Who owns Carmax?
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. While CarMax stores focus on marketing used vehicles, the company acquired its first new car franchise with Chrysler Corporation in 1996. By 1999, it added new vehicle franchises for Mitsubishi Motors,…
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. While CarMax stores focus on marketing used vehicles, the company acquired its first new car franchise with Chrysler Corporation in 1996.
By 1999, it added new vehicle franchises for Mitsubishi Motors, Toyota, and Nissan. In late 2021, CarMax sold its last new vehicle dealership, located in Kenosha, Wisconsin, to the Rydell Company.
Who owns Carmax?
CarMax was founded by an executive team at Circuit City, led by then-CEO Richard L. Sharp, in 1993.CarMax’s headquarters is located in Richmond, Virginia. CarMax Auto Finance operates from Kennesaw, Georgia. There are CarMax retail locations in 41 states as well as customer service call centers.
The concept was first proposed by Ronald L. Moore of Richmond, Virginia, a consultant hired by Circuit City to evaluate possible business opportunities beyond the scope of their consumer electronics locations. The business model began with no fees, however, the model was subsequently abandoned for the current business model after it was determined that customers were not concerned about paying transaction fees for the purchase of a vehicle.
