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Headquarters:
4900 Cox Road
Glen Allen, VA 23060
Employees: 15,249
CEO: Tom Folliard
Stock Symbol: KMX
Website:
http://www.carmax.com
Career Site
CarMax is one of the nation's largest retailers
of used and new automobiles. The company has 103 used car superstores
in 49 markets. It also owns six new car franchises.
The company says more than 60% of used
vehicle sales are made initially through the Carmax.com website.
All used cars sold at CarMax undergo a
certified quality inspection. All cars are backed with a five-day
Money-Back Guarantee and limited 30-day warranty.
During the twelve months ended February
29, 2008, Carmax retailed 377,244 used cars and sold 222,406
wholesale vehicles at our in-store auctions.
CarMax has now sold more than 2 million
new and used vehicles since 1993.
For fiscal 2008, CarMax reported $8.2 billion
in revenues and net income of $182 million.
The company announced in October it would
lay off 610 employees, or 4% of its workforce, due to slower
sales. The reductions are being made in a majority of the company's
production superstores, where vehicles are reconditioned.
History
The first CarMax superstore opened in 1993
in Richmond, VA and was a spinoff of Circuit City. CarMax was
officially separated from Circuit City with its own stock in
2002.
Benefits
Health Care Plan
Our Health Care Plan provides comprehensive coverage for full-time
Associates and their eligible dependents. The cost of the coverage
is shared between CarMax and the Associate, and contributions
are made on a pre-tax basis.
Associates may enroll in the Empire BlueCross
BlueShield Preferred Provider Plan (PPO), a custom-designed plan
that uses the BlueCross and BlueShield networks nationwide. The
plan features office visit copayments, preventive care, and in-and
out-of-network coverage. Our plan also includes automatic enrollment
in a prescription drug program that offers prescription copayments
and a mail order pharmacy.
Dental Care Plan
Our Dental Care Plan covers preventive, basic, and major services
for Associates and their eligible dependents. The cost of the
coverage is shared between CarMax and the Associate, and contributions
are made on a pre-tax basis.
The Dental Care Plan allows participants
to see any dentist they wish. However, there is a network of
dentists who offer a reduced fee schedule for services. Out-of-network
benefits are paid based on reasonable and customary limits. Preventive
care is 100% covered up to the reasonable and customary limit
as determined by the provider. There is an annual deductible
applicable to basic and major services and an annual benefit
maximum.
401(K) Plan
The 401(k) Plan provides an individual account through which
an Associate can save money for the future. Associates can contribute
up to 40% of pre-tax pay. CarMax makes a matching contribution
of $0.25 to the account at the end of the Plan Year for every
dollar Associates contribute, up to 5% of pay. The 401(k) Plan
is administered by American Express Retirement Services. Participants
also benefit from tax-deferred savings and a reduction in income
taxes. Twelve funds are available for investment of contributions.
Life Insurance
CarMax offers Company-paid Basic Life Insurance. CarMax also
offers options for Supplemental Life, Spousal Life, Child Life
and Accidental Death & Dismemberment Insurance that Associates
may elect to participate in through payroll deductions.
Stock Purchase Plan
CarMax offers an Employee Stock Purchase Plan through which Associates
may purchase CarMax Common Stock through payroll deductions.
Associates can contribute up to 10% of pay. The Company provides
a matching contribution equal to 15% of the Associate's contribution.
Stock is purchased each month at the current market price. Associates
may join the Plan on the first of any month once they meet the
eligibility requirements.
Short & Long Term Disability
Our Short Term Disability (STD) Plan provides salary continuation
during absences due to illness, injury, or pregnancy. Benefits
are based on length of service, job classification, and earnings.
CarMax pays the entire cost and all Associates are automatically
covered by the plan when eligible.
Our Long Term Disability (LTD) Plan provides
salary continuation for disabilities extending beyond 180 continuous
days of absence. Participating Associates pay the cost of the
plan through contributions after taxes are calculated. Tax-free
LTD benefits are approximately 60% of earnings less Social Security,
Workers' Compensation, and any other work-related benefits. Benefits
are generally payable to age 65 if the Associate continues to
meet the definition of disabled.
Associate Discount Program
Associates may purchase vehicles, MaxCare coverage, accessories,
and parts and service at discounts for personal use or use by
any person who lives in the same household as the Associate,
whether or not they are related to the Associate. Associates
are eligible to participate in the Associate Discount Program
after 30 days of employment.
Retirement (Pension) Plan
CarMax sponsors a Retirement Plan that provides benefits at retirement
based on earnings and length of service. The Company pays the
full cost of the Plan. Associates receive one year of vesting
service for each Plan Year in which they receive pay for 1,000
or more hours. Associates become 100% vested once they have earned
five years of vesting service. Retirement benefits start at age
65. Early Retirement benefits are available to Associates who
retire at age 55 with 10 years of vesting service, or age 62
with 7 years of vesting service.
Dependent Care Spending Account
The Dependent Care Spending Account (DCSA) allows eligible Associates
to set aside a portion of their paychecks for expenses relating
to daycare on a pre-tax basis.
Paid Vacation and Sick Leave
CarMax encourages Associates to have time away from work for
rest, relaxation, and illness. CarMax offers paid vacation and
sick leave for eligible Associates.
Direct Deposit
CarMax offers Associates direct deposit of their paycheck into
the bank and account of their choice.
Educational Assistance
The Educational Assistance Program reimburses tuition, books,
and course-related fees up to $800 per pre-approved course, with
a maximum of $2,500 per year for full-time Associates and $1,500
per year for part-time Associates.
Business Travel Accident Insurance
CarMax provides Travel Accident Insurance to all Associates.
The Company pays 100% of the cost. Benefits are payable in the
event of death while traveling on company business. Benefits
are the greater of $250,000 or 3x base salary up to $750,000.
Employee Assistance Program
Associates can access professional resources for information,
confidential consultation and short-term counseling on everyday
issues.
Adoption Assistance
CarMax offers assistance to help Associates build families through
legal adoption. Qualified Associates with one year of continuous
full-time service are eligible to receive up to $4,000 in reimbursements
for adoption-related expenses.
Holidays
CarMax Offices are closed:
New Year's Day
Memorial Day
Independence Day
Labor Day
Thanksgiving Day
Christmas Day
CarMax Stores are closed:
Easter Sunday (for stores open Sunday)
Thanksgiving Day
Christmas Day
Updated October 2, 2008
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