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Corporate Profile
CarMax, Inc. (NYSE: KMX) is the nation’s largest retailer of used cars. The Company, which pioneered the used car superstore concept, opened its first store in Richmond, Va., in 1993.
 
As the CarMax concept was developed, market research revealed that consumers wanted a car-buying experience similar to shopping at other high-quality retailers: low, no-haggle pricing, confidence in the quality of the product, a broad selection, and friendly customer service. CarMax’s growth continues to confirm that the CarMax offer provides the car-buying experience that consumers want.

In 2004, CarMax debuted on the FORTUNE® 500 list at No. 435.  The Company ranked No. 311 in 2009. In 2009, CarMax was named one of FORTUNE’s “100 Best Companies to Work For” for the fifth consecutive year. In addition, CarMax was ranked by FORTUNE as one of the most admired companies in the automotive retailing and services sector.
 
The Used Vehicle Market
  • Stability — more stable than the new car market
  • In calendar year 2008, there were more than 36 million used cars sold, of which we estimate that approximately 16 million were in the 1-to-6-year old category-representing CarMax's target market 
  • A non-commodity business–every vehicle is unique, no large vendors
  • CarMax’s competitive advantage — the ability to create standard systems and processes
Our Operating Strategy
For the near term, CarMax is narrowing its focus on three key strategies to benefit our three primary stakeholders - Associates, customers and shareholders:
  • Associate development - developing new training to better connect with our customers
  • Superior execution - enhancing carmax.com and improving conversion and customer satisfaction scores
  • Waste reduction - controlling costs and improving profitability, while ensuring quality
Our Locations
There are more than 13,000 Associates in our stores, at our Home Office in Richmond, Va., and at CarMax Auto Finance in Atlanta, Ga.
  • Home Office: 12800 Tuckahoe Creek Parkway, Richmond, VA 23238
  • CarMax Auto Finance: 225 Chastain Meadows Court, Kennesaw, GA 30144
  • 100 used car superstores and five Car Buying Centers
  • Five new car franchises
Our Website: carmax.com®
  • The site is CarMax’s #1 advertising medium
  • More than 70 percent of customers who purchased a vehicle from CarMax visited our website first 
  • The site hosts more than 5 million visits from 1.9 million customers each month
  • More than 150 million consumers have visited carmax.com® since it launched in August 1998
Financial Results
Fiscal Year Ended February 28, 2009
  • Total sales were $6.97 billion for the 2009 fiscal year
  • CarMax reported net earnings of $59.2 million
  • Used-unit comparable store sales declined 16 percent
  • CarMax sold 356,549 retail vehicles, including 345,465 used cars
  • CarMax has now sold more than 2 million new and used vehicles since 1993