About the company
CarMax is a leading automotive retailer in the United States, specializing in the sale, financing, and servicing of both used and new cars. With a network of approximately 240 used retail stores spread across the country, CarMax has established itself as a trusted name in the automobile industry. The company's journey began in 1993 when it was founded as a subsidiary of Circuit City, a prominent consumer electronics retailer. However, it gained its independence and became a standalone company in late 2002. Since then, CarMax has experienced steady growth and success in the automotive market. Used-vehicle sales have been the primary source of revenue for CarMax, typically accounting for around 83% of their total revenue. However, the company faced challenges in fiscal 2023 due to the global chip shortage, which impacted their used-vehicle sales, causing the percentage to drop to 78%. Nevertheless, CarMax's wholesale business, which involves selling vehicles to other dealers, contributed around 13% of their revenue (20% in fiscal 2023). In fiscal 2023, CarMax sold a remarkable 807,823 used vehicles through their retail stores, catering to a wide range of customers looking for reliable pre-owned cars. Additionally, the company wholesaled 585,071 used vehicles, showcasing their significant presence in the wholesale market as well. CarMax is rightfully regarded as the largest used-vehicle retailer in the United States. However, despite its dominance, the company estimates its market share of vehicles aged 0-10 years to be around only 4% in 2022. Looking to strengthen their position further, CarMax has set an ambitious goal of acquiring over 5% market share by the end of calendar 2025. This drive to expand reflects the company's commitment to providing a seamless car-buying experience to a broader customer base. Headquartered in Richmond, Virginia, CarMax serves as a hub for its operations. The company's dedicated team of professionals works diligently to ensure the highest level of customer satisfaction. CarMax's retail stores are strategically located throughout the country, making it convenient for customers to interact with their knowledgeable staff and explore an extensive inventory of used and new cars. CarMax's success can be attributed to its strong reputation for transparency, reliability, and customer-centric approach. By offering a comprehensive range of services that includes financing options and exceptional vehicle servicing, CarMax goes above and beyond to meet the needs of its diverse clientele. Through their extended service plans and repair services, CarMax ensures that their customers continue to enjoy a seamless car-owning journey even after the purchase. As CarMax continues to evolve and expand its presence in the automotive market, the company remains committed to delivering quality vehicles, exceptional service, and a hassle-free car buying experience. With a dedicated vision to exceed customer expectations, CarMax is poised to create a lasting impact on the automotive industry for years to come.
Website: https://www.carmax.com
Data updated: May 2, 2026
