CarMax(R) Opens Boynton Beach Location Today
29 September 1997
CarMax(R) Opens Boynton Beach Location Today
RICHMOND, Va., Sept. 29 -- CarMax, the originator of the
used-car Superstore and America's leading used-car specialist opens at
10:00 a.m. today in Boynton Beach.
CarMax pioneered the used-car superstore concept and has been
revolutionizing the way consumers think about automobile purchases since
opening its first store in 1993. CarMax locations offer up to 1,000 high
quality used cars and trucks; low prices with no negotiating; customer-
friendly service throughout the buying experience, and convenient quality
repair service. A subsidiary of Circuit City Stores, Inc., CarMax began
development of the auto superstore concept in 1991 and opened the first store
of its kind in Richmond, Va.
The 14-acre Boynton Beach store, located at 2000 Highridge Road at
Interstate-95 and Gateway Boulevard, has capacity for up to 500 top-quality
vehicles including minivans, sport-utility vehicles, light and full-size
trucks, subcompact, compact and luxury cars. Customers also have access to
the more than 5,000 used vehicles available at other CarMax locations
nationwide. The new CarMax superstore is the fist of as many as
five locations planned for the South Florida market. The Fort Lauderdale
store, located at 7420 State Road 84 at Interstate-595 and University Drive in
Davie, is scheduled to open in November. With capacity for more than 7OO used
vehicles, the 2l-acre location will be the largest CarMax superstore in the
South Florida market. A third store in Dade County near International Mall
and the Dolphin Expressway is expected to open in late February. Plans for
additional locations remain under development. Carmax currently operates one
location each in Orlando and Tampa.
The Boynton Beach superstore is the 13th CarMax location to open in the
country. The company expects to operate 17 locations by the end of its fiscal
year and 80 to 90 by calendar year 2001. In its current fiscal year, CarMax
has opened a third location in the Atlanta market, and begun entries into the
Houston, Dallas/Fort Worth and Washington/Baltimore markets. Additional
openings are planned for the Houston and Dallas/Fort Worth markets in the
current fiscal year. The company also plans to add new-car franchises to as
many store locations as possible.
"We are excited about bringing our distinctly different consumer offer to
South Florida shoppers," said W. Austin Ligon, president of CarMax. "We
provide low, no-haggle prices; tremendous selection; quality guarantees and
customer-friendly service before and after the sale. Since opening, CarMax
has sold more than 82,000 vehicles, proving that consumers went to buy cars
the way we sell cars."
CarMax has introduced many innovative ideas to the traditional automotive
retail industry. Consumers visiting the Boynton Beach location will enjoy the
following shopping experience:
Buying a Car at CarMax
Selecting a Vehicle. Using AutoMation(R), a unique touch-screen inventory
selection system, CarMax's trained sales consultants help customers identify
the CarMax vehicles that meet their needs. AutoMation sorts vehicles by type,
make, model and price and displays on-screen all features, specifications and
the CarMax no-haggle price. All vehicles axe displayed on the lot by type,
make and model. For each vehicle selected, AutoMation prints a fact sheet
that includes vehicle information and a map indicating where the vehicle is
located on the CarMax lot.
CarMax Prices. CarMax believes customers should not have to pay more to
be treated well. Thus, CarMax offers low, no-haggle prices at every stage of
the vehicle transaction -- from the purchase price through financing, trade-in
and warranty. Carmax used vehicles are generally priced $500 to $ 1,000 below
the National Automobile Dealers Association average retail book value. All
prices are non-negotiable so every customer receives the same, attractive low
price.
CarMax replaces the traditional trade-in with an appraisal process in
which cars are purchased from any consumer, including individuals not buying a
vehicle from CarMax.
The company has provided more than 325,000 free appraisals since opening.
Trained CarMax buyers appraise the vehicle, usually in 30 minutes or less, and
provide the vehicle's owner with a written monetary offer good for seven days
or 300 miles whether the owner buys a car from CarMax or not. CarMax also
provides easy financing at competitive rates. The sales consultant helps the
customer complete a financing application, which is sent on-line to First
North American Credit, a division of CarMax; and to NationsBank. Qualified
customers can view rate terms from both providers generally within eight
minutes or less.
MaxCare(R), CarMax's extended service program, offers limited
bumper-to-bumper mechanical protection with flexible terms up to 72 months.
Customers can view 211 extended warranty pricing and terms and make the
decision that is right for them. Again, pricing is not negotiated, so all
customers receive the same favorable terms.
Finally, unlike many traditional dealers, CarMax adds no processing few to
the vehicle price. In fact, the retailer provides on-line vehicle
registration at no additional charge. The only additional fees are tax and
license fees payable to the state.
Quality Vehicles. CarMax vehicles are generally one to six years old with
fewer than 60,000 miles. ValuMax vehicles, which expand the selection for
more cost-conscious consumers, are generally more than six years old or have
more than 60,000 miles. In the South Florida market CarMax provides a
five-day, 250-mile return guarantee and a 99 day/3,300-mile limited warranty.
All CarMax vehicles pass the Certified Quality Inspection process covering all
mechanical features, ensuring quality of operation at a value price.
CarMax does not sell vehicles that have incurred frame damage or extensive
body work. Inspections are performed by CarMax service technicians, who are
ASE certified, the industry standard for technician training.
Customer-Friendly Service. A single CarMax sales consultant assists the
customer throughout the shopping process. Sales consultants at all CarMax
locations have been carefully selected, many from other high-service
businesses. Their customer focus combined with the low-price, no-pressure
sales philosophy and the management information systems that support the
buying process creates an exceptional car buying experience. Generally,
customers can complete the entire transaction from vehicle selection through
test driving and financing in two hours or less. As an extra convenience,
each location features a supervised "For Kids-Only(R)" play area.
CarMax offers convenient store hours. The Boynton Beach store will be
open Monday through Thursday, 10:00 am. to 9:00 p.m.; Friday, 10:00 am. to
10:00 p.m.; Saturday, 9:00 a.m. to lO:00 p.m.; and Sunday, 7:30 a.m. to
8:30 p.m. Service hours are Monday through Sunday, 7:30 am. to 8:30 p.m.
CarMax is a subsidiary of Circuit City Stores, Inc. , the
nation's leading retailer of brand-name consumer electronics and major
appliances and a leading retailer of personal computers and music software.
With headquarters in Richmond, Va., Circuit City operates 13 CarMax Auto
Superstores, including the Boynton Beach location; 460 Circuit City
Superstores; four consumer electronics-only stores; and 52 mall-based Circuit
City Express stores. The company's CarMax Group common stock trades under the
symbol "CC." Additional CarMax information is available at
http://www.carmax.com. The Circuit City Group common stock trades under the
symbol "CC." Additional Circuit City information is available at
http://www.circuitcity.com .
SOURCE Circuit City Stores, Inc.