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|Carmax Breaks Ground on New Fresno Location|
RICHMOND, Va. (May 17, 2006)—CarMax, Inc. (NYSE: KMX), the nation's largest retailer of used cars, has begun building its first used car superstore in Fresno, California. Construction began this week on the new CarMax store. The CarMax superstore is scheduled to open early next year.
"CarMax’s substantial growth within the last few years has been so exciting for us," says Austin Ligon, president and CEO of CarMax. "We are looking forward to sharing that excitement with the residents of Fresno by providing them with a fun and friendly, no-haggle car buying experience along with exceptional customer service."
The new 45,400 square foot building will be located on approximately 11 acres of land. The opening of this location will bring approximately 100 new jobs to the Fresno area.
CarMax was created more than 12 years ago when the company surveyed thousands of consumers to find out what they liked and disliked about car shopping. The CarMax no-haggle, no-hassle, fun-shopping experience was the result of those survey responses.
CarMax, a FORTUNE 500 company, and one of the FORTUNE 2006 "100 Best Companies to Work For," is the nation's largest retailer of used cars. Headquartered in Richmond, Va., CarMax currently operates 70 used car superstores in 33 markets. CarMax also operates seven new car franchises, all of which are integrated or co-located with its used car superstores. During the twelve month period ended February 28, 2006, the company sold 289,888 used cars, which is 93 percent of the total 310,789 vehicles the company retailed during that period. For more information, access the CarMax website at www.carmax.com.