Who owns Carmax?

Additional top shareholders include:

• PRIMECAP Management Co.

• SSgA Funds Management, Inc

• Capital Research Management Co.

• Manulife Investment Management

• Janus Henderson Investors US, LLC

Carmax was developed by Circuit City Stores, Inc in 1991, with its first retail location opening in September 1993 in Richmond, Virginia. The business model began with no fees; however, the model was later abandoned for the current business model after it was determined that customers were not concerned with paying transaction fees.

Carmax is headquartered in Richmond, Virginia, and is broken down into four divisions:

• Sales operations

• Auto Finance

• Auctions

• Service

A typical CarMax store is approximately 59,000 square feet and carries an inventory of 300 to 400 vehicles. Inventory is turned over eight to ten times a year. On average, each location employs 40 sales associates, and each car goes through a thorough 125-point inspection process.

Carmax is one of the largest retailers of used vehicles, with over 225 stores throughout the United States. In 2021, Carmax had annual revenue of $18.95 billion, with over 27,000 employees working for the company.