RICHMOND, Va.--(BUSINESS WIRE)--
CarMax, Inc. (NYSE: KMX), the nation's largest retailer of used cars,
today announced it is expanding its commercial relationship with
RepairPal, a leading provider of auto service and repair via a network
of RepairPal Certified shops. Additionally, CarMax has made a minority
investment of $5 million as the lead in a new round of financing for
RepairPal.
Through this partnership, CarMax will provide its customers with
access to the RepairPal Certified shop network resulting in additional
trusted, quality and fair-priced service and repair locations. This
investment follows several months of successfully partnering with
RepairPal to offer Los Angeles customers the convenience of more service
options.
Bill Nash, CarMax president and CEO said, “CarMax led the way in
providing trust and transparency in car buying, selling and ownership,
and our relationship with RepairPal gives us the opportunity to further
enhance the customer experience. The RepairPal Certified network,
combined with CarMax’s own nationwide staff of highly qualified
technicians, ensures that our customers have timely options for all
their service and repair needs.”
RepairPal has built a network of auto repair shops that offer a minimum
12 month/12,000 mile warranty on repairs. Customers can feel confident
they’ll receive reasonable prices on repairs as shown in RepairPal’s
Fair Price Estimator™. Art Shaw, RepairPal CEO, commented, “CarMax’s
commitment to creating a great customer experience makes them an ideal
partner as we continue to build out our network of trustworthy mechanics
who deliver fair pricing and service excellence.”
About CarMax
CarMax is the nation’s largest retailer of used cars and operates more
than 180 stores in 39 states nationwide. CarMax
revolutionized the auto industry by delivering the honest, transparent
and high-integrity car buying experience customers want and deserve. For
more than 20 years, CarMax has made car buying more ethical, fair and
stress-free by offering a no-haggle, no-hassle experience and an
incredible selection of vehicles. CarMax makes selling your car easy
too, by offering no-obligation appraisals good for seven days. At
CarMax, we’ll buy your car even if you don’t buy ours®. CarMax has more
than 24,000 associates nationwide and for 13 consecutive years has been
named as one of the FORTUNE 100 Best Companies to Work For®. During the
12 months ending February 28, 2017, the company retailed 671,294 used
cars and sold 391,686 wholesale vehicles at its in-store auctions. For
more information, access the CarMax website at www.carmax.com.
About RepairPal
Established in 2007, RepairPal
is bringing trust and peace-of-mind to auto repair. At RepairPal.com,
consumers have free access to a vast array of invaluable resources for
taking care of their cars. The RepairPal Certified Network shows trusted
shops nationwide where repairs are done at fair prices with quality
parts and an attentive staff. By visiting RepairPal.com, consumers can
get back on the road quickly knowing they'll receive quality work at
fair prices.
Forward-Looking Statements
We caution readers that the statements contained in this release about
future business plans, operations, opportunities or prospects are
forward-looking statements made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. You can
identify these forward-looking statements by the use of words such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,”
“outlook,” “plan,” “predict,” “should,” “will” and other similar
expressions, whether in the negative or affirmative. Such
forward-looking statements are based upon management’s current knowledge
and assumptions about future events and involve risks and uncertainties
that could cause actual results to differ materially from anticipated
results. Among the factors that could cause actual results and outcomes
to differ materially from those contained in the forward-looking
statements are the following:
-
Changes in the competitive landscape and/or our failure to
successfully adjust to such changes.
-
Events that damage our reputation or harm the perception of the
quality of our brand.
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Changes in general or regional U.S. economic conditions.
-
Changes in the availability or cost of capital and working capital
financing, including changes related to the asset-backed
securitization market.
-
Our inability to recruit, develop and retain associates and maintain
positive associate relations.
-
The loss of key associates from our store, regional or corporate
management teams or a significant increase in labor costs.
-
Security breaches or other events that result in the misappropriation,
loss or other unauthorized disclosure of confidential customer,
associate or corporate information.
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Significant changes in prices of new and used vehicles.
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Changes in economic conditions or other factors that result in greater
credit losses for CAF’s portfolio of auto loan receivables than
anticipated.
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A reduction in the availability of or access to sources of inventory
or a failure to expeditiously liquidate inventory.
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Changes in consumer credit availability provided by our third-party
finance providers.
-
Changes in the availability of extended protection plan products from
third-party providers.
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Factors related to the regulatory and legislative environment in which
we operate.
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Factors related to geographic and sales growth, including the
inability to effectively manage our growth.
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The failure of or inability to sufficiently enhance key information
systems.
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The effect of various litigation matters.
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Adverse conditions affecting one or more automotive manufacturers, and
manufacturer recalls.
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The inaccuracy of estimates and assumptions used in the preparation of
our financial statements, or the effect of new accounting requirements
or changes to U.S. generally accepted accounting principles.
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The performance of the third-party vendors we rely on for key
components of our business.
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Factors related to seasonal fluctuations in our business.
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The occurrence of severe weather events.
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Factors related to the geographic concentration of our stores.
For more details on factors that could affect expectations, see our
Annual Report on Form 10-K for the fiscal year ended February 28, 2017,
and our quarterly or current reports as filed with or furnished to the
U.S. Securities and Exchange Commission. Our filings are publicly
available on our investor information home page at investors.carmax.com.
Requests for information may also be made to the Investor Relations
Department by email to investor_relations@carmax.com
or by calling 1-804-747-0422 ext. 4391. We undertake no obligation to
update or revise any forward-looking statements after the date they are
made, whether as a result of new information, future events or otherwise.

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Source: CarMax, Inc.