CarMax aims to expand and to open up to 55 used-car stores

Article by Christian A., on December 26, 2011

CarMax Inc. aims to expand and to open up to 55 used-car stores through February 2016, a 50% climb in store count. Based in Richmond, Va., Carmax announced that its net earnings and revenues increased in the quarter that ended Nov. 31. The used-car retailer said that there was a slight dip in the unit sales of used cars and trucks in the quarter. The most affected stores are those that had been open for at least one year. According to CarMax CEO Tom Folliard, the company aims to open 10 CarMax stores in its fiscal year that starts March 1.

In particular, it hopes to open 10 to 15 new stores in each of the three coming fiscal years. CarMax currently runs 107 used-car stores in 50 markets. Folliard told analysts on a conference call made recently that if the situation doesn’t get worse, it will persist in managing its business the same manner that it has when it comes to efficiencies and margins. This would be its growth plan.

However, the company will “cut back” if the conditions become worse. He said that with an improvement, there would have to be a range to cover that. Folliard said that around half of the new stores will be produced in new markets while the other half will be made in markets that already have CarMax stores.

He said that the next 10 stores will be in the following areas: Chattanooga and Nashville, Tenn.; Lancaster, Pa.; Bakersfield and Oxnard, Calif.; Fort Myers and Naples, Fla., and Des Moines, Iowa. There will also be two stores to open in Denver, Colo. He declined to say what the other locations are.

Topics: carmax

If you liked the article, share on:

Comments

Recommended

McLaren has already shown some interest in electrifying their models. And initially, we thought that they will just use hybrid systems to use across their current lineup. Nevertheless, we have...
by - August 19, 2017
Fifty years after its glorious victory at the 24 Hours of Le Mans, Ford launches the 2018 Ford GT ’67 Heritage Edition at the 2017 Monterey Car Week. The red...
by - August 18, 2017
Hyundai has recently unveiled an unnamed pre-production model of its new fuel cell SUV. We don’t know what to call this model just yet, but sources say that this model...
by - August 18, 2017
This weekend at the 2017 Pebble Beach Concours d’Elegance, the BMW Z4 Concept will make its first public appearance. The good news is that we will finally have a real...
by - August 18, 2017
While Honda’s new 2018 HR-V will be rolling out at the dealerships with just a few updates, the company is certainly not giving up its spot as the best-selling vehicle...
by - August 18, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries