CarMax Names Thomas W. Reedy, Jr. Treasurer

RICHMOND, Va., Feb. 21 -- CarMax, Inc. announced today that Thomas W. Reedy, Jr., has joined the company as vice president and treasurer, reporting to Keith D. Browning, executive vice president and chief financial officer.

"Tom brings to CarMax an extensive background in corporate finance that will serve CarMax well as we grow," said Browning. "In addition to experience with treasury operations, strategic transactions and risk management, he has directed a wide range of financing transactions at several major corporations."

Most recently, Mr. Reedy was vice president, corporate development and treasurer, at Gateway, Inc., having joined the company as vice president and treasurer in 1999. At GATX Corporation from 1996 to 1999, Mr. Reedy served first as assistant treasurer, corporate finance. He was promoted to treasurer in 1998. His prior experience also includes various financial roles in five years at American Airlines, Inc.

Mr. Reedy earned a B.A. in economics from the University of California at Los Angeles and an M.B.A. at the Darden School of the University of Virginia.

CarMax is the nation's leading specialty retailer of used cars. With headquarters in Richmond, Va., CarMax operates 40 used car superstores in 18 markets. CarMax also operates 17 new car franchises, 15 of which are integrated or co-located with its used car superstores. During the 12 months ended with CarMax's third quarter on November 30, 2002, the company sold 185,300 used vehicles, which is 89 percent of the total 207,500 vehicles the company sold during that period. For more information, access the CarMax Web site at http://www.carmax.com/ .

This release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from management's projections, fore-casts, estimates and expectations. These risk factors are set forth in more detail in the CarMax, Inc. SEC filings.

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