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CarMax(R) Acquires Mitsubishi New-Car Franchise in the Nashville Market

16 August 2000

CarMax Nashville Becomes Tennessee's Highest Volume Used-Car Dealer After Only One Year

             

    RICHMOND, Va. - CarMax Auto Superstores, Inc. announced today that it has 
acquired the Mitsubishi franchise rights held by Sonic Automotive of Nashville, 
LLC (dba Nashville Mitsubishi) and relocated the franchise to the CarMax Auto 
Superstore in Nashville, Tenn.

    Opened one year ago this month, the CarMax's Nashville used-car superstore
is the highest volume used-car dealer in Tennessee.  "We are excited to
enhance our presence in Nashville by adding new vehicles to our no-haggle,
low-price consumer offer," said W. Austin Ligon, president of CarMax.  "The
combination of Mitsubishi vehicles and the CarMax consumer offer continues to
create an outstanding car-buying experience for the customer and successful
operations for Mitsubishi and for CarMax."

    The CarMax Superstore is located at 2501 Powell Avenue, across from 100
Oaks Mall.  It has offered an extensive selection of top-quality used cars
since its opening.  Its selection now includes new Mitsubishi SUVs and cars.

    With the addition of this franchise, CarMax operates 22 new-car
franchises, including six Mitsubishi franchises.  CarMax also operates two
Mitsubishi new-car franchise points at its Laurel, Md., and Dulles, Va.,
superstores in the Washington, D.C./Baltimore, Md., market; a franchise at the
Kenosha, Wis., CarMax Auto Mall in the Chicago market; one at the Town Center
superstore in the Atlanta, Ga., market; and a franchise in the Los Angeles,
Calif. market.

    CarMax, a subsidiary of Circuit City Stores, Inc. , pioneered the used-car 
superstore concept and currently operates 40 locations.  Circuit City Stores, 
Inc. is a leading national retailer of brand-name consumer electronics, personal 
computers and entertainment software.