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CarMax history
CarMax company history timeline
1993: The first CarMax used car lot opens in Richmond, Virginia.
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.
At the end of 1996, the pair proposed a new method of securing financing, announcing that Circuit City would sell a portion of the CarMax subsidiary to the public.
1996: CarMax acquires its first new car franchise.
Instead of opening between 15 and 20 stores in 1999, as originally planned, the company announced it would open 10 stores that year.
Ligon expected to post between $40 million and $43 million in net income in 2001, but the company did better, posting $45.6 million in profits.
Looking ahead, CarMax planned to open between 15 and 25 new car dealerships by 2002, stores that were to operate alongside the company's used car dealerships.
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.
In the spring of 2002, Circuit City announced it intended to spin off its CarMax subsidiary into a separate, publicly traded company, part of the consumer electronics chain's plan to focus on its core business.
Sharp led Circuit City into the home security business and other ventures that critics contend forced the parent company to lose focus and eventually to shutter in 2009 amid competition from Best Buy and other stores.
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CarMax competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| TravelCenters of America | 1972 | $10.8B | 20,259 | 1,417 |
| Sears Holdings | 2005 | $1.4B | 85,000 | 687 |
| Advance Auto Parts | 1932 | $9.1B | 68,000 | 2,643 |
| The Home Depot | 1978 | $159.5B | 500,001 | 21,809 |
| Kroger | 1883 | $147.1B | 465,000 | 6,945 |
| Vudu | 2004 | - | 180 | - |
| Kohl's | 1962 | $16.2B | 110,000 | 1,185 |
| Staples | 1986 | $18.2B | 75,000 | 1,813 |
| Whole Foods Market | 1978 | $16.0B | 91,000 | 1,496 |
| Office Depot | 1986 | $7.0B | 38,000 | 834 |
CarMax history FAQs
Zippia gives an in-depth look into the details of CarMax, including salaries, political affiliations, employee data, and more, in order to inform job seekers about CarMax. The employee data is based on information from people who have self-reported their past or current employments at CarMax. 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 CarMax. The data presented on this page does not represent the view of CarMax and its employees or that of Zippia.
CarMax may also be known as or be related to CarMax, CarMax Business Services LLC, CarMax Inc, CarMax, Inc., Carmax, Carmax, Inc. and carmax auto superstores.