CarMax now has 133 stores, plans up to 43 more until February 2017

Article by Christian Andrei, on April 28, 2014

CarMax Inc. opened two used-car stores in Rochester, N.Y., and Dothan, Ala., in March after opening 13 outlets in the fiscal year ended Feb. 28, according to chief executive Tom Folliard during a conference call. That means the retailer now has 133 stores, with plans open 28 to 43 more by the end of February 2017.

CarMax posted an 18-percent rise in sales in the previous fiscal year to 526,929. "We're in full swing now," Folliard said. He remarked that its store in Dothan is CarMax's third small-format store. Measuring on 4,400 square feet, the Dothan store occupies around 3.7 acres and stocks about 120 used cars and trucks.

In 2013, a CarMax spokeswoman told Automotive News that a small-format store is around 7,000 square feet, stocking around 150 used cars and trucks.

CarMax stores are usually 15,000 to 45,000 square feet and could stock between 250 and 300 vehicles. In February, CarMax opened a store in February in Sacramento, Calif., that is "more than" 56,000 square feet and stocks "approximately 440" used vehicles, according to a press release.

Folliard remarked it is too early to say which practices at CarMax’s three smaller stores would be integrated into its traditional-sized stores, adding that there could be cross-training and labor-sharing at other stores.

He added that smaller stores are leveraging inventory by hastening the vehicle transfers between stores to provide customers access to more inventory than they have stocked. Folliard noted that in higher-volume stores, employees can stay busy doing one task, while smaller stores, workers needs to be able to perform multiple tasks. [source: automotive news - sub. required]

Topics: carmax

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