CarMax
 | |
| Company type | Public |
|---|---|
| Industry | Used car retailer |
| Founded | September 1993 |
| Headquarters | Richmond, Virginia, U.S. |
| Website | carmax |
CarMax, Inc. is a large company in the United States that sells used cars. It started in 1993 as a side business of Circuit City. Its main office is in Richmond, Virginia. CarMax has two main parts: CarMax Sales Operations and CarMax Auto Finance. The company sells used vehicles across 41 states and runs customer service centers.[1]
History
[change | change source]CarMax was an idea developed by Circuit City leaders in 1991. It was called "Project X" during the planning stage. The first store opened in September 1993 in Richmond, Virginia. In the 1990s, CarMax also sold new cars. By 2021, CarMax sold its last new car dealership to focus on used cars.[2]
How CarMax Works
[change | change source]CarMax stores sell used cars with no price haggling. Each car goes through a 125-point inspection and comes with a 90-day warranty. Buyers also get a 10-day money-back guarantee.[3] A CarMax store is about 59,000 square feet (5,500 m2) and has 300–400 cars.
Growth
[change | change source]CarMax grew quickly over the years. It became independent of Circuit City in 2002. By 2021, CarMax sold over 750,000 vehicles.[4]
Competition
[change | change source]CarMax competes with other car-selling companies like Carvana and Vroom. CarMax offers ways to buy cars online, at stores, or through delivery. This helps it compete with online-only businesses.
Awards
[change | change source]CarMax has been on Fortune's "100 Best Companies to Work For" list every year from 2005 to 2023.[5]
References
[change | change source]- ↑ "CarMax FY2021 Annual Report" (PDF). Retrieved 2024-12-17.
- ↑ "CarMax (KMX) Disposes New-Car Business With Sale of Toyota Store". October 6, 2021. Retrieved 2024-12-17.
- ↑ "CarMax Trimming Money-Back Guarantee to 10 Days". Retrieved 2024-12-17.
- ↑ "Car Max Inc. Form 10-K For Fiscal Year Ended February 28, 2021" (PDF). Retrieved 2024-12-17.
- ↑ "100 Best Companies to work for". Retrieved 2024-12-17.