CarMax, Inc.
|
| Type |
Public (NYSE: KMX) |
| Founded |
1993 |
| Headquarters |
Richmond, Virginia, USA |
| Key people |
Thomas J. Folliard CEO ,
Richard L. Sharp, Chairman,
Keith Browning, CFO |
| Industry |
New and used car retailer |
| Employees |
~12,000 (2005) |
| Website |
www.carmax.com |
CarMax is the United States' largest used-car retailer, selling more than 300,000 cars a year. CarMax has more than 70 stores in the U.S. mostly in the Southeast, Midwest and Southwest. Five of them also sell and service new cars.
CarMax created the used car superstore concept in 1991 and spent a long time fighting off competition from copycat concepts like AutoNation.
CarMax has almost every brand of car and car type, so if one is shopping on their lot, he or she can test drive different cars without going to different dealers.
Another feature is 'a la carte' no haggle car shopping through online financing and free appraisal offers that are not contingent on the customer purchasing a car. However, CarMax sales employees do receive a fixed amount commission on their sales, except in California, where salespeople receive variable commissions.
CarMax, a Fortune 500 company (no. 422 for 2005), was also named one of Fortune's "100 Best Companies to Work For" in 2005 and 2006.
CarMax's Web site, www.carmax.com, features more than 20,000 used and new cars. Customers can transfer used cars between stores for a fee. Local transfers are free.
CarMax's first store opened 1993 in Richmond, VA by Circuit City as a special project. In October, 2002, CarMax became a fully independent company.
The company is now a public company and is traded under the stock symbol KMX on the NYSE.
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Categories: Retail companies of the United States | Companies based in Virginia | Companies established in 1993 | Fortune 1000 | Auto dealerships | United States retail company stubs
