkway

Richmond, VA 23238-1115

(Address of principal executive offices of registrant, including zip Code)

Registrant’s telephone number, including area code: (804) 935-4512

Former name or former address, if changed since last report: Not applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

On February 7, 2012, CarMax Business Services, LLC (“CarMax”) and CarMax Auto Funding LLC (the “Depositor”) entered into an Underwriting Agreement with J.P. Morgan Securities LLC, as representative of the several underwriters (collectively, the “Underwriters”), whereby each of the Underwriters has severally agreed to purchase $970,000,000 aggregate principal balance of various classes of Asset Backed Notes to be issued by CarMax Auto Owner Trust 2012-1 (the “Issuing Entity”), a Delaware statutory trust created pursuant to that certain Trust Agreement, dated as of November 3, 2011, as amended and restated by the Amended and Restated Trust Agreement, to be entered into on February 1, 2012, among the Depositor, The Bank of New York Mellon, as owner trustee, and BNY Mellon Trust of Delaware, as Delaware trustee. The Underwriting Agreement provides that the obligations of the Underwriters are subject to specified conditions precedent and that the Underwriters will purchase the Offered Notes (defined below).

The sale of the Notes has been registered pursuant to the Securities Act of 1933, as amended (the “Securities Act”) under a Registration Statement on Form S-3 (Commission File No. 333-174975), filed on June 17, 2011, and as amended by Amendment No. 1 on July 6, 2011. It is anticipated that the Offered Notes will be issued on or about February 16, 2012 (the “Issuance Date”).

The Underwriting Agreement is attached as Exhibit 1.1.

The registrant has filed a final prospectus supplement, dated February 7, 2012, setting forth a description of the initial collateral pool and the structure of $171,000,000 aggregate principal amount of the Class A-1 Asset Backed Notes (the “Class A-1 Notes”), $336,000,000 aggregate principal amount of the Class A-2 Asset Backed Notes (the “Class A-2 Notes”), $288,000,000 aggregate principal amount of the Class A-3 Asset Backed Notes (the “Class A-3 Notes”), $120,680,000 aggregate principal amount of the Class A-4 Asset Backed Notes (the “Class A-4 Notes”), $20,370,000 aggregate principal amount of the Class B Asset Backed Notes (the “Class B Notes”), $17,460,000 aggregate principal amount of the Class C Asset Backed Notes (the “Class C Notes”) and $16,490,000 aggregate principal amount of the Class D Asset Backed Notes (the “Class D Notes” and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes, the “Offered Notes”) by the Issuing Entity. Each of the Offered Notes is being offered publicly for sale.

Legal opinions and a consent of Kirkland & Ellis LLP are attached as Exhibit 5.1 and Exhibit 8.1.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the depositor has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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EXHIBIT INDEX

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