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Attorney Eric Johnson and Allen Denson of Hudson Cook discuss regulatory issues at the recent National Alliance of Buy-Here, Pay-Here Dealers conference.

CarMax Earns Workplace Honor

CarMax Earns Workplace Honor Featured

CarMax Inc. has been named by Fortune magazine as one of its 100 Best Companies to Work For for the 13th year in a row.

CarMax ranks No. 77 for 2017.

CarMax is currently hiring for more than 2,000 positions in existing and new locations across the country.

The majority of open store positions are in sales, with additional positions in service (detailers, experienced technicians), purchasing and the business office. Positions range from full to part-time, with day and evening shifts available.

Opportunities are also available at CarMax Auto Finance in Atlanta, and at the CarMax Home Office and CarMax Shockoe locations in Richmond, Va.

Some of the areas with a large number of job openings include: Los Angeles and Sacramento, Calif.; Baltimore, Md.; Richmond, Va.; Boston; Portland, Ore; and Atlanta.

 

 

Last modified on Thursday, 09 March 2017 21:07
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  • Consumers Shop Online in Leisure Time

    Consumers want to shop for cars in a more relaxed manner, according to a recent study by CarMax Inc.

    CarMax commissioned a Google Consumer survey of U.S. online consumers who have previously bought a car to uncover preferences and attitudes as they relate to various car-buying habits. The survey was fielded on March 29 and completed by 1,015 respondents.

    One of the findings was that people do most of their car shopping on their own time.

    Almost half of respondents (44.2 percent) are most likely to research their next cars in the evening, while watching TV or relaxing. Ten percent of respondents actually shopped for a car while in bed.

    Roughly one in five respondents are most likely to research their next car during the workday.

    The study also found consumers trust experts and their own experiences more than they do the opinions of others.

    Roughly a third (35.7 percent) of respondents plan to select their next cars by reading car reviews. Almost a quarter also see the value of a test drive in helping make their decision

    However, only 4 percent would ask a friend about his or her opinion on a particular vehicle.

  • CarMax’s Mix Drives Earnings Higher

    Executives at CarMax Inc. attribute the company’s success to a pretty simple idea: selling what people want.

    They said the mix of vehicles positively impacted their earnings in the company’s latest quarter. CarMax reported net earnings growth of 20.7 percent in its latest quarter.

    The vehicle mix improved compared to last year’s offerings. Their percentage of sales in large and medium SUV’s and trucks rose to 27 percent, which is about three points higher than the prior quarter.

    “So even last year, when we were little bit lower in large SUV’s and trucks, we were still putting what folks wanted to buy and what were also a good deal for them,” said CarMax CEO Bill Nash. “So I think the supply has increased on these vehicles and has driven price down somewhat but again we’re going to buy what the consumers want.”

    The company’s new online appraisal initiative helped CarMax stock the right vehicles. The online system allows customers to receive a value for their vehicle before coming into the store.

    CarMax executives view buying inventory directly from consumers as a better value proposition.

    “It is more profitable than buying it off-site so we’re always trying to drive as much as possible through the line but even given this quarter where we were allowed a little more off-site purchases because the volume, we’re still able to maintain gross profit per unit,” Nash said.

    Even though CarMax is stocking more SUV’s and minivans, the average selling price remains down a bit. Nash said that this could be attributed to the acquisition prices.

    “I think this speaks to the execution that the stores are doing and the great things that are buyers do, making sure that they’re getting the best price and really at the end of the day that’s really where it starts,” Nash said. “You have got to buy the vehicles at the right price so lower acquisition prices more than offsetting the increase that you would normally see from the mix shift.” 

  • CarMax Reports Double-Digit Growth

    CarMax, Inc. reported results for the latest quarter ended May 31.
    Net sales and operating revenues increased 10.1 percent to $4.54 billion.
    Used unit sales in comparable stores increased 8.2 percent. Total used unit sales rose 14.1 percent.
    Total wholesale unit sales were flat versus the prior year’s first quarter.
    CarMax Auto Finance (CAF) income increased 8.5 percent to $109.4 million.
    Net earnings increased 20.7 percent to $211.7 million.
     

     
     
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