CarMax to Change the Way Chicago Buys Cars
27 February 1998
CarMax to Change the Way Chicago Buys Cars
The Pioneer of the Used-Car Superstore Concept Celebrates its Chicago Entry
With the Grand Opening of its Naperville Superstore
RICHMOND, Va., Feb. 27 -- Beginning March 2, Chicago
consumers can mark car buying off their list of stressful experiences as
CarMax , pioneer of the used-car superstore concept, prepares to
open four locations, beginning with its Naperville store.
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 Naperville superstore, which will employ approximately 150 people,
will be the nation's 18th CarMax site. The store is located at 3320 Odyssey
Avenue at Interstate-88 and Route 59. The 25-acre site has a 47,000-square-
foot sales and service facility and capacity for more than 500 used vehicles.
The selection includes light and full-size trucks, sport-utility vehicles,
minivans, sub-compact, compact and luxury cars.
Customers also have access to the more than 7,000 used vehicles currently
available at other CarMax locations nationwide.
CarMax 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 Chicago market, CarMax provides a five-day, 250-mile return
guarantee and a 30-day/1,000-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.
The Naperville location is the first of four locations planned for this
year. A second store in Tinley Park, located at 18800 South Oak Park near the
World Music Theater, is expected to open in mid-April, followed by additional
locations in Hillside and Schaumburg. Plans for additional locations in the
North Shore, Gurnee and Merrillville remain under development.
"We are looking forward to being a part of the Chicago area and providing
shoppers with 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 100,000 vehicles, clearly proving
that consumers want to buy cars the way we sell cars."
Used-car sales total about $300 billion a year -- as big a business as new
cars. Consumers buy three times as many used cars as new cars annually.
CarMax is rapidly expanding into the auto retail segment. The company expects
to operate approximately 27 locations by the end of its fiscal year and 80 to
90 by calendar year 2001. Wherever possible, the company also is adding new-
car franchises.
The Naperville store will be open Monday through Friday, 11 a.m. to
9 p.m., and on Saturday, 9 a.m. to 9 p.m. Service hours are Monday through
Friday, 7:30 a.m. to 6:30 p.m.; and Saturday, 8 a.m. to 5 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 18 CarMax Auto Superstores, including the
Naperville location; 500 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
