CarMax Reaches 'One Million Cars Sold'; Chicago Market Contributes To Milestone with More Than 100,000 Cars Sold to Date

Retailer Helps America's Second Harvest Provide One Million Meals to Food Banks Nationwide

RICHMOND, Va., July 10 -- CarMax, Inc. , pioneer of the used car superstore concept and the nation's leading specialty retailer of used vehicles, celebrated selling its millionth car today. The retailer is the only chain of used car superstores to ever reach this milestone.

Car shoppers in Chicago contributed significantly to CarMax reaching this milestone by purchasing more than 100,000 vehicles since the company opened its first store in the Chicago market in February 1998. Chicago is now the largest market in terms of stores for CarMax, with seven in "Chicagoland" and an eighth slated to open in November.

"Today, we thank the one million customers who placed their trust in us and have helped transform the way cars are sold," said Austin Ligon, president and chief executive officer of CarMax, Inc. "When the CarMax retail concept was created more than 10 years ago, we asked consumers what they wanted in a car shopping experience. Their feedback was invaluable -- one million cars and 43 used car superstores later, we continue to consistently deliver what car shoppers want when buying cars."

CarMax is honoring the one million customers who purchased cars from them by providing America's Second Harvest, the nation's largest hunger relief organization, with transportation and packaging costs to distribute one million meals to food banks nationwide, including the 21 markets where CarMax has stores.

"This generous donation by CarMax could not come at a better time of year. Families struggling to make ends meet find the summer months particularly difficult because school cafeterias are closed and they must make up for those lost school-based meals," said Michael Halligan, senior vice president, America's Second Harvest.

  "One Million" Facts and Figures
  * The Chicago market has contributed to this milestone with car shoppers
    buying more than 100,000 vehicles since CarMax opened its first
    "Chicagoland" store in 1998.  Only two markets are ahead of Chicago --
    Atlanta and DC/Baltimore, each with more than 150,000 vehicles sold to
    date.
  * The one million cars CarMax sold were test driven enough miles to cross
    the U.S. nearly 1,000 times.
  * One million car buyers would fill the largest baseball stadium in the
    U.S. more than 10 times.
  * CarMax has spent an average of 12 million hours inspecting and
    reconditioning the one million vehicles (that's 500,000 days, 1,369
    years or 21 lifetimes!).
  * All of the keys for the million cars sold weigh about 40,000 pounds.
  * The license plates for the million cars sold would cover approximately
    500,000 square feet.
  * More than 250,000 of the million vehicles sold were mid-size/full-size
    sedans (large four-door sedans), more than 200,000 of the million
    vehicles sold were sport utility vehicles and more than 150,000 of the
    million vehicles sold were compact cars.

  About the CarMax Donation to America's Second Harvest

CarMax is donating more than $45,000 to cover packaging and distribution costs for one million meals for America's Second Harvest's network of food banks and hunger relief organizations. America's Second Harvest's network supports approximately 50,000 local charitable agencies, operating more than 94,000 food programs, including food pantries, soup kitchens, women's shelters, Kids Cafes and Community Kitchens.

The CarMax Story

CarMax pioneered the used car superstore concept in September 1993 when it opened its first store in Richmond, Va. Prior to CarMax's creation, Austin Ligon, president and chief executive officer and Rick Sharp, chairman, commissioned a survey of thousands of consumers to find out what they liked and disliked about car shopping. The CarMax consumer offer was based on the survey responses.

CarMax offers consumers a no-hassle, no-haggle car-buying experience. Car shoppers choose from a huge selection of high quality domestic and imported used vehicles. In fiscal 2003, CarMax retail prices averaged more than $1,500 below Kelley Blue Book. CarMax guarantees the quality of the cars sold, does not sell flood or frame-damaged vehicles and guarantees a clean title and accurate odometer readings on its cars. In addition, all vehicles are thoroughly inspected and reconditioned, and are backed by a five-day money back guarantee and limited 30-day warranty. CarMax used vehicles are generally one to six years old with fewer than 60,000 miles.

About CarMax

CarMax is the nation's leading specialty retailer of used cars. It operates 43 used car superstores in 21 markets. CarMax also operates 15 new car franchises, 13 of which are integrated or co-located with its used car superstores. For the twelve month period ended May 31, 2003, the company sold 200,870 used vehicles, which is 90 percent of the total 223,377 vehicles the company sold during that period. For more information, access the company's Web site at www.carmax.com.

About America's Second Harvest

America's Second Harvest is the nation's largest domestic hunger-relief organization with a national network of more than 200 regional food banks and food-rescue programs, serving all 50 states and Puerto Rico. It distributes 1.4 billion pounds of donated food and grocery products annually. For every dollar donated to America's Second Harvest, the organization is able to secure and distribute 28 pounds of food to its network. America's Second Harvest's network supports approximately 50,000 local charitable agencies, operating more than 94,000 food programs, including food pantries, soup kitchens, women's shelters, Kids Cafes and Community Kitchens. These local organizations provide emergency food assistance to 23 million hungry Americans, including more than nine million children and almost three million seniors each year. For more information, visit the web site at www.secondharvest.org.