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CarMax is using an all-electric semitruck to haul vehicles in California’s San Joaquin Valley. It can travel about 230 miles on a single charge.
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On carmax.com, users can browse vehicles, get an offer on their car and, as of last year, prequalify for personalized financing terms.
CarMax CEO Bill Nash says Richmond has been a key component in the used vehicle retailer’s nationwide success as it celebrates its 30th year in business.
“We’re proud that our growth and innovation story began in Richmond, where we opened our very first store in 1993,” Nash says in an email. “Since then, we’ve continued to expand our presence in the region, most recently opening our Midtown Technology and Innovation Center in 2021.”
Today, CarMax has two headquarters in the Richmond area, as well as two retail locations. Nationwide, the company to more than 240 stores across 41 states. CarMax employs more than 30,000 associates nationwide, with more than 2,400 living and working in the Richmond region. The company has been recognized as a top local workplace by the Richmond Times-Dispatch for 10 consecutive years and listed among Fortune magazine’s “100 Best Companies to Work For” each of the past 19 years.
“Being headquartered in Richmond has been critical to CarMax’s growth and success, especially in attracting and retaining top talent,” says Jim Lyski, CarMax’s chief innovation and strategy officer. “It’s a great geographic location that draws from excellent universities both in state and just outside of Virginia.”
The Richmond region has benefited as CarMax has grown, according to Greater Richmond Partnership CEO Jennifer Wakefield. “They are a forward-thinking, innovative leader that gives back to the community in a big way,” she says. “When we work to recruit new companies to greater Richmond, we point to the success of homegrown companies — and market leaders — like CarMax. Success begets success, and having a company like CarMax headquartered here helps to attract other companies to the region.”
CarMax also helps the metro area by giving back to the community. “As a company, we are committed to being an active corporate citizen in Richmond by supporting local nonprofits through grants, meaningful volunteerism and empowering our talented associates to serve on area nonprofit boards of directors,” according to Catherine Gryp, CarMax public relations director.
CarMax CEO Bill Nash
The first CarMax location opened in 1993 as a subsidiary of Circuit City, the Richmond-based electronics retailer. While its parent company would go on to close all of its stores in 2009, CarMax was spun off in 2002 and has flourished as a self-proclaimed “industry disruptor” with a shopping experience designed to help customers buy a car on their terms — whether that’s fully online, at one of its physical locations or both.
“We have found that most customers do not want to shop for a car in a way that is tied solely to an in-store or a digital experience. Customers want to customize their own journey — both digitally and physically — with ease and convenience,” Gryp says.
Since the COVID-19 pandemic, CarMax and the used vehicle market as a whole have been experiencing a course correction. After years of pricing volatility and disruptions caused by supply chain setbacks, the market appears to be stabilizing. In its Q3 2023 Used Vehicle Report, Edmunds, which CarMax acquired in 2021, reported “encouraging” signs of market stability, including a 5.5% year-over-year drop in used vehicle average transaction prices, near-new used cars once again buying and selling at prices notably below brand-new vehicles, and new-car discounting trickling down to used cars of all ages.
Looking ahead, CarMax officials say the company will continue to focus on honesty, integrity and transparency.
“These principles drive everything we do,” Nash says. “The two most important things we focus on are our people and our culture. In today’s business environment, these are key differentiators that cannot be copied and help us grow our business over the long term.”
By the Numbers
CarMax opened its first store: Sept. 18, 1993
Net revenue in Q3 2023: $6.1 billlion
Cars sold at auction over 30 years: 7 million
Cars sold at retail over 30 years: 11 million
Number of stores across 41 states: 240
Number of employees: 30,000
Cars bought from consumers and dealers in Q3 2023: 250,000
Combined retail and wholesale used vehicle unit sales in Q3 2023: 302,666
