RICHMOND, Va. (June 12, 2008) - CarMax, Inc., (NYSE: KMX), the nation’s largest retailer of used cars, officially opened a new store in Costa Mesa, California today. The Costa Mesa store is more than 20,470 square-feet, employs more than 65 people and stocks 300 to 400 used vehicles of nearly every make and model. This is the ninth CarMax store in the Greater Los Angeles area, located at 3200 Harbor Boulevard in Costa Mesa.

"We have changed the way consumers buy cars," said Tom Folliard, president and chief executive officer of CarMax. "Costa Mesa 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 Costa Mesa location today. The event included a ribbon-cutting ceremony attended by Allan Mansoor, mayor pro tem of Costa Mesa, Tom Brennan, director of membership for the Costa Mesa Chamber of Commerce, Fadi Essmaeel, field representative for Congressman Dana Rohrabacher and Dave Everett, district director for Assemblyman Van Tran.

CarMax opened its first store in Richmond, Virginia more than 14 years ago after the company surveyed thousands of consumers to find out what they liked and disliked about car shopping. CarMax was designed according to the survey 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

Great Quality

· 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

Customer Friendly

· A For Kids Only supervised play area

· CarMax will buy any car, whether or not the seller purchases a CarMax vehicle

Costa Mesa area residents can also preview CarMax vehicles by logging onto www.carmax.com. The website features actual prices and photos of more than 25,000 CarMax vehicles available nationwide. Prospective car buyers can have a vehicle transferred from any of the Los Angeles area CarMax store location to the Costa Mesa store for free.

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 97 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.

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