CarMax Named One of the '100 Best Companies to Work For' by FORTUNE Magazine for the Third Year in a Row
RICHMOND, Va., Jan. 8, 2007 -- CarMax, Inc. , the nation's largest retailer of used cars, has been named by FORTUNE magazine as one of its 2007 "100 Best Companies to Work For." This is the third consecutive year CarMax has been named to the prestigious list. CarMax ranks No. 88 on the list for 2007, which is up from a ranking of No. 93 in 2006. The list and related stories appear in the January 22nd issue of FORTUNE, available on newsstands January 15th and at http://www.fortune.com/ on January 8th.
"We are proud to be honored for creating a culture at CarMax that is based on integrity and treating each other with respect," said Tom Folliard, president and chief executive officer of CarMax. "Our associates look forward to coming to work each day and are excited to be part of a company that is transforming auto retailing through transparency in the car buying process."
"We are constantly focused on improvement to ensure that we continue to offer careers that are exciting, rewarding and fun," Folliard said. New benefits the company added in 2006 include an associate discount program on hundreds of products and services, an expanded associate car discount program that includes part-time and retired associates, and a restricted stock grant program.
In addition, CarMax offers a $4,000 adoption benefit, a tuition assistance program, a health and wellness program, and health insurance for domestic partners and their children. The company focuses on providing a healthy work- life balance, encouraging professional and leadership development, hiring a diverse group of associates, and supporting community involvement.
"Our commitment to the communities where we live and work is an important facet of the CarMax culture," Folliard said. The CarMax Foundation's volunteer team-builder program is just one example of the many ways in which CarMax associates give back to the community. Teams of associates volunteer for non-profit organizations, such as Habitat for Humanity and Meals on Wheels. In addition, The CarMax Foundation donates $500 to each organization following the team-builder event.
CarMax offers consumers a no-hassle, no-haggle car-buying experience and a broad selection of high-quality used vehicles. CarMax guarantees the quality of the cars sold, does not sell flood- or frame-damaged vehicles, and guarantees a clean title and accurate odometer readings on its cars. All vehicles are thoroughly inspected and reconditioned, and CarMax offers a five- day, money-back guarantee and a limited 30-day warranty.
FORTUNE's annual ranking of companies is based primarily upon a confidential, random survey of associates, as well as an evaluation of a company's culture, compensation, training, and turnover.
About CarMax
CarMax, a FORTUNE 500 company, and one of the FORTUNE 2007 "100 Best Companies to Work For," is the nation's largest retailer of used cars. Headquartered in Richmond, Va., CarMax currently operates 74 used car superstores in 35 markets. CarMax also operates seven new car franchises, all of which are integrated or co-located with its used car superstores. During the twelve month period ended November 30, 2006, the company sold 323,570 used cars, which is 94% of the total 342,482 vehicles the company retailed during that period. For more information, access the CarMax website at http://www.carmax.com/.
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