According to the CarMax fiscal year 2018 report released on April 24, 2018, the company opened 15 used car superstores in Fiscal Year 2018, and expects to open 15 additional stores in Fiscal Year 2019. ĬarMax sold over 750,000 vehicles to consumers in Fiscal Year 2021 (MaFebruary 28, 2021). CarMax officially split from Circuit City as of October 1, 2002, when it was spun off as a stock dividend for Circuit City shareholders, with shares also issued to those holding CarMax tracking stock. Initially, the stock was a tracking stock still under the umbrella of Circuit City. Ĭircuit City issued the first CarMax stock in February 1997, when CarMax had seven locations. Each car goes through a thorough 125-point inspection process, beyond any state-required inspections, and includes a 90-day warranty, three days to change the financing for free, and a 30-day money back guarantee. On average, a CarMax location employs 40 sales associates. The business model began with no fees, however the model was subsequently abandoned for the current business model after it was determined that customers were not concerned about paying transaction fees for the purchase of a vehicle.Ī typical CarMax store is approximately 59,000 square feet (5,500 m 2), carries an inventory of 300–400 vehicles, and turns its inventory over eight to ten times a year. The company executed the campaign and additional TV advertisements over the course of a number of years in support of the launch and the initial wave of stores. Prior to the first store being built, DeVito/Verdi was hired as the advertising agency and creative resource. Moore of Richmond, Virginia, a consultant hired by Circuit City to evaluate possible business opportunities beyond the scope of their consumer electronics locations. The concept was actually first proposed by Ronald L. It was developed for nearly a year in 1991, using the code name "Project X", and was also known as "Honest Rick's Used Cars" to those intimately involved in the skunk works team. The concept for CarMax was developed by Circuit City executives under then-CEO Richard L. There are CarMax retail locations in 41 states as well as customer service call-centers (called Customer Experience Centers). CarMax Auto Finance operates from Kennesaw, Georgia. CarMax's headquarters is located in Richmond, Virginia.
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