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CarMax(R) Tops Billion-Dollar Mark in Used-Car Sales

27 June 1997

CarMax(R) Tops Billion-Dollar Mark in Used-Car Sales

    RICHMOND, Va., June 27 -- CarMax Auto Superstores, Inc., the
pioneer of the used-car Superstore concept, today announced that it has
reached the $1 billion milestone in cumulative store used-car sales.
    CarMax began development of the auto superstore concept in 1991 and opened
the first used-car Superstore of its kind in October 1993 in Richmond, Va.
The company is revolutionizing the way consumers think about purchasing
automobiles by offering low, no-haggle prices; a broad selection of top-
quality used cars and trucks; and customer-friendly service throughout the
car-buying experience.   CarMax currently has eight superstores, including the
Richmond location, and has launched a national expansion program that in its
first phase will give the company a total of 80 to 90 locations within five
years.
    "Reaching this milestone in less than four years clearly demonstrates that
consumers are enthusiastic about our offer and want to buy cars the way we
sell cars," said W. Austin Ligon, president of CarMax.  "We are pleased that
customer confidence in our concept has resulted in such dramatic used-car
sales growth for CarMax."
    Customer surveys show that 98 percent of respondents rate their overall
CarMax shopping experience as excellent, very good or good.  Ninety-nine
percent of purchasers and 87 percent of non-purchasers say they would
recommend CarMax as a place to buy a car.
    CarMax currently serves the Richmond, Va.; Raleigh and Charlotte, N.C.;
Atlanta, Ga.; and Orlando and Tampa, Fla., markets.  The company opened its
third Atlanta-area superstore this month.  New markets this year will include
Dallas/Fort Worth, Houston, Miami and Washington/Baltimore.  Future markets
include Chicago, Los Angeles, Norfolk, Philadelphia, Phoenix, Austin and San
Antonio.
    To celebrate the $1 billion sales milestone, CarMax is holding its first
storewide sale at all eight superstore locations Friday, June 27 through
Monday, June 30.  The four-day sale features a $200 discount off the down
payment of any CarMax or ValuMax(R) used vehicle financed through First North
American Credit, a wholly owned credit subsidiary of Circuit City; NationsBank
or other CarMax-associated lenders.  Customers who do not finance their used-
car purchase through CarMax lending sources will receive a coupon book good
for $200 worth of parts and repair service redeemable through July 1, 1998, at
any CarMax Service Center. The sale does not apply to new Chrysler, Plymouth,
Jeep(R) and Eagle vehicles featured at CarMax's Norcross and Stockbridge, Ga.,
locations.
    CarMax is a subsidiary of Circuit City Stores, Inc., the nation's largest
retailer of brand-name consumer electronics and major appliances and a leading
retailer of personal computers and music software.  With headquarters in
Richmond, Va., the company operates eight CarMax Auto Superstores, 450 Circuit
City Superstores, four consumer electronics-only stores and 50 mall-based
Circuit City Express stores throughout the United States.  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."
SOURCE  CarMax Auto Superstores, Inc.