CarMax provides a range of online support resources to its customers. Customers are additionally able to interact directly with CarMax through its social media accounts, including with Facebook and Twitter.
CarMax operates as a retailer of used vehicles. CarMax operates around used car lots in more than 70 metropolitan markets, across 37 US states, providing a hassle-free sales and purchase service, using fixed retail prices and online services. The Company's full portfolio of products and services, includes retail merchandising, wholesale auctions, extended protection plans, reconditioning and service, and customer credit. These partners include:. CarMax has agreed a number of partnerships in recent years.
CarMax owns and or leases a number of properties that are key to its operations. This principally includes its network of production and non-production stores across the US. CarMax does not own any patents that are key to its activities. It does, however, own several trademarks, including CarMax. CarMax incurs costs in relation to the purchase of supplies and vehicles, the procurement of various professional services, the development of its online platform, the maintenance of its IT and communications infrastructure, the operation of its sales outlets, the implementation of advertising and marketing campaigns, the management of its partnerships, and the retention of its personnel.
CarMax generates revenue through the sale of used vehicles to consumers, primarily via its network of retail outlets. The Company also generates a small portion of its revenue through the provision of various credit and financing services to its customers. Nash has been with CarMax for more almost 20 years, having first joined the Company in as an auction manager. Prior to joining CarMax, Nash, worked for a number of years at Circuit City in various accounting positions.
Reedy has been with CarMax since , when he joined the Company as Vice President and treasurer, going on to serve as Senior Vice President of Finance before assuming his current role. Reedy held positions at a range of companies before joining CarMax. He previously worked at American Airlines, where he worked in various financial functions.
Wood first joined CarMax in as a buyer. He has since held a number of positions at the Company, including various executive roles. This includes spells as Executive Vice President of Stores, Senior Vice President of Stores, Vice President of Sales, and Vice President of Merchandising, as well as periods working as a purchasing manager, district manager, regional director and director of buyer development.
Prior to joining CarMax, Wood worked at Circuit City for a number of years, holding a variety of positions. Not yet a member? Sign Up. Study the…. Now that self-driving cars are becoming a reality, they may impact society because of competition with big auto companies. They will have competition with uber, taxis and insurance companies will start to lose money.
Google is building the self-driving cars in detroit for other companies to build. A self-driving car will now have sensors that can detect thing before it happens. In a market where all 30 of the rated brands are readily available, with customers that often do research online before shopping, these rankings can make a big difference in company performance. While consumer reports provide a tool for consumers to use in making their determinations, they are not necessarily a measure of consumer opinion.
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While the broader market is grappling with building presence and delivery infrastructure, existing dealers have significant advantages. Most dealerships are significant contributors to the local community and the economy. Their name recognition and presence already ensures a trust factor for majority of the local population. What really need is a change in dealership mindset.
We cannot ignore the fact that Carvana and CarMax are threats in used car market. As everyone knows, per unit profit is more in used cars than the new ones.
The strategy of eliminating showroom staff to do the sales may not be ideal in many markets. Even though vending machines are a convenience factor, people buy from people like them. Technology should be about bringing trust and not for removing relationships. What really need to happen at the dealership level is to stream line the sales process so that the pricing is transparent, convenience is paramount and the showroom visit is all about the ownership experience.
The existing advertising spend need to be re-tailored to go head to head against CarMax and Carvana. Dealership digital teams need to look at the google advertising and the landing pages to make sure that there is a path forward for the online buyer. It is time for dealers to catch the tailwind of Digital Retailing and it should be main strategic initiative for the new year. If you want to know more on how we can help you to achieve this, please let us know. Please enter your username or email address.
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