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Headquarters: Website: http://www.carmax.com CarMax is one of the nation's largest retailers of used and new automobiles. The company has 220 used car superstores in 78 markets. The company says most used vehicle sales are made initially through the Carmax.com website. All used cars sold at CarMax undergo a certified quality inspection. All cars sold have a five-day Money-Back Guarantee and haggle-free pricing. For fiscal 2021, CarMax reported total sales of $18.95 billion, a 6.7% drop, and net income of $746.9 million. Used vehicle sales in units were down 9.7% and wholesale units dropped 8.6%. Average sales price during fiscal 2021 were: $20,690 for used cars and $5,957 for wholesale vehicles. During the fiscal year ending February 28, 2021, CarMax sold more than 750,000 used vehicles and more than 425,000 wholesale vehicles at its in-store and virtual auctions. In addition, CarMax Auto Finance originated more than $6 billion in receivables during fiscal year 2021, adding to its near $14 billion portfolio. CarMax has been named one of The Best Companies to Work For in America by Fortune magazine for 17 straight years. CarMax said it will open a new Technology Innovation Center in the Dallas area. In fiscal 2022, the company plans to open 10 new locations. In 2021, Carmax acquired respected auto guide Edmunds for $404 million. Carmax had invested $50 million for a minority stake in Edmunds in 2020. 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
Updated September 8, 2021 |