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|CarMax Named America's Most Admired Company in Automotive Retailing, Services by Fortune Magazine|
RICHMOND, Va. (February 21, 2006)—CarMax, Inc. (NYSE: KMX), the nation's largest retailer of used cars, has been named by FORTUNE magazine as America’s most admired company in automotive retailing, services. This is the first time CarMax has ranked No. 1 on the list. The list and related stories appear in the March 6 issue on newsstands February 27 and at www.fortune.com in February.
"CarMax is honored to be recognized as a ‘most admired’ company in automotive retailing, services," said Austin Ligon, president and chief executive officer of CarMax. "We believe that this recognition is an acknowledgement of how we’re revolutionizing our industry. We’re giving customers what they want in a car buying experience by creating a company culture that is focused on being ethical, trustworthy, and respectful of our customers."
CarMax offers consumers a no-hassle, no-haggle car-buying experience and a broad selection of high-quality used vehicles. CarMax guarantees the quality of its cars, does not sell flood- or frame-damaged vehicles, and guarantees a clean title and accurate odometer readings on its cars. All vehicles are thoroughly inspected and reconditioned, and CarMax offers a five-day, money-back guarantee and a limited 30-day warranty.
To compile the most admired list, FORTUNE enlisted the assistance of Hay Group. Hay Group surveyed industry executives and directors, as well as security analysts, asking them to rate companies in industry categories according to eight criteria: innovation; employee talent; use of corporate assets; social responsibility; quality of management; financial soundness; long-term investment; and quality of products/services.
In addition to being named one of FORTUNE’s most admired companies, CarMax has been named to FORTUNE’s annual list of "100 Best Companies to Work For" for the past two years.
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 67 used car superstores in 31 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 November 30, 2005, the company sold 285,950 used cars, which is 93 percent of the total 306,820 vehicles the company retailed during that period. For more information, access the CarMax website at www.carmax.com.