CarMax(R) Opens Fort Worth/Arlington Location Today
8 December 1997
RICHMOND, Va., Dec. 8 -- CarMax Auto Superstores, the pioneer of the used-car superstore concept, opens its Fort Worth/Arlington store at 9:00 a.m. today. CarMax, a subsidiary of Circuit City Stores, Inc., has been revolutionizing the way consumers think about automobile purchases since opening its first store in 1993. CarMax locations offer up to 1,000 top- quality used cars and trucks; low prices with no negotiating; customer- friendly service throughout the buying experience; and convenient, quality repair service. The company began development of the auto superstore concept in 1991 and opened the first store of its kind in Richmond, Va. The 19-acre Fort Worth/Arlington superstore, located at 8400 Anderson Boulevard at Interstate-30 in Fort Worth, has capacity for more than 600 top- quality used vehicles including light and full-size trucks, sport-utility vehicles, minivans, sub-compact, compact and luxury cars. Customers also have access to the more than 6,500 used vehicles available at other CarMax locations nationwide. The new CarMax superstore is the second of as many as five locations planned for the Dallas/Fort Worth market. The company entered the market with the opening of its Texas Stadium store in September. The Fort Worth/Arlington superstore is the 16th CarMax location to open in the country. The company expects to operate 17 locations by the end of its fiscal year and 80 to 90 by calendar year 2001. In its current fiscal year, CarMax has opened a third location in the Atlanta market and begun entries into the Washington/Baltimore and Miami markets. Additional openings are planned for each of these markets. The company also plans to add new-car franchises to as many store locations as possible. "We are looking forward to giving shoppers in the Dallas/Fort Worth market another opportunity to experience our distinctly different consumer offer," said W. Austin Ligon, president of CarMax. "We provide low, no-haggle prices; tremendous selection; quality guarantees; and customer-friendly service before and after the sale. Since opening, CarMax has sold more than 95,000 vehicles, clearly proving that consumers want to buy cars the way we sell cars." CarMax has introduced many innovative ideas to the traditional automotive retail industry. Consumers visiting the Fort Worth/Arlington location will enjoy the following shopping experience: Buying a Car at CarMax Selecting a Vehicle. Using AutoMation(R), a unique touch-screen inventory selection system, CarMax's trained sales consultants help customers identify the CarMax vehicles that meet their needs. AutoMation sorts vehicles by type, make, model and price and displays on-screen all features, specifications and the CarMax no-haggle price. All vehicles are displayed on the lot by type, make and model. For each vehicle selected, AutoMation prints a fact sheet that includes vehicle information and a map indicating where the vehicle is located on the CarMax lot. CarMax Prices. CarMax believes customers should not have to pay more to be treated well. Thus, CarMax offers low, no-haggle prices at every stage of the vehicle transaction -- from the purchase price through financing, trade-in and warranty. CarMax used vehicles are generally priced $500 to $1,000 below the National Automobile Dealers Association average retail book value. All prices are non-negotiable so every customer receives the same, attractive low price. CarMax replaces the traditional trade-in with an appraisal process in which cars are purchased from any consumer, including individuals not buying a vehicle from CarMax. The company has provided more than 400,000 free appraisals since opening. Trained CarMax buyers appraise the vehicle, usually in 30 minutes or less, and provide the vehicle's owner with a written monetary offer good for seven days or 300 miles whether the owner buys a car from CarMax or not. CarMax also provides easy financing at competitive rates. The sales consultant helps the customer complete a financing application, which is sent on-line to First North American Credit, a division of CarMax; and to NationsBank. Qualified customers can view rate terms from both providers generally within eight minutes or less. MaxCare(R), CarMax's extended service program, offers limited bumper-to- bumper mechanical protection with flexible terms up to 72 months. Customers can view all extended warranty pricing and terms and make the decision that is right for them. Again, pricing is not negotiated, so all customers receive the same favorable terms. Finally, unlike many traditional dealers, CarMax adds no processing fees to the vehicle price. In fact, the retailer provides on-line vehicle registration at no additional charge. The only additional fees are tax and license fees payable to the state. Quality Vehicles. CarMax(R) vehicles are generally one to six years old with fewer than 60,000 miles. ValuMax vehicles, which expand the selection for more cost-conscious consumers, are generally more than six years old or have more than 60,000 miles. In the Dallas/Fort Worth market, CarMax provides a five-day, 250-mile return guarantee and a 99-day/3,300-mile limited warranty. All CarMax vehicles pass the Certified Quality Inspection(SM) process covering all mechanical features, ensuring quality of operation at a value price. CarMax does not sell vehicles that have incurred frame damage or extensive body work. Inspections are performed by CarMax service technicians, who are ASE certified, the industry standard for technician training. Customer-Friendly Service. A single CarMax sales consultant assists the customer throughout the shopping process. Sales consultants at all CarMax locations have been carefully selected, many from other high-service businesses. Their customer focus combined with the low-price, no-pressure sales philosophy and the management information systems that support the buying process creates an exceptional car buying experience. Generally, customers can complete the entire transaction from vehicle selection through test driving and financing in two hours or less. As an extra convenience, each location features a supervised "For Kids-Only(R)" play area. CarMax offers convenient store hours. The Fort Worth/Arlington store is open Monday through Saturday, 9:00 a.m. to 10:00 p.m. Service hours are Monday through Saturday, 7:00 a.m. to 8:00 p.m. CarMax is a subsidiary of Circuit City Stores, Inc., the nation's leading retailer of brand-name consumer electronics and major appliances and a leading retailer of personal computers and music software. With headquarters in Richmond, Va., Circuit City operates 16 CarMax Auto Superstores, including the Fort Worth/Arlington location; 493 Circuit City Superstores; four consumer electronics-only stores; and 52 mall-based Circuit City Express stores. The company's CarMax Group common stock trades under the symbol "KMX." Additional CarMax information is available at http://www.carmax.com. The Circuit City Group common stock trades under the symbol "CC." Additional Circuit City information is available at http://www.circuitcity.com. SOURCE CarMax Auto Superstores
