CarMax

CarMax, Inc.
Company typePublic
IndustryUsed car retailer
FoundedSeptember 1993; 31 years ago (1993-09) (as a subsidiary of Circuit City)
HeadquartersRichmond, Virginia, U.S.
Key people
  • Bill Nash (president & CEO)
  • Ed Hill (COO)
  • Jim Lyski (CMO)
  • Shamim Mohammad (CITO)
  • Diane Cafritz (CHRO)
  • Enrique Mayor-Mora (CFO)
RevenueIncrease US$18.95 billion (FY2021)[1]
Increase US$2.37 billion (FY2021)[2]
Number of employees
c. 27,000+ (2021)[2]
ParentCircuit City (1993–2002)
Websitecarmax.com
CarMax store in Raleigh, North Carolina

CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City, opening its first location in September 1993 in Richmond, Virginia. As of October 2022, CarMax operates 238 locations.[3]

While CarMax stores focus on marketing used vehicles, the company acquired its first new car franchise with Chrysler Corporation in 1996.[4] By 1999, it added new vehicle franchises for Mitsubishi Motors, Toyota, and Nissan.[5] In late 2021, CarMax sold its last new vehicle dealership, located in Kenosha, Wisconsin, to the Rydell Company.[6]

  1. ^ "CarMax FY2021 Annual Report" (PDF).
  2. ^ a b "Car Max Inc. Form 10-K For Fiscal Year Ended February 28, 2021" (PDF).
  3. ^ "CarMax Store Locations Nationwide".
  4. ^ "Carmax's new cars make waves in Atlanta". autonews.com. 24 June 1996. Retrieved 29 November 2018.
  5. ^ "Carmax adds Mitsubishi franchises to new-car offerings". autonews.com. 9 November 1998. Retrieved 29 November 2018.
  6. ^ "CarMax (KMX) Disposes New-Car Business With Sale of Toyota Store". NASDAQ. October 6, 2021. Archived from the original on 2021-10-07. Retrieved October 7, 2021.