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CarMax Completes Acquisition of Laurel Toyota Franchise

30 November 1998

CarMax Completes Acquisition of Laurel Toyota Franchise

    RICHMOND, Va., Nov. 30 -- CarMax Auto Superstores, Inc.
announced today that it has completed acquisition of the Toyota franchise
rights previously owned by Laurel Automotive Group, Inc.
    The franchise, which is CarMax's first stand-alone new-car store and its
26th store nationwide, continues to operate at 3516 Fort Meade Road in Laurel,
Md.  "We are excited about this acquisition and this new opportunity to
introduce CarMax's revolutionary sales process to area consumers," said W.
Austin Ligon, president of CarMax.  "CarMax will offer every customer its
everyday low prices marked clearly on every new Toyota, the AutoMation(R)
vehicle selection system, customer-friendly service and convenient, dependable
repair service.  This new CarMax dealership will offer a complete line of
Toyota vehicles, including America's best-selling car, Toyota Camry; low-
priced Toyota Corollas; full-size Avalons; Tacoma trucks; seven-passenger
Sienna vans; and Toyota's sport utility vehicles, Rav4, 4 Runner and the
legendary Land Cruiser.
    "We look forward to expanding CarMax's presence in this market by
combining our unique offer with Toyota's high-quality selection," Ligon said.
"The results from our first stores indicate that Washington/Baltimore
consumers clearly like our approach to selling cars, and we are happy that we
can extend that approach to new Toyotas."
    CarMax operates three used-car superstores in the Washington/Baltimore
market: CarMax's largest store, located on U.S. Route 1 just north of Laurel;
a Dulles, Va., store, on state Route 28 midway between the Dulles Toll Road
and Highway 7, that opened in late September 1998; and a third store that
opened on November 23, 1998, at 10201 Philadelphia Road, across from the White
Marsh Mall in White Marsh, Md.  In addition, CarMax operates a Mitsubishi
franchise at its Laurel superstore and has been granted a second Mitsubishi
franchise that will operate from the Dulles superstore.
    CarMax, a subsidiary of Circuit City Stores, Inc. (NYSE: CC, KMX),
pioneered the used-car superstore concept and is today the nation's leading
used-car superstore retailer.  The company currently operates 25 used-car
superstores.  It also operates two Chrysler Corporation franchises, which are
located at its superstores in Norcross and Stockbridge, Ga.  Both Chrysler
facilities carry the prestigious Five Star rating, Chrysler's highest award
for customer service excellence. The Norcross superstore last year produced
the highest retail sales volume among all Chrysler Five Star dealers.  For
more information, access the CarMax Web site at http://www.carmax.com.
    This release may contain forward-looking statements, which are subject to
risks and uncertainties, including, but not limited to, risks associated with
the development of new business concepts and risks associated with year 2000
issues.  Additional discussion of factors that could cause actual results to
differ materially from management's projections, forecasts, estimates and
expectations is contained in the company's SEC filings.