The used car sales giant CarMax still growing

In March 2013 alone Americans bought 1.45 million light vehicles. According to Barron’s Magazine, the U.S. car sales stands at 15.2 million a year, not that far behind record sales but recovering steadily. Record new car sales is a precursor to a record used car sales that will follow soon. The auto industry’s last boom was 2001 to 2006.

The largest used car dealer in the U.S. is CarMax. CarMax opened its first store in Richmond, Virginia in September, 1993 by executives of Circuit City. The first store was about 1.7 miles away from the Circuit City cooperate office. Today it operates 118 stores all throughout the United States. In its 2014 fiscal year it planned to open 13 new stores including in Philadelphia and St. Louis. CarMax annual sales stands at $12.1 billion a year by selling used cars. CarMax currently sells approximately four million used cars a year. Its stock of used cars mostly comprised of one to four years old vehicles. CarMax is listed in Fortune 500 as one of the best companies. CarMax is named as “Americas most admired company in automotive retailing” and Fortune’s “100 best companies to work for.”

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