Tuition Reimbursement: Carmax is committed to driving integrity in the automotive industry by being honest & transparent in every interaction.
CarMax is America’s largest used-car retailer and a Fortune 500 company. The corporate entity behind the formation of CarMax was Circuit City Stores, Inc. The first CarMax used-car store opened in September 1993, 1.7 miles from Circuit City’s corporate offices in Richmond, Virginia. As of March 23, 2021, CarMax operated 224 locations.
While CarMax stores focus on marketing used vehicles, the company acquired its first new car franchise with Chrysler Corporation in 1996. By 1999, it added new vehicle franchises for Mitsubishi Motors, Toyota, and Nissan as well. As of November 2018, the only CarMax new vehicle dealerships that remain are the two Toyota stores located in Kenosha, Wisconsin, and Laurel, Maryland.
The business model began with no fees, however, the model was subsequently abandoned for the current business model after it was determined that customers were not concerned about paying transaction fees for the purchase of a vehicle.
A typical CarMax store is approximately 59,000 square feet (5,500 m2), carries an inventory of 300–400 vehicles, and turns its inventory over eight to ten times a year. On average, a CarMax location employs 40 sales associates. Each car goes through a thorough 125-point inspection process, beyond any state-required inspections, and includes a 90-day warranty, three days to change the financing for free, and a seven-day money-back guarantee.
The CarMax Difference
CarMax was on Fortune‘s “100 Best Companies to Work For” list from 2005 to 2018, placing 34th in 2018. In 2020, Fortune ranked CarMax at number 20 on their Fortune List of the Top 100 Companies to Work For in 2020 based on an employee survey of satisfaction.
Tuition reimbursement at CarMax is similar in comparison to other companies in the auto retail industry.
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