CarMax(R) Is Changing the Way Consumers Buy Cars
13 November 1998
CarMax(R) Is Changing the Way Consumers Buy Cars
Northeastern Baltimore Shoppers Provided More Convenient Access to CarMax
Consumer Offer With Grand Opening of White Marsh Store
Company Provides 210 Jobs at the New Location
Teams Up With the Center for Poverty Solutions to Help Fight Area Hunger and
Homelessness
RICHMOND, Va., Nov. 12 -- CarMax, the pioneer of the used-car
superstore concept, will extend its consumer-friendly offer to more households
in the Washington, D.C./Baltimore, Md., market when it celebrates the Grand
Opening of its White Marsh superstore on November 23.
As part of grand opening activities, CarMax, in cooperation with The
Center for Poverty Solutions (formerly the Maryland Food Committee and Action
for the Homeless), will conduct special efforts at its White Marsh store to
help fight area hunger and homelessness. The store is located at 10201
Philadelphia Road across from the White Marsh Mall. Among the activities
planned is a donation drive on the first day of business, November 21. The
company will donate $25 to The Center for Poverty Solutions for every test
drive taken during store hours from 9:00 a.m. to 10:00 p.m. Consumers also
are encouraged to attend a sneak preview event scheduled from 12:00 noon to
3:00 p.m. to enjoy music, children's games, refreshments, family fun and give-
a-ways while witnessing for themselves CarMax's revolutionary car-buying
experience.
Proceeds from the test drives will be announced and presented to The
Center for Poverty Solutions at Grand Opening ceremonies beginning at 9:30
a.m. on the 23rd. Visitors to the White Marsh location may also drop off
canned goods at the store from Nov. 21st through the 25th and receive a free
CarMax T-Shirt while supplies last.
"CarMax looks forward to becoming a part of the Baltimore community and
enhancing our ability to serve the Washington, D.C./Baltimore, Md., market
through the White Marsh store," said W. Austin Ligon, president of CarMax.
"CarMax is a company of integrity defined by honest, dedicated employees. We
are equally pleased to have the opportunity to demonstrate the kind of company
we are through support of The Center for Poverty Solutions."
CarMax expects to employ more than 200 people at the 23-acre, 45,000-
square-foot White Marsh sales and service facility. CarMax began development
of the used-car superstore concept in 1991 and offers a unique car-buying
experience that consumers love. The offer includes:
* Five to 10 times the average selection of typical auto retailers;
* Low-mileage used cars and trucks that pass a rigorous CarMax Certified
Quality Inspection(SM);
* Prices that are typically well below book value;
Supervised "For Kids Only(R)" play areas and computerized access to
thousands of vehicles through CarMax's AutoMation(R) inventory selection
system -- both of which make shopping easy;
* No-hassle, pressure-free sales processes;
* Vehicles that are reconditioned to look like new and that are backed by
outstanding warranties; and
* Five-day money back guarantees.
Used-car sales total about $300 billion a year -- as big a business as new
cars. Consumers buy three times as many used cars as new cars annually.
CarMax has rapidly expanded into this auto retail segment. The White Marsh
location is the third CarMax store to open in the Washington, D.C./Baltimore,
Md., market and the 25th scheduled to open in the country. The Laurel, Md.,
CarMax location, which opened in August of last year is already the nation's
top-performing used-car retailer.
The company recently announced that Mitsubishi Motor Sales of America,
Inc. has granted CarMax two new-car franchise points to be operated from its
Laurel and Dulles locations.
CarMax also has agreed to acquire Laurel Toyota of the Laurel Automotive
Group, Inc., subject to manufacturer's approval. The company expects to
operate approximately 27 CarMax locations by the end of its current fiscal
year and to add approximately 10 stores next year.
The White Marsh location has capacity for 500 used vehicles, including
light and full-size trucks; sport-utility vehicles; minivans; sub-compact,
compact and luxury cars. Store hours are Monday through Thursday, 10:00 a.m.
to 9:00 p.m.; Friday, 10:00 a.m. to 10:00 p.m.; and Saturday, 9:00 a.m. to
10:00 p.m. Service hours are Monday through Friday, 7:30 a.m. to 6:30 p.m.;
and Saturday, 7:30 a.m. to 5:00 p.m.
CarMax is a subsidiary of Circuit City Stores, Inc., the nation's largest
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 25 CarMax Auto superstores, including the
White Marsh location; 522 Circuit City Superstores; four consumer electronics-
only stores; and 50 mall-based Circuit City Express stores. The company's
CarMax Group common stock trades under the symbol "KMX." Additional CarMax
information is available at http://www.carmax.com(SM). The Circuit City Group
common stock trades under the symbol "CC." Additional Circuit City
information is available at http://www.circuitcity.com.
CarMax the Auto Superstore(R) Celebrates the Thanksgiving Opening of its
White Marsh Store With a Food Drive and Other Special Events
November 21 - Sneak Preview Community Thanksgiving Celebration
12:00 noon to 3:00 p.m. In Honor of The Center for Poverty Solutions
* Customers who bring canned goods for The Center for Poverty Solutions
will receive a CarMax T-Shirt (all day). While supplies last.
* For every customer who takes a test drive, CarMax will donate $25 to The
Center for Poverty Solutions (all day).
* Thanksgiving dinner's on us! Customers who purchase a car on November
21 will receive a $100 certificate redeemable for groceries at a local grocery
store (all day).
* Guests will enjoy music and holiday desserts and beverages served in
CarMax travel cups that they may take home as a special gift.
* Children will meet the Maryland Department of Transportation's special
character "Litter The Bug"; receive a CarMax balloon and litter bag featuring
CarMax and "Litter the Bug"; and have their faces painted.
* In honor of the CarMax "sneak preview," visitors will be invited to
register to win a year of "sneak previews" with an annual pass from the nearby
Loews Cineplex (valued at $750).
Friday, November 27 & Grand Opening Weekend Activities
Saturday, November 28 -
12:00 noon to 3:00 p.m.
* CarMax balloons and face-painting for children.
* Roasted chestnuts and hot chocolate or cider served in take-home CarMax
car cups.
* Dixieland jazz band.
* "Winterize Your Car" car care clinics and CarMax ice scrapers given to
customers.