CarMax CEO Invoice Nash says Richmond has been a key part within the used car retailer’s nationwide success because it celebrates its thirtieth yr in enterprise.
“We’re proud that our development and innovation story started in Richmond, the place we opened our very first retailer in 1993,” Nash says in an electronic mail. “Since then, we’ve continued to increase our presence within the area, most just lately opening our Midtown Know-how and Innovation Heart in 2021.”
At this time, CarMax has two headquarters within the Richmond space, in addition to two retail areas. Nationwide, the corporate to greater than 240 shops throughout 41 states. CarMax employs greater than 30,000 associates nationwide, with greater than 2,400 dwelling and dealing within the Richmond area. The corporate has been acknowledged as a high native office by the Richmond Occasions-Dispatch for 10 consecutive years and listed amongst Fortune journal’s “100 Finest Firms to Work For” every of the previous 19 years.
“Being headquartered in Richmond has been essential to CarMax’s development and success, particularly in attracting and retaining high expertise,” says Jim Lyski, CarMax’s chief innovation and technique officer. “It’s a fantastic geographic location that pulls from wonderful universities each in state and simply exterior of Virginia.”
The Richmond area has benefited as CarMax has grown, based on Higher Richmond Partnership CEO Jennifer Wakefield. “They’re a forward-thinking, revolutionary chief that provides again to the group in an enormous means,” she says. “Once we work to recruit new corporations to higher Richmond, we level to the success of homegrown corporations — and market leaders — like CarMax. Success begets success, and having an organization like CarMax headquartered right here helps to draw different corporations to the area.”
CarMax additionally helps the metro space by giving again to the group. “As an organization, we’re dedicated to being an energetic company citizen in Richmond by supporting native nonprofits by means of grants, significant volunteerism and empowering our proficient associates to serve on space nonprofit boards of administrators,” based on Catherine Gryp, CarMax public relations director.
The primary CarMax location opened in 1993 as a subsidiary of Circuit Metropolis, the Richmond-based electronics retailer. Whereas its father or mother firm would go on to shut all of its shops in 2009, CarMax was spun off in 2002 and has flourished as a self-proclaimed “trade disruptor” with a purchasing expertise designed to assist clients purchase a automobile on their phrases — whether or not that’s absolutely on-line, at considered one of its bodily areas or each.
“We now have discovered that the majority clients don’t need to store for a automobile in a means that’s tied solely to an in-store or a digital expertise. Prospects need to customise their very own journey — each digitally and bodily — with ease and comfort,” Gryp says.
For the reason that COVID-19 pandemic, CarMax and the used car market as a complete have been experiencing a course correction. After years of pricing volatility and disruptions brought on by provide chain setbacks, the market seems to be stabilizing. In its Q3 2023 Used Car Report, Edmunds, which CarMax acquired in 2021, reported “encouraging” indicators of market stability, together with a 5.5% year-over-year drop in used car common transaction costs, near-new used vehicles as soon as once more shopping for and promoting at costs notably under brand-new automobiles, and new-car discounting trickling all the way down to used vehicles of all ages.
Wanting forward, CarMax officers say the corporate will proceed to concentrate on honesty, integrity and transparency.
“These ideas drive every little thing we do,” Nash says. “The 2 most necessary issues we concentrate on are our individuals and our tradition. In at present’s enterprise atmosphere, these are key differentiators that can not be copied and assist us develop our enterprise over the long run.”
By the Numbers
CarMax opened its first retailer: Sept. 18, 1993
Web income in Q3 2023: $6.1 billlion
Vehicles bought at public sale over 30 years: 7 million
Vehicles bought at retail over 30 years: 11 million
Variety of shops throughout 41 states: 240
Variety of workers: 30,000
Vehicles purchased from shoppers and sellers in Q3 2023: 250,000
Mixed retail and wholesale used car unit gross sales in Q3 2023: 302,666