CarMax Inc. has commenced a media agency review, people privy with the matter told Advertising Age. The move came months after the company named Cheil's McKinney as its new creative agency and less than a year since Jim Lyski joined as chief marketing. It is of note that Lyski was the former CMO at Scotts Miracle-Gro, another media agency account also in review and under new marketing leadership.
CarMax chief executive Tom Folliard said in August 2014 that Lyski’s extensive marketing experience and strategic understanding of today's consumer could prove to be a tremendous asset to the company, which he said is in the midst of a national expansion plan.
The company is set to issue an RFP in the next few weeks and commence presentations in February. CarMax posted a 4-percent surge in net earnings to $454 million and 13 percent in total revenue to $10.7 billion in the first nine months of its fiscal year.
Moreover, CarMax had 143 stores in 72 markets as of December 19, 2014, and is planning to open 13 more in its next fiscal year. In addition, the company spend a total of $62.2 million on domestic measured media in 2013.