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Car Max Inc history
Car Max Inc company history timeline
By the end of the company's 1995 fiscal year, sales had increased substantially, soaring from $77 million to $304 million, which exceeded analysts' estimates of between $200 million and $278 million.
The company opened its fifth and sixth lots in 1996 and announced ambitious expansion plans.
In 1996, the company acquired its first new car franchise with Chrysler.
The offering was completed in February 1997, providing CarMax with fresh resources to finance its expansion and to repay its rising debt.
In 1997, Sharp and Ligon planned to open between 8 and 10 lots, with new openings of between 15 and 20 stores for each year thereafter.
By mid-1998, there were 23 superstores in operation, enabling the company to record $1.47 billion in sales for fiscal 1998.
1999: CarMax records its first annual profit.
A national rollout of CarMax superstores remained the company's long-term objective, a goal that was expected to require between 20 and 25 years to achieve. "You can't do it any faster than that," Ligon informed Automotive News in a July 10, 2000 interview.
In 2002, the results were equally as sanguine, as revenues swelled 28 percent to $3.2 billion and net income nearly doubled, jumping to $90.8 million.
Ligon anticipated opening between six and eight used car superstores per year through 2005, building on the 37 used car superstores and 17 new car franchises already in operation.
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Car Max Inc competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Stacy Furniture | 1999 | $600,000 | 50 | - |
| Car Sense | - | $1.3M | 25 | - |
| Waldorf Ford | - | $54.0M | 150 | 3 |
| Musson Patout | - | $1.8M | 37 | - |
| Paddock Chevrolet | - | $46.4M | 100 | 4 |
| J.B.A. Chevrolet | - | $700,000 | 35 | 10 |
| Marshal Mize Ford | - | $3.2M | 25 | - |
| Apple Tree Honda | 1970 | $14.0M | 25 | - |
| Dorschel Automotive Group | - | $1.0M | 3 | - |
| Ford of Ocala | - | $67.3M | 100 | - |
Car Max Inc history FAQs
Zippia gives an in-depth look into the details of Car Max Inc, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Car Max Inc. The employee data is based on information from people who have self-reported their past or current employments at Car Max Inc. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Car Max Inc. The data presented on this page does not represent the view of Car Max Inc and its employees or that of Zippia.
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