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There's retail, private party, trade in, and auction values. If the dealer has no interest in selling the truck, they would take it to auction. They have transportation and auction fees they incur as well.
CarMax might actually sell your truck, so you'd get close to trade in value. If you find a buyer yourself, you might get private party value (but everyone wants to haggle), and lastly dealers will put it on their lot at retail - but likely come down in price to close a deal.
That's the game. Nothing fishy. Dealers are taking a risk by taking a trade in (if it needs work they don't know about, or something breaks a week after they buy it from you) - so they like to cushion their offer to offset some risk. And they like to make money on the new car sale, the financing, the used car trade in, where ever they can.
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