RICHMOND, Va.--CarMax, Inc., the nation’s largest retailer of used cars, today announced it is partnering with, and investing in, Edmunds, one of the most influential and popular automotive research sites in the world. CarMax is investing $50 million to acquire a minority stake in the company.
Edmunds has been consistently recognized as one of the most trusted online resources for automotive information, and an industry leader in digital car shopping innovations. This strategic relationship further strengthens CarMax’s new omni-channel experience, which empowers customers to buy a car on their terms, whether completely from home, in-store, or a seamlessly integrated combination of both.
“Edmunds’ proprietary content, comprehensive automotive market insights and streamlined user experience across the car buying and selling journey will allow us to deepen our engagement with customers shopping online,” said Bill Nash, CarMax president and CEO. “Consumers trust Edmunds for its in-depth, expert-driven automotive editorial content and unbiased reviews. Edmunds has also made significant investments (Where? Editor) in digital innovations over the last several years that align with our continued focus on enhancing the customer experience online.”
“We’re excited for this opportunity to collaborate with another well-respected industry leader that is dedicated toward making car shopping easier for consumers,” said Avi Steinlauf, Edmunds’ chief executive officer. “With our expanded resources and capabilities, we’re confident this will be a mutually beneficial partnership for many years to come.”
CarMax, the nation’s largest retailer of used cars, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. CarMax continues to innovate and is currently rolling out an omni-channel experience, providing customers the option to complete transactions entirely from home, in store, or in a seamless combination of both. CarMax has more than 200 stores nationwide, and during the latest fiscal year sold nearly 750,000 used cars and 450,000 wholesale vehicles at its in-store auctions. With more than 25,000 associates, CarMax is proud to have been recognized for 15 consecutive years as one of the Fortune 100 Best Companies to Work For®. For more information, visit www.carmax.com.
Edmunds guides car shoppers online from research to purchase. With in-depth reviews of every new vehicle, shopping tips from an in-house team of experts, plus a wealth of consumer and automotive market insights, Edmunds helps millions of shoppers each month select, price and buy a car with confidence. Regarded as one of America’s best workplaces by Fortune and Great Place to Work, Edmunds is based in Santa Monica, California, and has a satellite office in Detroit, Michigan. Follow us on Twitter, Facebook and Instagram.