Business Office Associate Carmax Salary
Business Office Associate Carmax Salary – Sales consultant Christopher Northington (left) helps Robert and Elizabeth Hull purchase a vehicle at CarMax in western Henrico County.
Automotive technician Rick Wells Sr. (left) talks with CarMax President and CEO William “Bill” Nash, who envisions CarMax becoming an iconic brand even as competitors look to drive away with some of their customers.
Business Office Associate Carmax Salary
Laura Donahue, CarMax’s vice president of marketing services, and Scott Rivas, CarMax’s vice president of human resources, sit on a parked car at a CarMax auto dealership in Henrico on Monday, Aug. 27, 2018. Both have worked at CarMax for 25 years.
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CarMax store on Midlothian Turnpike in Chesterfield County. Richard L. Sharp, left, was president of CarMax at the time, and Austin Ligon, left, was the chain’s CEO at the time.
Richard L. Sharp (left), founder of CarMax, points out Robert S. “Bobby” Ukropa at a ceremony dedicating CarMax’s first building to Sharp a year before his death. Ukrop was the first CarMax customer. Far left is Sharp’s wife, Sherry.
CarMax founder Richard L. Sharp (center) and his wife, Sherry, are congratulated by Tom Folliard, then president and CEO of CarMax, at a ceremony dedicating the first CarMax building on West Broad Street to Sharp. Sharp received a plaque and model of the CarMax building at 11090 West Broad Street.
Bill Nash, president and CEO of CarMax, shown at the CarMax car dealership in Henrico on Monday, August 27, 2018.
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Twenty-five years ago this week, a new store on West Broad Street in Henrico County offered consumers a radically different way to buy used cars without haggling.
A hand-picked group of CarMax employees, many brought over from then-parent company Circuit City, worked in secret for more than a year on the revolutionary business concept. Circuit City CEO Richard L. Sharp’s idea was to see if the big-box retailer’s approach to selling TVs and appliances could work with used vehicles.
When the curtain went up on the first CarMax store, the startup team thought the concept was solid, but there was no guarantee it would catch on. “We had to figure out, A, if any of us were going to buy the car,” said Laura Donahue, who came from Circuit City to work on the project more than a year before it started.
The used car business has had image and trust issues. CarMax offered a new way to buy used vehicles.
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“Then we had to figure out if we could make a dollar. We did that. Then all kinds of competitive and market forces came into play,” Donahue said.
Today, Donahue is CarMax’s vice president of marketing services and one of more than 25,000 employees who work in more than 190 car dealerships or in the company’s office.
But CarMax survived and thrived. It is now a Fortune 500 company, the nation’s largest used vehicle dealer, and is consistently ranked on Best Places to Work lists.
CarMax sold 721,512 vehicles at retail and 408,509 vehicles at wholesale in the last fiscal year. The company’s revenue exceeded $17 billion and net profit was $664.1 million.
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“When I got here 21 years ago, we weren’t making any money and almost nobody thought it could work except for the team that was here and some of the executives at Circuit City,” said William “Bill” Nash, who became president and CEO of CarMax in 2016.
“I think it worked because we stuck to our original mission, which was to change the industry,” Nash said. “We knew that in 1993 there was a lot of mistrust and dishonesty in buying and selling used cars. We knew the industry was ripe for change.”
The used car market is huge – bigger than the new car market. According to automotive information platform Edmunds, 39.2 million used cars were sold in 2017, compared to 17.1 million new vehicles.
According to Automotive News, CarMax’s closest competitors are Penske Automotive Group Inc. based in Michigan and AutoNation Inc. based in Florida, none of them sold half as many used cars as CarMax last year.
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“They had a business model and they stuck to the basic principles of the model,” said George Hoffer, a transportation economist and associate professor at the University of , who described CarMax’s approach over time.
“They have adapted to the market. They’ve always been on the edge, and with technology, they’ve stayed on the edge,” Hoffer said.
