CarMax is America's largest used car retailer and Fortune 500 company. The first CarMax location opened in September 1993. In March 2017, the company owned 173 locations. Before the first store was built, DeVito/Verdi was employed as an advertising agency and creative resource. The company conducted additional campaigns and TV ads for several years to support launch and initial wave of stores.
While CarMax stores focus on marketing used vehicles, the company has two Toyota dealer franchises located in Kenosha, Wisconsin and Laurel, Maryland that sell new vehicles.
Video CarMax
Drafts
The concept for CarMax was developed by Circuit City executives under past CEO Richard L. Sharp. It was developed for almost a year in 1991, using the code name "Project X", and also known as "Honest Rick's Used Cars" for those intimately involved in the skunk team work. This concept was first proposed by consultants hired by Circuit City to evaluate business opportunities that may be beyond the scope of their consumer electronics location. While used cars have always been the main business, CarMax bought the rights to the location of car manufacturers such as Chrysler, Mitsubishi, and Toyota. CarMax also purchased automated lines in Kenosha, Wisconsin which has additional manufacturer franchises, such as Ford, BMW, and Volvo. The first CarMax location opened in September 1993, 1.7 miles (2.7 km) from the company's Circuit City office in Richmond, Virginia. On November 30, 2016, CarMax operated 169 locations in 39 states.
The business model begins at no cost, but the model is then abandoned for the current business model once it is determined that the customer is not worried about paying the transaction fee for the purchase of the vehicle.
The typical CarMax store is about 59,000 square feet (5,500 m 2 ), carrying an inventory of 300-400 vehicles, and changing its inventory by more than eight to ten times a year. On average, CarMax locations employ 40 sales associates. Each car goes through a thorough 125 point checking process, outside state-mandated checks, and includes a 30-day warranty and a five-day money-back guarantee.
Circuit City released its first CarMax stock in February 1997, when CarMax had seven locations. Initially, the stock was stock tracking that was still under the umbrella of Circuit City. CarMax officially split from Circuit City on October 1, 2002, when it was separated as a stock dividend for Circuit City shareholders, with shares also issued to those holding CarMax tracking shares.
During the 12-month period ending February 28, 2015, the company sold 582,282 used cars. According to CarMax 2009 fiscal year 2009 report released on April 2, 2009, the company opened 11 superstore used cars, including superstore in 5 new markets.
CarMax is on the "100 Best Companies to Work" list at Fortune from 2005 to 2016, placing 85 by 2016.
Maps CarMax
References
External links
- Official CarMax Web site
- Official Car Auction WebsiteMax
- The CarMax Foundation Official Website
Source of the article : Wikipedia
0 Comments