CarMax, Inc. history, profile and corporate video
CarMax, Inc. is an American used-car retailer headquartered in Richmond, Virginia, U.S. 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 September 1993, the first CarMax retail location was opened in Richmond, Virginia.
In 1996, the company acquired its first new car franchise with Chrysler.
On October 1, 2002, CarMax officially split from Circuit City.
By 2021, the only CarMax new vehicle dealership that remains was a Toyota store.
The company operates through the following business segments: Sales Operations, Auto Finance, Auctions, and Service.
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.
Millions of car buyers have been financed through the Auto Finance segment.
The Auctions segment focuses on the auction of thousands of cars to dealers across the country.
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 retailers of used cars. According to Forbes, it is considered one of the Top 2000 Largest Public Companies in the world.
*Information from Forbes.com, Wikipedia.org, and www.carmax.com.
**Video published on YouTube by “CarMax“.