Customers can save time by pre-qualifying online to receive personalized financing terms on CarMax’s
nationwide inventory, with no impact to credit scores
RICHMOND, VA (January 17, 2023) - CarMax, Inc. (NYSE: KMX), the
nation’s largest retailer of used cars, announces the national launch of its pre-qualification capability – a new online financing
experience that empowers customers with the ability to shop CarMax vehicles nationwide with personalized financing
terms, with no impact to their credit score. Pre-qualified customers will know their terms on vehicles across
CarMax’s inventory within minutes, including monthly payment and APR.
In the current economic environment, inflation and rising interest rates continue to be top of mind for many
consumers. With CarMax’s pre-qualification capability, used car shoppers can know what they can afford from
the beginning of their journey and feel confident they are on track to find the right car that fits both their needs
and budget.
The experience is available on CarMax.com and the CarMax mobile app. Once
pre-qualified, customers can use their pre-qualification to shop on CarMax.com with their personalized finance
terms, adjusting filters like down payment to see how it impacts their terms, or filter to show only vehicles that
meet their personalized monthly payment budget.
“We continue to elevate the used car buying experience by building tools that help improve the car shopping and
financing process and make it easier and more efficient for our customers,” said Bill Nash, CEO of CarMax.
“Our industry-leading online finance experience and new pre-qualification capability, that leverages multiple
lenders, saves customers time and provides an added layer of confidence in their journey to find their perfect
vehicle that fits both their lifestyle and budget.”
CarMax’s new pre-qualification capability has the following features and benefits for customers:
- Pre-qualification decisions come directly from multiple lenders and are personalized for each customer based on
their credit profile, with approximately 95% of customers receiving approvals
- The process is fast and convenient, with most customers getting results in minutes across CarMax’s entire
nationwide inventory
- Save time and search efficiently with budgeting answers upfront and the ability to sort and filter vehicles
using personalized monthly payment and down payment options
- Soft credit inquiry with no impact to credit score
The new pre-qualification capability is also integrated with CarMax’s “Compare Feature,” which
allows customers to see their monthly payment alongside different car features of their favorite vehicles for which
they’re pre-qualified. Customers have access to personalized results to see how each of their top vehicle
choices fits both their budget and style.
CarMax has redefined and transformed the used car buying experience by putting the customer at the center. CarMax
empowers customers to buy a car on their terms – online, in-store, or a seamless combination of both. The
company offers online car buying, as well as online instant offers to buy your car. Learn more about these
offerings and any relevant limitations at carmax.com.
About CarMax
CarMax, the nation’s largest retailer of used autos, 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, express pickup and
appointments in its stores. During the fiscal year that ended on February 28, 2022, CarMax sold approximately
924,000 used vehicles and 706,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated
more than $9 billion in receivables during fiscal 2022, adding to its nearly $16 billion portfolio. CarMax has more
than 230 stores, more than 30,000 associates and is proud to have been recognized for 18 consecutive years as one of
the Fortune 100 Best Companies to Work For®. CarMax is committed to making a positive impact on people,
communities and the environment. Learn more in the 2022 Responsibility Report.
For more information, visit www.carmax.com.
Media Contact:
pr@carmax.com, (855) 887-2915
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