CarMax Announces New Philanthropic Partnerships

March 23, 2021

Company will promote equitable access to economic opportunity in communities nationwide

RICHMOND, VA (March 23, 2021) CarMax, Inc. (NYSE: KMX), the nation’s largest retailer of used cars, today announced updates on its commitment to take a stand against racial and social injustice and its continued efforts to advance diversity and inclusion in its business. In 2020, CarMax pledged $1 million to help combat social inequity and injustice, with more investments planned in the future. After listening to and learning from associates, external experts, and community leaders, CarMax determined it could make the most meaningful impact by focusing on promoting equitable access to economic opportunity in communities nationwide.

CarMax will focus philanthropy in the coming years on the following four key areas: education, careers, access to credit and financial education, and entrepreneurship. CarMax has selected three nonprofit organizations as initial partners in this effort: SEO (Sponsors for Educational Opportunity), STRIVE, and LIFT.

“Our goal is for everyone, everywhere to have the same opportunity to reach their full potential,” said Bill Nash, president and CEO of CarMax. “Building pathways to long-term prosperity through equitable access to education, careers, and financing, as well as promoting entrepreneurship, is critical to address economic disparities that exist within underserved communities. By taking action we can build a better future together and make a real impact for those who need it most.”

CarMax’s ongoing commitment to promoting equitable access to economic opportunity will begin with close partnerships with the following nonprofit organizations who have proven expertise at the forefront of local initiatives in these areas:  


  • SEO: CarMax will support SEO Scholars, a free, eight-year, academic program that transforms public high school students into college graduates. The program successfully educates and mentors underserved, low-income students in New York City and San Francisco to and through college—with a 90% graduation rate


  • STRIVE: While working with Black and Brown low-income communities, STRIVE offers a holistic program with in-demand skills and certifications to propel adults and young adults into careers, allowing them to build long-term financial independence.

Access to Credit and Financial Education:

  • LIFT: LIFT partners with low-income parents to chart their own path toward economic mobility. Through monthly coaching sessions and direct cash transfers, parents build financial skills, well-being, and social connections so their entire family can thrive.


  • CarMax will be dedicating additional funding to promoting entrepreneurship among founders of color and women. Selection of the philanthropic partner for this area is being finalized.

Additional Investments of Note:

With all of these investments, this brings CarMax’s total investment for the year to $1 million.   

These partnerships represent just one component of CarMax’s long-term journey to advance diversity, inclusion and belonging in all aspects of its business. In addition to these philanthropic pledges, CarMax has made the following progress:

  • Hired a Chief Diversity and Inclusion officer to lead overall company vision and strategy for advancement in this area.
  • Established a diversity and inclusion governance model which includes a council and an executive steering committee, of which the CEO is a member.
  • Committed to the CEO Action for Diversity and Inclusion pledge.
  • Launched a companywide associate education program on diversity and inclusion, including training on unconscious bias.
  • Launched educational resources and provided tools for associate-led dialogue around race relations and inclusion opportunities.
  • Quarterly plan in place for measuring and tracking progress on diversity and inclusion commitments.
  • CarMax will continue to publish a Responsibility Report which details the company’s commitment and progress on initiatives, and publicly shares metrics on CarMax’s gender and racial diversity across management and non-management. The next report will be issued in May 2021.

About CarMax

CarMax, the nation’s largest retailer of used cars, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. CarMax also provides a variety of vehicle delivery methods, including home delivery, contactless curbside pickup and appointments in its stores. During the fiscal year ending February 29, 2020, CarMax sold more than 830,000 used cars and more than 465,000 wholesale vehicles at its in-store auctions. CarMax has 220 stores, over 25,000 Associates, and is proud to have been recognized for 16 consecutive years as one of the Fortune 100 Best Companies to Work For®. For more information, visit

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