James F. Clingman, Jr., Elected to CarMax Board of Directors

RICHMOND, Va., Sept. 2 -- CarMax, Inc. announced today that its board of directors has elected James F. "Fully" Clingman, Jr., retired president and chief operating officer of the H.E. Butt Grocery Company, to membership on the board.

Mr. Clingman had a 28-year career with H-E-B, a 300-store, $10 billion, independently owned food retailer that has been named one of the top three supermarkets in the nation by the Grocery Manufacturers of America. He joined H-E-B in 1975 as a district manager and held a variety of operational positions before being named chief operating officer in 1984 and assuming the additional responsibilities of president in 1995. He retired from H-E-B in May 2003. His retail experience also includes tenures with The Kroger Company and Daylin Corporation. Mr. Clingman, 66, remains an active member of the board of H-E-B, as well as serving on the board of the Van de Walle Food Manufacturing Co. and as an advisory member of Schnucks Food Company.

"We are very fortunate to have the benefit of Fully Clingman's extensive retail knowledge on our board of directors," said Austin Ligon, president and chief executive officer of CarMax. "H-E-B is legendary in the retail business for the quality and consistency of their store execution. Fully was vital to creating this culture of excellence, and we look forward to his contribution to CarMax as a director."

CarMax is the nation's leading specialty retailer of used cars. Headquartered in Richmond, Va., CarMax operates 44 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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