RICHMOND, Va. (June 3, 2008)—CarMax, Inc., (NYSE: KMX), the nation’s largest retailer of used cars, will open a fifth Car Buying Center exclusively dedicated to buying cars from customers. The Timonium CarMax Car Buying Center will be located at 10100 York Road in Cockeysville, Maryland and is scheduled to open today. This is the retailer’s first Car Buying Center located in Maryland. Other locations include Raleigh, North Carolina, Tampa, Florida, Atlanta, Georgia and Dallas, Texas.

“The CarMax Car Buying Center will provide a free appraisal of your vehicle, an important piece of information for anyone starting the car-buying process,” said Tom Folliard, president and chief executive officer of CarMax. “At CarMax, we do not adjust the value of your trade-in based on what car you are buying; we separate the appraisal and car buying process.” CarMax provides a written offer for the vehicle good for seven days.

“One of the benefits of selling your car to CarMax is that you don’t have to deal with the hassles of finding a buyer, negotiating the price, and handling all of the legally required paperwork to sell your car to an individual,” Folliard said.

More than 50 percent of the vehicles CarMax retails are bought through the customer appraisal process. Vehicles purchased from customers that don’t meet CarMax’s quality standards are sold at wholesale auctions.

“We are opening this CarMax Car Buying Center to determine the potential success of having a store totally dedicated to buying cars from customers,” Folliard said. “Increasing the number of cars we buy from customers will help us become more self-sufficient in supplying our inventory and less reliant on car auctions.”

CarMax’s car buying team have appraised more than nine million cars nationwide and use a wide range of information, along with a thorough examination of your vehicle, to determine its value. 

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