CarMax Completes Acquisition of New-Car Franchise in Orlando
21 April 1999
CarMax(R) Completes Acquisition of Chrysler-Plymouth-Jeep New-Car Franchise in the Orlando MarketRICHMOND, Va., April 21 -- The CarMax subsidiary of Circuit City Stores, Inc. (NYSE: CC, KMX) announced today that it has completed the acquisition of Fairway Chrysler Plymouth Jeep, Inc., which CarMax initially will operate as a stand-alone, new-car business known as CarMax Chrysler- Plymouth-Jeep of Orlando. CarMax Chrysler-Plymouth-Jeep of Orlando will be located at the existing Fairway site at 7530 South Orange Blossom Trail, just north of the Florida Mall. CarMax plans to sell a full-line selection of new Chrysler and Plymouth cars and minivans as well as Jeeps and Jeep sport utility vehicles at the store April 26. CarMax also operates two Chrysler-Plymouth-Jeep franchises in the Atlanta, Ga., market and a Jeep franchise at the CarMax Auto Mall, a nine- franchise auto mall and used-car superstore in Kenosha, Wis., halfway between Chicago and Milwaukee. In 1998, the CarMax store in Norcross, Ga., was the leading Chrysler-Plymouth dealer in the U.S. Both CarMax Atlanta-market Chrysler franchises carry the Five Star rating, DaimlerChrysler Corporation's highest award for customer service excellence. The CarMax consumer offer is not new to the Orlando market. Since November 1996, central Florida car shoppers have enjoyed the top-quality used cars and trucks; no-haggle, everyday low prices; quality guarantees; customer- friendly service; and convenient, dependable repair service available at the CarMax Auto Superstore located at the intersection of Semoran and Lee Vista Boulevards. "We are excited to bring to new vehicles the same no-haggle, low-prices and enjoyable car-shopping experience that we have for used cars and trucks in the Orlando market," said W. Austin Ligon, president of CarMax. "We are particularly pleased that once again we can combine CarMax's unique offer with Chrysler-Plymouth-Jeep, a proven winning combination for the customer, for DaimlerChrysler and for CarMax." CarMax began development of the used-car superstore concept in 1991 and has been revolutionizing the way consumers think about automobile purchases since opening its first store in Richmond, Va., in 1993. With the addition of CarMax Chrysler-Plymouth-Jeep of Orlando, CarMax operates 31 locations, including 29 used-car superstores and 17 new-car franchises. Circuit City Stores, Inc. is a leading national retailer of consumer electronics, major appliances, personal computers and entertainment software. Additional CarMax information is available at http://www.carmax.com(SM). Additional Circuit City information is available at http://www.circuitcity.com(SM). This release contains forward-looking statements, which are subject to risks and uncertainties, including, but not limited to, risks associated with the development of a new retail concept. 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.