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carmax inc (KMX) Snapshot

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carmax inc (KMX) Details

CarMax, Inc., through its subsidiaries, operates as a retailer of used vehicles in the United States. It operates in two segments, CarMax Sales Operations and CarMax Auto Finance. It sells vehicles that do not meet its retail standards to licensed dealers through on-site wholesale auctions, as well as sells new vehicles under franchise agreements. The company also provides customers financing alternatives through its finance operation, CarMax Auto Finance, as well as through its third-party financing providers. In addition, it offers a range of other related products and services, including the appraisal and purchase of vehicles directly from consumers; sale of extended service plans and guaranteed asset protection services; and vehicle repair services. The company provides vehicle financing services through its CarMax superstores. As of February 28, 2014, it operated 1 new car store, and 131 used car superstores in 64 markets. The company was founded in 1993 and is based in Richmond, Virginia.

20,171 Employees
Last Reported Date: 04/28/14
Founded in 1993

carmax inc (KMX) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $1.1M
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $570.2K
Executive Vice President of Stores
Total Annual Compensation: $570.2K
Senior Vice President, General Counsel and Co...
Total Annual Compensation: $433.7K
Executive Vice President of Human Resources &...
Total Annual Compensation: $492.8K
Compensation as of Fiscal Year 2014.

carmax inc (KMX) Key Developments

Safety Groups Seek Federal Trade Commission Curbs on CarMax over Sales of Recalled Used Cars, Deceptive Advertising

A dozen major national consumer and safety non-profit organizations are urging the Federal Trade Commission to investigate and take enforcement action against CarMax, the nation's retailer of used cars, over its sales of recalled used cars. In a petition filed at the FTC on June 23, 2014, the groups charge that: CarMax advertises on its website, on television, in newspapers, and at its dealerships that each of the used vehicles it offers for sale are "CarMax Quality Certified" and has undergone a rigorous, "125+ point inspection." However, CarMax fails to ensure that safety recalls are performed prior to selling used cars to consumers. Federal law prohibits auto dealers from selling new cars that are under a safety recall, but there is no similar law to protect used car buyers. CarMax recently played a major role in killing first-in-the-nation legislation2 that was pending in California, to prohibit car dealers from selling recalled used cars to consumers unless the safety recall repairs have been performed. In a letter to California legislators, opposing the bill, CarMax wrote that "Manufacturers safety recalls should be taken seriously by manufacturers, dealers, and consumers." But CarMax stopped short of saying that it ensures that safety recalls are performed on vehicles they offer for sale. Instead, CarMax said that it "carefully advises its customers to register their vehicles with its manufacturer as soon as they purchase the vehicle so they can be apprised of any future recalls. CarMax complained in their letter that "Unfortunately, manufacturers do not permit independent auto dealers like CarMax to repair recalls. Further, the manufacturers do not even grant independent auto dealers like CarMax access to their internal databases in order to search a manufacturer's website This system is broken." Tyler Kidd, Counsel for CarMax, testified on Tuesday, June 17, before a legislative committee in Sacramento, and repeated CarMax's claim that the safety recall system for handling used cars "is broken." He called for federal legislation to force auto manufacturers to allow non-franchised car dealerships like CarMax to perform auto safety recall repairs. Under federal law, auto manufacturers are responsible for performing safety recalls, and work closely with their franchised dealers to oversee the repair process, often including providing specialized training for their dealers' auto technicians. CarMax can have recalled cars repaired free of charge by authorized franchised car dealers. The fact that CarMax is not permitted to make the repairs itself is no excuse for selling consumers unsafe, recalled cars particularly when CarMax advertises them as "Quality Certified" and as having passed a rigorous inspection. In addition, CarMax's claims it cannot find out about vehicles' safety recall status ring hollow. According to the National Highway Traffic Safety Administration, it is easy for car dealers to check the safety recall status of used cars. In addition, as CarMax concedes in its letter opposing SB 686, NHTSA issued a final rule that takes full effect this August 14, to require ALL auto manufacturers who produce more than 25,000 vehicles a year to provide free, publicly accessible, VIN-searchable safety recall data on their own Websites, updated at least every 7 days.

CarMax Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended May 31, 2014; Estimates Total Capital Expenditures for Fiscal 2015

CarMax Inc. announced unaudited consolidated earnings results for the first quarter ended May 31, 2014. For the period, the company’s net earnings were grew 15.7% to $169.7 million against $146.7 million a year ago. Net earnings per diluted share rose 18.8% to $0.76. Net sales and operating revenues were increased 13.3% to $3,750.2 million against $3,311.1 million a year ago. Earnings before income taxes were $275.0 million against $237.3 million a year ago. Net earnings per diluted share were $0.76 against $0.64 a year ago. Net cash used in operating activities was $209.080 million against $77.579 million a year ago. Capital expenditures were $53.709 million against $42,045 million a year ago. The company currently estimates total capital expenditures will be approximately $325 million in fiscal 2015.

CarMax, Inc. Opens New Store in Madison, Wisconsin

CarMax Inc. has opened its first store in Madison, Wisconsin, in the US. The store, located at 6601 Odana Road, is the company's fourth store in Wisconsin.


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