CarMax Named One of the '100 Best Companies to Work For' by FORTUNE magazine for the Fourth Year in a Row

Company Moves Up 42 Places on the List in 2008

RICHMOND, Va., Jan. 22 -- CarMax, Inc. , the nation's largest retailer of used cars, has been named by FORTUNE magazine as one of its 2008 "100 Best Companies to Work For." This is the fourth consecutive year CarMax has been named to the prestigious list. CarMax ranks No. 46 on the list for 2008, which is up from a ranking of No. 88 in 2007.

The list and related stories appear in the February 4 issue of FORTUNE, available on newsstands January 28 and at http://www.fortune.com/ on January 22.

"We are honored once again to be chosen by FORTUNE as one of the "100 Best Companies to Work For," said Tom Folliard, president and chief executive officer of CarMax. "We are dedicated to providing a positive and rewarding workplace for our most valuable asset, the more than 15,000 CarMax associates. Their commitment to deliver an unparalleled consumer experience is the backbone of our success and the key to our continued growth."

CarMax is promoting healthy living and helping associates get the information they need to lead happy, productive lives with its newly expanded Associate Health and Wellness Program. This program includes on-site health fairs that provide associates with health screenings, on-site health professionals available to answer health-related questions and provide basic blood pressure and weight screenings and Weight Watchers and Free and Clear Tobacco Cessation programs. More than a third of our associates have had access to a health fair or on-site nurses this past year and the program continues to expand to more CarMax store locations each year.

In addition, CarMax offers a $4,000 adoption benefit, a tuition assistance 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 giving back to the community where our associates live and work remains an important part of our company culture," Folliard said. CarMax gives a portion of pre-tax profits to the CarMax Foundation each year. The CarMax Foundation has given more than $4.6 million dollars to nonprofit organizations since it was established in 2003. This past year, the CarMax Foundation launched a new Regional Giving Program that will provide grants to qualifying nonprofit organizations that have programs focused on education and youth leadership. Each of CarMax's seven regions will grant $100,000 annually to organizations in their local markets, bringing the total amount to $700,000 nationwide, which will directly benefit local communities each year.

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 (60-day in Conn.).

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 2008 "100 Best Companies to Work For," is the nation's largest retailer of used cars. Headquartered in Richmond, Va., CarMax currently operates 88 used car superstores in 41 markets. CarMax also operates six new car franchises, all of which are integrated or co-located with its used car superstores. The CarMax consumer offer is structured around four customer benefits: low, no-haggle prices; a broad selection; high quality vehicles; and customer-friendly service. During the twelve months ended February 28, 2007, the company retailed 337,021 used vehicles and sold 208,959 wholesale vehicles at its n-store auctions. For more information, access the CarMax website at http://www.carmax.com/.