One reason: They thought CarMax would pay too much for its stock of used vehicles acquired at wholesale auctions and not make a profit reselling the cars.
“You go to auctions and if you bid the most, you get it. … CarMax has to go to auctions and compete with its smallest competitor, no matter where it is in the country, to get its inventory,” explained Hoffer.
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CarMax has made this possible by “buying smart,” using technology to acquire inventory instead of haphazard buying, said Hoffer, who admits he was wrong about CarMax’s viability in its early years.
They knew which vehicles to buy, how to price them, and how long they would wait on the lot before selling.
“They may be the highest bidder, but they turn over their inventory so much faster that they basically have lower costs,” Hoffer said.
They also knew their customer base. A study Hoffer and a colleague conducted a few years ago surveyed CarMax customers. Hoffer said the survey results showed that the typical CarMax customer is a high-income woman.
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“That really makes sense. Women think they are at a disadvantage when buying a car. The nice thing about CarMax is that everyone gets the same price,” Hoffer said.
One of CarMax’s early innovations was the use of touch-screen computers that allowed consumers to scroll through listings and pictures of cars that fit their parameters of price or model type or color or whatever. This was in the days before the internet.
Today, consumers do this research on a sophisticated website and mobile app that offer a “360” virtual view of the vehicle’s interior with the movement of a cursor or the swipe of a finger.
Whether you step onto a CarMax lot or shop virtually, the price you see is the price you pay. That hasn’t changed.
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In 2000, Circuit City suffered its first loss in more than a decade. The company restructured its operations, remodeled some stores and laid off workers – but none of it worked. Rival Best Buy, which once lagged behind Circuit City, has now beaten it in the consumer electronics business.
“Circuit City was a better company than Best Buy, but [Circuit City] didn’t adapt, they didn’t pay attention, they didn’t change,” said Austin Ligon, who came to Circuit City in 1990 as head of business strategy and start-up support. CarMax.
Ligon, one of CarMax’s co-founders, served as CarMax’s president from 1995 to 2006 and its CEO from 2002 to 2006.
CarMax spun off from Circuit City in 2002 to become an independent publicly traded company. Circuit City’s decline continued, and the electronics retailer filed for Chapter 11 bankruptcy in November 2008. In January 2009, Circuit City announced that it would close all 600 of its US stores, closing the last of them in March 2009, affecting 39,000 employees.
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Just weeks before the end of Circuit City, CarMax celebrated the opening of its 100th store, but curbed expansion as the economy weakened and the country was in a recession linked to the subprime mortgage meltdown.
“Taking care of our associates was our main focus during the recession,” said Tom Folliard, who joined CarMax before the chain opened its first store in 1993. In 2006, he became its executive director.
“While we completely stopped the growth of the store, we continued to invest in the training and development of our colleagues. We redoubled our efforts to improve our execution and ultimately came out of the recession a much stronger company.”
Folliard ran the company for a decade. During that period, CarMax grew from approximately 70 used car stores in 34 markets to approximately 160 stores in 37 countries. During that time, annual revenue grew from $6.26 billion to $15 billion, and net profit from $148 million to $623 million.
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CarMax has fought off competitors over the years and continues to strive to stay ahead of the pack.
Arizona-based startup Carvana is making headway in the used car market. While it’s nowhere near as big as CarMax, it’s growing fast.
Carvana offers a fully online car buying experience with door-to-door delivery or delivery in some markets to its high-end car vending machines. The company had planned to build one of the towers in Henrico, not far from the flagship CarMax store on West Broad Street, but scrapped those plans.
But Carvana didn’t leave. Earlier this year, he blanketed the area with dozens of billboards along major highways.
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CarMax has been testing its own home delivery service for more than a year, running a pilot program in Charlotte, NC.
“I think of home delivery as just another alternative way of delivering a vehicle, whether it’s home delivery or testing express delivery in some markets where a customer can
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