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A typical CarMax store is approximately 59,000 square feet (5,500 m), carries an inventory of 300–400 vehicles, and turns its inventory over eight to ten times a year. On average, a CarMax location employs 40 sales associates. Each car goes through a thorough 125-point inspection process,
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While CarMax is seen as the nation's largest used-car retailer, it has competition. With a significant shift in customer shopping habits, more online-only companies have worked to capture Carmax's share in the used vehicle market. CarMax unveiled an Omni-channel platform to allow customers to buy a
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While CarMax stores focus on marketing used vehicles, the company acquired its first new car franchise with
Chrysler Corporation in 1996. By 1999, it added new vehicle franchises for Mitsubishi Motors, Toyota, and Nissan. In late 2021, CarMax sold its last new vehicle dealership, located in
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Circuit City issued the first CarMax stock in
February 1997, when CarMax had seven locations. Initially, the stock was a tracking stock still under the umbrella of Circuit City. CarMax officially split from Circuit City as of October 1, 2002, when it was spun off as a
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car online, in-store, or any combination of these. They have provided opportunities for customers to choose vehicle delivery at their homes, contactless curbside pickup, and more. These offerings directly compete with other home delivery-based options such as
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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 to purchase a vehicle.
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team. The concept was first proposed by Ronald L. Moore of
Richmond, Virginia, a consultant hired by Circuit City to evaluate possible business opportunities beyond the scope of their consumer electronics locations.
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was hired as the advertising agency and creative resource. The company executed the campaign and additional TV advertisements throughout several years in support of the launch and the initial wave of stores.
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2018 report released on April 24, 2018, the company opened 15 used car superstores in Fiscal Year 2018, and planned to open 15 additional stores in Fiscal Year 2019.
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359:. It was developed for nearly a year in 1991, using the code name "Project X". It was also known as "Honest Rick's Used Cars" to those intimately involved in the
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retailer based in the United States. It operates two business segments: CarMax Sales
Operations and CarMax Auto Finance. The company began as a side business of
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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.
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344:. There are CarMax retail locations in 41 states as well as customer service call centers (called Customer Experience Centers).
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CarMax sold over 750,000 vehicles to consumers in Fiscal Year 2021 (March 1, 2020–February 28, 2021). According to the CarMax
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for
Circuit City shareholders, with shares also issued to those holding CarMax tracking stock.
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s "100 Best
Companies to Work For" list from 2005 to 2023, placing 75th in 2023.
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841:"Training Top 125 Best Practice: CarMax's Leadership Development Program"
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663:"No-haggle auto giant CarMax to open first store in Hampton Roads"
577:"CarMax (KMX) Disposes New-Car Business With Sale of Toyota Store"
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694:"Buying a new car? Take a trip down the used luxury aisle first"
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494:"Car Max Inc. Form 10-K For Fiscal Year Ended February 28, 2021"
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executives developed the concept for CarMax under then-CEO
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551:"Carmax adds Mitsubishi franchises to new-car offerings"
320:. As of October 2022, CarMax operates 238 locations.
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316:, opening its first location in September 1993 in
984:Online automotive companies of the United States
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954:Companies listed on the New York Stock Exchange
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466:
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461:
660:
525:"Carmax's new cars make waves in Atlanta"
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661:McWilliams, Jerimiah (26 October 2005).
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254:CarMax store in Raleigh, North Carolina
944:American companies established in 1993
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450:Training Magazine's - Training Top 125
959:Auto dealerships of the United States
939:Companies based in Richmond, Virginia
781:"Best Workplaces for Diversity™ 2019"
692:Openshaw, Jennifer (August 3, 2006).
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488:
486:
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949:Retail companies established in 1993
340:. CarMax Auto Finance operates from
336:CarMax's headquarters is located in
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511:"CarMax Store Locations Nationwide"
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914:CarMax Foundation official website
720:"Circuit City to split off CarMax"
481:
447:Best Workplaces for Diversity 2019
367:Before the first store was built,
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995:
861:
696:. MarketWatch.com. Archived from
606:Myser, Michael (2 October 2006).
