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Earnings Ahead of Expectations for the CarMax Group

13 November 2000

Earnings Ahead of Expectations for the CarMax Group

       Raising Earnings Expectations for the Third and Fourth Quarters

    RICHMOND, Va., Nov. 13 CarMax Auto Superstores, Inc. today
announced that management has raised its earnings expectations for the third
and fourth quarters of the current fiscal year ending February 28, 2001.
    "We have effectively managed inventory through the model-year transition
period of September and October, significantly reducing the margin erosion
that has characterized this period in prior years," said W. Austin Ligon,
president of CarMax.  "This improved inventory control has helped CarMax
produce continued strong sales of used cars, which carry higher gross margins
than new cars.  These factors have led us to anticipate significantly higher
earnings in the third and fourth quarters."
    For the third quarter ending November 30, 2000, the company expects to
produce net earnings attributed to the CarMax Group stock in the
range of 5 cents per share to 6 cents per share.  For the fourth quarter
ending February 28, 2001, the company expects to produce net earnings
attributed to the CarMax Group in the range of 4 cents per share to 6 cents
per share, bringing earnings expectations for the second half of the fiscal
year to 9 cents per share to 12 cents per share.  In August, management had
raised its earnings expectations for the second half of the fiscal year to a
range of 4 cents per share to 6 cents per share.
    The Circuit City Group holds a retained interest in the CarMax
Group.  CarMax is expected to contribute 2 cents per share to the Circuit City
Group's third quarter results and 1 cent per share to 2 cents per share to the
Circuit City Group's fourth quarter results.  Management's prior earnings
expectations for the second half of the fiscal year were a CarMax contribution
of 2 cents per Circuit City Group share.
    Given the higher earnings expectations for the second half, the company
expects net earnings per share attributed to the CarMax Group of approximately
37 cents to 40 cents for the fiscal year ending February 28, 2001, compared
with net earnings per share of 1 cent for the fiscal year ended February 29,
2000.  CarMax is expected to contribute 14 cents per share to 15 cents per
share to the Circuit City Group's fiscal 2001 net earnings.