CarMax to Change the Way Miami Buys Cars
5 March 1998
CarMax to Change the Way Miami Buys Cars
The Pioneer of the Used-Car Superstore Concept Enters Miami with the
Grand Opening of its International Mall Store
RICHMOND, Va., March 5 -- Now, Miami-area consumers can mark
car buying off their lists of life's most stressful experiences as CarMax,
pioneer of the used-car superstore concept, prepares to open its International
Mall store in Miami this weekend.
CarMax, a subsidiary of Circuit City Stores, Inc., has been
revolutionizing the way consumers think about automobile purchases since
opening its first store in 1993. CarMax locations offer up to 1,000
top-quality used cars and trucks; low prices with no negotiating;
customer-friendly service throughout the buying experience; and convenient,
quality repair service. The company began development of the auto superstore
concept in 1991 and opened the first store of its kind in Richmond, Va.
"We provide low, no-haggle prices; tremendous selection; quality
guarantees; and customer-friendly service before and after the sale," said W.
Austin Ligon, president of CarMax. "Since opening, CarMax has sold more than
100,000 vehicles, clearly proving that consumers want to buy cars the way we
sell cars," he added.
The International Mall superstore, which will employ approximately 190
people, will be the nation's 17th CarMax site. The store is located at 1300
Northwest 98th Court near International Mall and the Dolphin Expressway. The
20-acre site has a 65,000-square-foot sales and service facility and capacity
for more than 600 used vehicles. The selection includes light and full-size
trucks, sport-utility vehicles, minivans, sub-compact, compact and luxury
cars.
Customers also have access to the more than 7,000 used vehicles currently
available at other CarMax locations nationwide.
CarMax vehicles are generally one to six years old with fewer than 60,000
miles. ValuMax(R) vehicles, which expand the selection for more cost-
conscious consumers, are generally more than six years old or have more than
60,000 miles. In the South Miami market, CarMax provides a five-day, 250-mile
return guarantee and a 99-day/3,300-mile limited warranty. All CarMax
vehicles pass the Certified Quality Inspection(SM) process covering all
mechanical features, ensuring quality of operation at a value price.
The company entered the South Florida market in September 1997 with the
opening of its Boynton Beach store, followed by the opening of its Ft.
Lauderdale location in November 1997. Plans for additional South Florida
locations remain under development. In central Florida, CarMax operates one
location each in Orlando and Tampa.
"The Miami location gives South Florida shoppers yet another opportunity
to experience our distinctly different consumer offer," said Ligon. "Also,
CarMax recognizes that Hispanic consumers are the heart and soul of the Miami
community, and we are dedicated to serving their needs," he said. "First, we
speak the language. Nearly all of our CarMax associates are bilingual, and
our sales literature is available in Spanish," he added.
Used-car sales total about $300 billion a year -- as big a business as new
cars. Consumers buy three times as many used cars as new cars annually.
Rapidly expanding into the auto retail segment, CarMax expects to operate
approximately 27 locations by the end of its fiscal year and 80 to 90 by
calendar year 2001. Wherever possible, the company also is adding new-car
franchises.
CarMax offers convenient store hours. The International Mall store will
be open Monday through Friday, 10 a.m. to 9 p.m., and on Saturday, 9 a.m. to 9
p.m. Service hours are Monday through Friday, 7:30 a.m. to 5 p.m., and
Saturday, 7:30 a.m. to 5 p.m.
According to Ligon, several job opportunities are available at the new
International Mall location. CarMax associates receive educational
reimbursement, employee discounts, and are able to participate in the CarMax
stock purchase plan. Full-time associates also receive health care, dental
and life insurance, and paid vacation. Anyone interested in a career with
CarMax should call the CarMax Job Line, open Monday through Friday,
8:30 a.m.-5 p.m. (CST), at 800-9-CARMAX.
CarMax is a subsidiary of Circuit City Stores, Inc., the nation's leading
retailer of brand-name consumer electronics and major appliances and a leading
retailer of personal computers and music software. With headquarters in
Richmond, Va., Circuit City operates 17 CarMax Auto Superstores, including the
International Mall location; 500 Circuit City Superstores; four consumer
electronics-only stores; and 52 mall-based Circuit City Express stores. The
company's CarMax Group common stock trades under the symbol "KMX." Additional
CarMax information is available at http://www.carmax.com. The Circuit City
Group common stock trades under the symbol "CC." Additional Circuit City
information is available at http://www.circuitcity.com.
SOURCE CarMax
