CarMax Marks 30 Years of Revolutionizing the Used Car Industry
CarMax, Inc., the leading used car retailer in the United States, is celebrating a major milestone as it rings the Closing Bell at the New York Stock Exchange to commemorate its 30-year anniversary. Established in 1993, CarMax has transformed the used car industry through innovative practices and is now recognized as a Fortune 200 company. Today, CarMax’s President and CEO, as well as the VP of Corporate Social Responsibility and a founding associate, will have the honor of ringing the bell, joined by other founding associates and members of the company’s senior leadership team.
CarMax’s journey began three decades ago when it opened its first store and has since expanded to over 240 stores across 41 states, employing more than 30,000 associates. Over the years, CarMax has made a significant impact by selling over 11 million cars at retail and an additional 7 million cars at auction. Moreover, the company’s financing arm, CarMax Auto Finance, has become one of the largest providers of used vehicle financing.
CarMax takes pride in its commitment to reshaping the used car industry. In 1993, it introduced the concept of no-haggle pricing, which revolutionized the car buying experience. CarMax has always strived to bring honesty, integrity, and transparency to every interaction, earning the trust and loyalty of millions of customers. Now, as the industry changes again, CarMax is eager to offer a personalized car buying experience that combines online convenience with the traditional in-store experience, allowing customers to tailor their journey according to their preferences.
CEO, who has been part of CarMax for more than 25 years, expressed his enthusiasm, stating, Not many companies have the opportunity to revolutionize an industry twice. We are proud to have reshaped the used car industry starting in 1993 through no-haggle pricing and bringing honesty and integrity to every interaction. These values continue to guide us, and we are excited to reshape the industry again by offering a uniquely personalized car buying experience that enables customers to do as much, or as little, online and in-store as they want.
To witness this momentous occasion, tune in to the broadcast media coverage of the bell ringing or catch the live stream on the New York Stock Exchange’s website. The NYSE’s social media channels will also share videos and photos of the event.
About CarMax:
CarMax is the largest retailer of used vehicles in the United States, renowned for its commitment to integrity, honesty, and transparency. With a personalized approach to car buying, CarMax empowers customers to seamlessly transition between online and in-store experiences. In the fiscal year ending , CarMax sold approximately 810,000 used vehicles and 590,000 wholesale vehicles at auctions. Additionally, its financing arm, CarMax Auto Finance, originated nearly in receivables during the fiscal year, further contributing to its impressive portfolio. With over 240 stores and a workforce of more than 30,000 associates, CarMax has been recognized as one of the Fortune 100 Best Companies to Work For for 19 consecutive years. The company also emphasizes making a positive impact on people, communities, and the environment, as highlighted in its recent 2023 Responsibility Report. For more information, visit www.carmax.com.
