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CarMax Group Reports Record Third Quarter Sales

6 December 2000

CarMax Group Reports Record Third Quarter Sales

    RICHMOND, Va., Dec. 6 In a separate release, Circuit City
Stores, Inc. today reported sales for the third quarter ended November 30,
2000, including sales for the CarMax Group .
    Total sales for the CarMax Group rose 15 percent to $561.5 million from
$489.0 million in the same period last year.  Comparable store sales rose
11 percent.
    "Our 11 percent comparable store sales increase made this fall quarter one
of the best ever for CarMax.  We were particularly pleased that, as previously
announced, our core used-car business continued to perform strongly throughout
the quarter despite the industry-wide slowdown in new-car sales," said
W. Austin Ligon, president of CarMax.  "We also have managed our used-car
inventory during the model-year changeover in the new-car segment to
significantly reduce the gross margin erosion that has occurred in prior
years.  This inventory management, combined with the overall higher gross
margins on used cars relative to new cars, led us to raise our earnings
expectations in mid-November."  For the quarter ended November 30, 2000,
CarMax expects net earnings per CarMax Group share in the range of 5 cents to
6 cents.
    The percent of vehicle sales represented by each category for the third
quarter and the nine months is as follows:

                      Percent Vehicle Sales by Category

                                3rd Quarter                 Nine Months
                              Ended November 30          Ended November 30

                             2000          1999         2000          1999
    Vehicle Dollars:
     Used Vehicles             81%           78%          80%           79%
     New Vehicles              19%           22%          20%           21%
    Total                     100%          100%         100%          100%

    Vehicle Units:
     Used Vehicles             87%           86%          86%           86%
     New Vehicles              13%           14%          14%           14%
    Total                     100%          100%         100%          100%

    The CarMax Group expects to release third quarter earnings on December 18,
2000.

    CarMax is the nation's leading specialty retailer of used cars.  With
headquarters in Richmond, Va., the company currently operates 40 locations.
CarMax operates 22 new-car franchises, most of which are integrated or
co-located with its used-car superstores.  For more information, access the
CarMax Web site at http://www.carmax.com .
    CarMax is a subsidiary of Circuit City Stores, Inc.  Circuit City Stores,
Inc. has two series of common stock, one of which is the CarMax Group stock,
which tracks the performance of CarMax operations, and the other of which is
the Circuit City Group stock, which tracks the performance of the Circuit City
operations and the retained interest in the CarMax Group.  A portion of the
earnings of the CarMax Group is attributed to the CarMax Group stock; the
balance is attributed to the Circuit City Group stock.

    This release contains forward-looking statements, which are subject to
risks and uncertainties.  Additional discussion of factors that could cause
actual results to differ materially from management's projections, forecasts,
estimates and expectations is contained in the Circuit City Stores, Inc. SEC
filings.