CarMax is the largest used-car seller in America. It’s a Fortune 500 company that was first established in 1993. It is currently headquartered in Richmond, Virginia. As of 2018, it had 195 locations in over 95 television media markets. It aims at offering high-quality vehicles to its customers.
CarMax also sells new cars through franchises acquired from vehicle manufacturers. The first car franchise was acquired from Chrysler Corporation in 1996. Three others from Nissan, Toyota and Mitsubishi Motors were added in 1999. However, as of 2018, only two Toyota dealership stores remained open in Laurel, Maryland and Kenosha, Wisconsin.
What time does CarMax open?
|Monday||10:00 AM-09:00 PM|
|Tuesday||10:00 AM-09:00 PM|
|Wednesday||10:00 AM-09:00 PM|
|Thursday||10:00 AM-09:00 PM|
|Friday||10:00 AM-09:00 PM|
|Saturday||09:00 AM-09:00 PM|
|Sunday||12:00 PM-07:00 PM|
Is CarMax open today? Is CarMax open tomorrow?
Is CarMax open on Sunday? Yes, it is open
CarMax closing time
What time does CarMax close? It closes at 09:00 PM
The idea behind CarMax was developed in 1991 by Circuit City executives. The concept was also known as “Project X” while in development. To those that were intimately involved, the idea was also referred to as “Honest Rick’s Used Cars.” The development happened under the leadership of Richard L. Sharp, the then CEO of Circuit City.
The concept was first brought to light by a consultant by the name Ronald L. Moore who had been hired to evaluate potential business opportunities that existed beyond electronics. In 1993, William Austin Ligon and Richard L. Sharp founded CarMax. Before the first store was put up, an advertising agency called DeVito/Verdi was contracted as the creative resource.
The agency ran TV advertisements and campaigns that supported the initial establishment of stores. It did this for a number of years. No transaction fees were charged at first. With time, the business model that was used was abandoned for the current one.
The first CarMax stock was issued in 1997. CarMax had seven locations by then. The initial stock was still under Circuit City but in 2002, CarMax separated as a stock dividend for shareholders.
Today, a CarMax store is characterized by a 59,000-sq.-ft. building with over 200-500 cars on sale. The inventory is turned over between 8 and 10 times every year. A typical CarMax store hosts about 40 sales associates.
Each car sold is taken through a 125-point inspection process. The company also includes a 7-day money back guarantee, 90-day warranty, and three days allowance for buyers to change their financing for a fee.
In the one-year period that ended on February 28, 2018, CarMax sold 712,512 used vehicles. In the same Fiscal year, the company was able to launch 15 used car superstores.
CarMax Holiday Hours – Open
|January 21||Martin Luther King Jr. Day|
|February 14||Valentine’s Day|
|February 18||President’s Day|
|March 5||Mardi Gras Fat Tuesday|
|March 17||St. Patrick’s Day|
|April 19||Good Friday|
|April 22||Easter Monday|
|May 5||Cinco de Mayo|
|May 27||Memorial Day|
|July 04||Independence Day|
|September 02||Labor Day|
|June 16||Father’s Day|
|May 12||Mother’s Day|
|October 14||Columbus Day|
|November 11||Veterans Day|
|November 29||Black Friday|
|December 24||Christmas Eve|
|December 26||Day after Christmas|
|January 01||New Year’s Day|
|December 31||New Year’s Eve|
CarMax Holiday Hours – Closed
|April 21||Easter Sunday|
|November 28||Thanksgiving Day|
|December 25||Christmas Day|
CarMax near me
CarMax store locator
CarMax specializes in the retail of used cars and wholesale auctioning of vehicles. It basically runs through two segments, CarMax Auto Finance (CAF) and CarMax Sales Operations. The latter deals with service operations and auto merchandising while the former offers vehicle financing to customers buying cars.
Cars that are more than 6 years old are not sold at any of CarMax’s dealerships. The company primarily runs new car franchises and used-car lots across different locations. Prices are fixed to provide a relaxed atmosphere. All used car lots are based on a mass-merchandising model that was introduced by Circuit City Stores, Inc., its former parent company.
CarMax prides itself in being a reliable used car retailer that only provides cars of the highest quality. The company never sells cars with a salvage history, frame damage, or flood damage. Anything that doesn’t meet the set standards is replaced or repaired. You’re therefore bound to get a high quality car when you shop at CarMax.