CarMax, Inc. history, company profile (overview) and corporate video
CarMax, Inc. is an American used-car retailer headquartered in Richmond, Virginia, United States.
HISTORY
The concept for CarMax was developed by Circuit City, an American consumer electronics retail company. It was developed for nearly a year in 1991, using the code name “Project X”, but it was also known as “Honest Rick’s Used Cars”.
In 1993, the first CarMax retail location was opened in Richmond, Virginia, United States.
In 1996, the company acquired its first new car franchise with Chrysler.
By 1999, it added new vehicle franchises for Mitsubishi, Toyota, and Nissan.
In 2002, CarMax was spun off from Circuit City, becoming a separate, publicly traded company.
In 2021, CarMax sold its last new vehicle dealership to the Rydell Company.
OPERATIONS
The company operates through the following business segments: Sales Operations, Auto Finance, Auctions, and Service.
Sales Operations
The Sales Operations segment consists of all aspects of its auto merchandising operations, including its network of stores, the online shop, and the online selling/trading platform.
Auto Finance
Millions of car buyers have been financed through the Auto Finance segment.
Auctions
The Auctions segment focuses on the auction of thousands of cars to dealers across the country.
Service
The Service segment comprises the company’s service centers and the RepairPal® service partners.
With over 25,000 employees and more than 220 stores in 41 states, CarMax, Inc. is considered one of the nation’s largest used car retailers. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and www.carmax.com.
**Video published on YouTube by “Companies History“.