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
History
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
| Date | Holiday |
|---|---|
| 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 |
| October 31 | Halloween |
| 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
| Date | Holiday |
|---|---|
| April 21 | Easter Sunday |
| November 28 | Thanksgiving Day |
| December 25 | Christmas Day |
CarMax near me
CarMax store locator
Business directions
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.
Key Facts
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.
Conclusion
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.
FAQ
Is CarMax a reputable company?
We spoke with a few buyers and sellers, and our general opinion is that yes CarMax is good. The sellers enjoyed their car sales services because the price offered – while a bit under full value – was fair.
Do CarMax cars have problems?
CarMax can buy vehicles with mechanical problems, including engine problems and transmission problems. However, these are costly problems to repair, and if they cannot easily fix it and resell it to another client, they may not be interested in purchasing the vehicle, or may offer a quote below market rate.
Are CarMax prices higher?
Simply put, in most cases the CarMax price is not cheaper than a dealer. Their cars are well inspected but tend to cost more and the prices are firm. For example, a 2017 Ford Escape with 41,000 miles costs around $25,998. Meanwhile, a 2019 Ford Escape with 24,000 miles costs around $23,000 from a local dealer.
Is CarMax really no haggle?
CarMax’s brand is synonymous with transparency. The retailer has a no-haggle policy for used-vehicle prices and trade-in offers. CarMax gives free, no-obligation valuations and offers consumers a price that’s good for seven days. This is proof many consumers don’t care about the lowest price.
Is CarMax in financial trouble?
The lack of inventory is contributing to higher car prices and is a problem in itself. CarMax shares fell 7.4% to $95.53 on Tuesday. The stock has declined about 26.7% year to date. CarMax did manage to increase market share in fiscal 2022.
Do CarMax cars have rust?
CarMax, like most used car dealers, sells vehicles with rust.
How low are CarMax offers?
According to their website, approximately 60% of all cars they take in are rejected for their retail lots. As mentioned, Carmax’s appraisal model determines the amount of your 7-day offer letter and where your car will be sold.
Will Carvana match CarMax?
Even if you’ve shopped around and found a lower price elsewhere, online car sites like Vroom, Carvana and CarMax won’t match it.
Does CarMax buy cars with body damage?
“Minor imperfections have little impact on our appraisal offer, but major defects like frame or flood damage do,” says Tom Marcey, CarMax’s vice president of regional merchandising. Once one of our appraisal team has looked at your car, they’ll let you know what your car is worth and will make an offer.
Why do people go to CarMax?
But the one thing I didn’t do — buy a car — is the main reason most people go to CarMax. This nationwide retailer prides itself on its no-haggle pricing — a feature that’s very attractive if you’ve ever bought a car from a dealership, where haggling often comes with the territory.
Is CarMax good for financing?
“CarMax is probably one of the better dealers to get a car loan with. They have their own in-house finance department, CarMax Auto Finance, as well as relationships with other lenders like Capital One, Ally, Chase, and more. They also allow preapproval, so you can put together a budget before purchasing.
Why is CarMax dropping?
Shares of CarMax (KMX) slumped by nearly 10% Tuesday after the used car retailer reported worse-than-expected fourth-quarter earnings results. CarMax stock opened 3% lower Tuesday and extended its losses over the course of the trading day, falling as much as 10% by close.
How much profit does CarMax make on each car?
CarMax couldn’t sustain its long streak of earning between $2,200 and $2,400 of gross profit per vehicle, but managing to post $1,900 per car constituted a win considering the collapsing sales volumes.
What is the difference between CarMax and Carvana?
The biggest difference between CarMax and Carvana is that CarMax has physical lots spread out across the country. That means that you can shop local inventory in person and even test drive cars. On the flip side, it also means CarMax has more overhead than Carvana, which could translate into higher prices.
Will CarMax replace tires?
From information to installation, tires are a complicated purchase and CARMAX AUTOCARE has you covered. Our assortment of tire services, including alignments, flat tire repair, balancing, rotation and more, are tailored to provide you and your vehicle with the service you need to keep you rolling with confidence.
Can you get your trade in back from CarMax?
In addition, CarMax has extended its 7-Day Money Back Guarantee to a 30-Day Money Back Guarantee.
Will CarMax hold a car with a deposit?
Unless you provided some form of consideration, such as a deposit, the 7 day hold is merely a courtesy and not a legally binding contract. In order to be a “contract” both sides have to give something of value.
What kind of check does CarMax give you?
If the amount you owe is less than $250, we will accept a personal check. Our written offers are good for seven days, giving you time to get any necessary funds to settle your transaction.
How many miles can I drive after CarMax offer?
After these steps are complete, we’ll contact you to schedule your delivery or express pickup appointment. Every car we sell is CarMax Certified and comes with a 30-day money-back guarantee (up to 1500 miles, learn more), and 90-day/4,000-mile limited warranty (whichever comes first).
Can you negotiate your appraisal at CarMax?
The short answer, is No, you can’t negotiate with CarMax. As previously noted, the price you’re given as a buyer, and the appraised value as a seller, is fixed and unnegotiable. This is the one downside to buying or selling your car at any CarMax dealer.
Is CarMax appraisal negotiable?
CarMax appraisals are thorough, but non-negotiable. You’ll need to drive your car to a CarMax location and they’ll complete the appraisal process while you wait. This takes around 30 minutes, after which you’ll get an offer good for 7 days at any CarMax location.
