CarMax

CarMax revolutionized the used car industry when it opened its first location in Richmond, Virginia in 1993 as a subsidiary of Circuit City. The company introduced a then-radical concept: selling used cars with no-haggle pricing, quality inspections, and a customer-first approach that eliminated the traditional dealership pressure tactics. This innovative model challenged the status quo of used car sales and established CarMax as a disruptor in automotive retail.

Today, CarMax operates 250 stores across 109 U.S. television markets and has sold millions of vehicles using its transparent, customer-focused approach. The company's business model combines extensive physical inventory with sophisticated digital tools, allowing customers to browse over 50,000 vehicles online, get instant offers for their trade-ins, and complete much of the buying process from home. With 95% of customers engaging online before purchase and 70% using digital features to complete transactions, CarMax has successfully evolved into an omnichannel retailer.

CarMax's commitment to quality is demonstrated through its rigorous 125+ point inspection process, spending an average of 12 hours on each vehicle's reconditioning. Every car comes with a complimentary 90-day/4,000-mile limited warranty, and customers can purchase extended coverage through the company's MaxCare service plans, which have been chosen by nearly 4 million customers since 2009. The company's CarMax Auto Finance division provides financing options, while the 2021 acquisition of Edmunds for $404 million significantly enhanced its digital capabilities and market reach.

Despite maintaining just 3.7% of the nationwide used vehicle market, CarMax has established itself as the clear leader in organized used car retail. In fiscal year 2025 (ended February 28, 2025), the company generated $26.37 billion in revenue and achieved over 80% earnings growth in the fourth quarter. With more than 30,000 associates nationwide and recognition as one of Fortune's 100 Best Companies to Work For over 21 consecutive years, CarMax continues to define what car buying should be through innovation, integrity, and customer service excellence.