CarMax Publishes Updated Growth Plan and Supplementary Note on Carmax Auto Finance

RICHMOND, Va., July 11 -- CarMax, Inc. today will file a Form 8-K with the Securities and Exchange Commission containing an update to the company's growth plan and a supplementary note on the company's finance operation, CarMax Auto Finance.

The background paper, titled "CarMax Growth Plan, Prototypical Economics, and Finance," is available on the home page and in the news release section of the company's investor Web site, "investor.carmax.com."

CarMax will host an investor meeting on Tuesday, July 15, 2003, at 3:30 p.m. in New York City to review the updated growth plan and the information on the finance operation. Investors interested in attending the meeting should e-mail Dandy Barrett, director of investor relations, at "dandy_barrett@carmax.com" for details and to register for the meeting. An audio replay of the investor meeting also will be available on the company's investor Web site beginning on the morning of Wednesday, July 16, 2003, and ending at midnight on Wednesday, July 30, 2003.

About CarMax

CarMax is the nation's leading specialty retailer of used cars. With headquarters in Richmond, Va., CarMax 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. During 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 CarMax Web site at www.carmax.com.

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