CarMax(R) Changing the Way Consumers Buy Cars
12 May 1998
CarMax(R) Changing the Way Consumers Buy Cars; Company Provides 190 Jobs At New Garland Location; Offers Consumers Education Seminars on Buying Used Cars
RICHMOND, Va., May 11 -- CarMax, the pioneer of the used-car
superstore concept, extends its consumer-friendly offer in Dallas as it
prepares to celebrate the Grand Opening of its Garland superstore on May 18.
CarMax announced today a series of Grand Opening activities to welcome the
Garland community and shoppers from the surrounding area to its new
superstore, located at 12715 Lyndon Baines Johnson (LBJ) Freeway at Northwest
Highway in Garland. Among the many events planned is a sneak preview that
includes a "CarMax Country Barbecue" May 16 from 12:00 noon to 4:00 p.m.
Consumers are encouraged to attend this preview and enjoy food, games, country
and western music and family fun and to witness for themselves CarMax's
revolutionary car-buying experience.
In addition, a series of special events will run May 19-25 and include
everything from consumer education seminars on "How to Tell a Used Car from a
CarMax Car" to giveaways and a cookout during the Memorial Day weekend.
"CarMax looks forward to becoming part of the Garland-area community,"
said Mark O'Neil, vice president of operations for CarMax. "We feel these
events will help introduce the community to the distinctive features of CarMax
auto superstores." The 29-acre, 60,000-square-foot Garland sales and service
facility will employ approximately 190 people.
"We welcome CarMax as an important and vital member of the Garland
community," said Garland Mayor Jim Spence. "We wish them much success and
look forward to a long and mutually beneficial partnership."
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.
CarMax has been revolutionizing the way consumers buy cars since opening its
first store in 1993. CarMax locations offer hundreds of top-quality used
cars and trucks; low, no-haggle prices; and customer-friendly service
throughout the buying experience. The company began development of the auto
superstore concept in 1991 and opened the first store of its kind in Richmond,
Va. The company expects to operate approximately 27 locations by the end of
its fiscal year and 80 to 90 by calendar year 2001.
The Garland store will have capacity for 550 used vehicles, including
light and full-size trucks; sport-utility vehicles; minivans; sub-compact,
compact and luxury cars. Store hours are Monday through Saturday, 10:00 a.m.
to 10:00 p.m. Service hours are Monday through Friday, 7:30 a.m. to 6:30
p.m.; and Saturday, 7:30 a.m. to 5:00 p.m.
The Garland location is the third CarMax store to open in the Dallas
market and the 20th scheduled to open in the country. CarMax entered the
market with the opening of its Texas Stadium store in September. Its second
store, the Fort Worth/Arlington location, opened in December.
"The Garland location gives more Dallas consumers convenient access to
CarMax's consumer offer," said O'Neil.
The company's Norcross, Ga., used-car superstore, a seller of new
Chrysler-Plymouth-Jeep-and-Eagle vehicles and used cars, also recently
received Chrysler Corporation's top Pacesetters Club Award as the highest
volume retail dealer among all U.S. Chrysler Pacesetters Club members. The
Norcross location received the award after qualifying for Chrysler's
prestigious Five Star rating earlier this year. To achieve membership in the
Pacesetters Club, a dealer must be one of the 100 highest volume dealers among
those who have qualified for the Five Star Award. The Five Star rating
requires that a dealer achieve specific objectives for customer satisfaction,
sales and vehicle repair, as well as employee training and facility
maintenance. In January 1998, the Stockbridge, Ga., store, which also sells
Chrysler-Plymouth-Jeep-and-Eagle vehicles, was awarded the Five Star rating.
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 20 CarMax Auto Superstores, including the
Garland location; 503 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
