Largest Used Car Retailer Completes Roll Out of Online Car Buying Nationwide
RICHMOND, Va. , September 24 /Businesswire/ - CarMax, Inc. (NYSE: KMX), the nation’s largest retailer of used cars, today announced the completion of its omni-channel rollout, which gives CarMax the largest addressable market in the used car industry. This unique omni-channel experience empowers customers to buy a car on their terms – online, in-store, and a seamless integration of both. The announcement was made in the company’s second quarter earnings release, where the company reported record results and profitability.
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CarMax customers have the option to buy a car online and receive delivery through contactless curbside pickup, available nationwide, or home delivery, available to most customers. (Photo: Business Wire)
Customers nationwide can leverage CarMax’s personalized e-commerce capabilities to shop for, save, and transfer vehicles; secure financing pre-approval; and obtain an online appraisal. Customers can opt to complete the car buying experience in-person at one of CarMax’s 220 stores nationwide; or buy the car online and receive delivery through contactless curbside pickup, available nationwide, or home delivery, available to most customers. In addition, CarMax has the nation’s largest used car inventory of more than 55,000 vehicles, which makes it easy for a customer to find the ideal car for them.
CarMax’s research has found that customers don’t want to be forced to interact 100 percent in-store or 100 percent online. That’s why CarMax purposely built its omni-channel offering to give customers the option to seamlessly do as much, or as little, online and in-person as they prefer. CarMax provides experienced guidance whenever and wherever customers want, including in-person, online and over the phone.
“When we set out to create the future of car buying, we knew that customers wanted personalized, convenient and on-demand retailer experiences where they can seamlessly navigate between online and in-person, all on their own terms,” said Bill Nash, president and CEO of CarMax. “CarMax has always stood for empowering the customer and offering an exceptional experience. The significant investments we’ve made in technology and digital innovation, coupled with the tireless efforts of our 25,000 associates nationwide, enable us to deliver this iconic experience the way only CarMax can.”
Nash concluded by stating, “I am confident our omni-channel experience, which gives us the largest addressable market within the used car industry, and our diversified business model will drive profitable sales growth and market share gains for years to come.”
Additional information on the CarMax consumer difference:
Photo images and B-roll are available for download on the CarMax Media Center.
About CarMax
CarMax, the nation’s largest retailer of used cars, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. CarMax also provides a variety of vehicle delivery methods, including home delivery, contactless curbside pickup and appointments in its stores. During the fiscal year ending February 29, 2020, CarMax sold more than 830,000 used cars and more than 465,000 wholesale vehicles at its in-store auctions. CarMax has 220 stores, over 25,000 Associates, and is proud to have been recognized for 16 consecutive years as one of the Fortune 100 Best Companies to Work For®. For more information, visit www.carmax.com.
Forward-Looking Statements
We caution readers that the statements contained in this release about our future business plans, operations, challenges, opportunities or prospects, including without limitation any statements or factors regarding expected operating capacity, sales, market share, margins, expenses, liquidity, capital expenditures, debt obligations, tax rates or earnings, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “should,” “will” and other similar expressions, whether in the negative or affirmative. Such forward-looking statements are based upon management’s current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results to differ materially from anticipated results. Among the factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements are the following:
For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 29, 2020, and our quarterly or current reports as filed with or furnished to the U.S. Securities and Exchange Commission. Our filings are publicly available on our investor information home page at investors.carmax.com. Requests for information may also be made to the Investor Relations Department by email to investor_relations@carmax.com or by calling (804) 747-0422 x7865. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
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