FIRST CARMAX STORE IN COLORADO OPENS IN COLORADO SPRINGS / CarMax

RICHMOND, Va. (June 5, 2008) - CarMax, Inc., (NYSE: KMX), the nation’s largest retailer of used cars, officially opened its first auto superstore in Colorado Springs, Colorado today. The Colorado Springs CarMax is located at 4010 Tutt Boulevard. The store is more than 36,000 square-feet, employs more than 85 associates and stocks 300 to 400 used vehicles of nearly every make and model.

"We have changed the way consumers buy cars," said Tom Folliard, president and chief executive officer of CarMax. "Colorado Springs area residents now can choose to have a no-hassle, no-haggle, fun and easy car shopping experience at CarMax, the pioneer of the used car superstore."

More than 200 local dignitaries and CarMax associates attended a grand opening preview event at the Colorado Springs location today. The event included a "Road Rally" for charity featuring local television personalities competing in a driving challenge, which included parallel-parking and pack-the-trunk events. CarMax donates $1,000 to each participant’s charity, and the winner’s charity receives an additional $1,000. The Road Rally participants included KKTV-TV traffic reporter James Brown, KRDO-TV chief meteorologist Matt Meister, KXRM-TV weekday anchor Joe Cole and KOAA-TV meteorologist Kristin Clark. Organizations that received the donations were the Multiple Sclerosis Alliance of Southern Colorado, CASA of the Pikes Peak Region, Juvenile Diabetes Research Foundation (JDRF) of Colorado Springs and KPC Kid's Place - Pike's Peak Family Connections.

CarMax opened its first store in Richmond, Virginia more than 14 years ago after the company researched thousands of consumers to find out what they liked and disliked about car shopping. The unique CarMax consumer offer was created in response to the research responses, giving consumers what they asked for:

Low Prices

· No hassles, no haggling on all four parts of the car purchase:
o The price of the vehicle, which is posted clearly on the car and on carmax.com
o Extended service plan, consumers can choose the plan that’s right for them
o Financing, with all options displayed on a computer for the consumer to review
o The “trade in,” a written cash offer good for seven days whether or not the customer buys a car from CarMax

Broad Selection

· Hundreds of vehicles on every lot (average 300 to 450 per store)
· Nearly every make and model (both domestic and import used vehicles)
· Used vehicles that are generally one to six years old with less than 60,000 miles · More than 25,000 vehicles online at carmax.com
· Transfer any used car to the store nearest you

· Guaranteed quality cars and no flood or frame-damaged vehicles or vehicles with odometer or title issues
· Thoroughly inspected and reconditioned vehicles
· Five-day money back guarantee and a limited 30-day warranty

About CarMax
CarMax, a FORTUNE 500 company, and one of the FORTUNE 2008 “100 Best Companies to Work For,” is the nation's largest retailer of used cars. Headquartered in Richmond, Va., CarMax currently operates 96 used car superstores in 45 markets. The CarMax consumer offer provides our customers the opportunity to shop for vehicles the way they shop for items at other national retailers, and it is structured around four customer benefits: low, no-haggle prices; a broad selection; high quality vehicles; and a customer-friendly sales process. During the fiscal year ended February 29, 2008, we retailed 377,244 used cars and sold 222,406 wholesale vehicles at our in-store auctions. For more information, access the CarMax website at www.carmax.com.

Media Contacts:
Trina Lee, Director, Public Relations, (804) 747-0422 ext.4197
Elia Imler, Assistant Manager, Public Affairs, (804) 747-0422 ext.4029