444:Fortune Best Workplaces in Retail
876:Business data for CarMax, Inc.:
761:"100 Best Companies to work for"
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934:1993 establishments in Virginia
909:CarMax Auction official website
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636:Wernle, Bradford (1998-04-06).
587:from the original on 2021-10-07
839:Freifeld, Lorri (2020-06-16).
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614:. Business 2.0. Archived from
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1:
964:1997 initial public offerings
472:"CarMax FY2021 Annual Report"
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638:"Building desire for Carmax"
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744:"CarMax 2018 Annual Report"
608:"The Wal-Mart of used cars"
275:to comply with Knowledge's
98:; 31 years ago
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824:: CS1 maint: url-status (
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18:
16:US-based used car retailer
328:, to the Rydell Company.
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207:US$ 2.37 billion (FY2021)
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724:Orlando Business Journal
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288:may contain suggestions.
273:may need to be rewritten
19:Not to be confused with
440:Other awards include:
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156:Shamim Mohammad (CITO)
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785:Great Place To Work®
428:CarMax is listed on
162:Enrique Mayor-Mora (
159:Diane Cafritz (CHRO)
107:(as a subsidiary of
979:Automotive websites
969:Corporate spin-offs
667:The Virginian-Pilot
583:. October 6, 2021.
213:Number of employees
96:September 1993
32:
805:"Training Top 125"
700:on August 22, 2006
673:on 8 December 2006
418:Shift Technologies
338:Richmond, Virginia
326:Kenosha, Wisconsin
318:Richmond, Virginia
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120:Richmond, Virginia
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814:. pp. 60–61.
812:Training Magazine
557:. 9 November 1998
342:Kennesaw, Georgia
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277:quality standards
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217:c. 27,000+ (2021)
88:Used car retailer
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870:Official website
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618:on 15 May 2007
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929:Circuit City
848:. Retrieved
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788:. Retrieved
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727:. Retrieved
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702:. Retrieved
698:the original
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675:. Retrieved
671:the original
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620:. Retrieved
616:the original
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559:. Retrieved
555:autonews.com
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533:. Retrieved
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382:
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369:DeVito/Verdi
366:
353:Circuit City
351:
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314:Circuit City
310:used vehicle
306:CarMax, Inc.
305:
304:
291:
282:You can help
272:
228:Circuit City
116:Headquarters
109:Circuit City
45:Company type
31:CarMax, Inc.
21:Carfax, Inc.
896:SEC filings
561:29 November
535:29 November
424:Recognition
399:Competition
393:fiscal year
361:skunk works
294:August 2023
230:(1993–2002)
135:Bill Nash (
75:S&P 500
923:Categories
850:2024-06-04
790:2024-06-04
766:2021-05-18
729:2018-01-24
647:2018-03-08
622:2019-10-20
591:October 7,
455:References
197:Net income
128:Key people
881:Bloomberg
820:cite news
286:talk page
146:Ed Hill (
137:president
77:component
57:Traded as
845:Training
585:Archived
410:CarGurus
189:(FY2021)
85:Industry
891:Reuters
704:May 21,
677:8 March
431:Fortune
406:Carvana
348:Concept
235:Website
174:Revenue
103:1993-09
101: (
93:Founded
68::
901:Yahoo!
886:Google
581:NASDAQ
284:. The
240:carmax
223:Parent
139:&
122:, U.S.
49:Public
25:Carmex
808:(PDF)
747:(PDF)
497:(PDF)
475:(PDF)
435:'
414:Vroom
332:About
308:is a
826:link
706:2016
679:2018
593:2021
563:2018
537:2018
242:.com
185:US$
66:NYSE
164:CFO
148:COO
141:CEO
70:KMX
23:or
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