Here's a classic Wall Street story: a big company's stock isn't doing great, an activist investor shows up saying they can fix it, and suddenly everyone pays attention. That's what's happening at CarMax Inc. (KMX), where shares got a bump Wednesday after the activist hedge fund Starboard Value started making some noise.

Starboard isn't just complaining from the sidelines. They've sent a letter to the company and nominated two people—William C. Cobb and the firm's own CEO, Jeffrey C. Smith—for election to CarMax's board at the next shareholder meeting. Their argument is pretty straightforward: CarMax has a good business selling used cars, but it's been run in a way that leaves money on the table.

Think of it like a car with a great chassis but a sputtering engine. Starboard says "operational missteps" have hidden how strong CarMax's omnichannel strategy (that's a fancy way of saying they sell online and in stores) could be. The fix, according to the activist, involves tightening up digital operations, tweaking the pricing strategy, getting cars reconditioned faster, and, importantly, cutting selling and administrative expenses by a lot more than the company has planned.

This push comes at a moment of change for CarMax. Keith Barr is set to become the new CEO on March 16, taking over after the company accelerated its succession planning last year. Starboard's letter is addressed to him and the board, essentially laying out a to-do list for the new boss.

So, how is CarMax responding? So far, with the calm, measured tone you'd expect from a boardroom. The company confirmed it got Starboard's notice and said the talks have been "productive." Executive Chair Tom Folliard stated, "CarMax has been taking the necessary steps to ensure that this business delivers on its potential and is responsive to shareholders. Our engagement with Starboard to date has been productive, and we remain focused on continued constructive conversations."

The board also threw its support behind incoming CEO Barr and pointed to recent steps meant to improve operations. Their message to shareholders for now is: don't do anything. The board will make a formal recommendation on whether to vote for Starboard's nominees later on.

Investors, meanwhile, seemed to like the drama. CarMax shares were up about 1.6% to $44.79 on the news. It's a small move, but it's the market's way of saying that maybe, just maybe, a little activist pressure could help get this car running smoothly again.