CarMax outlines changes for next two years
The next two years could mark a significant growth period for CarMax, including new stores, new employees and new leadership.
During that time the used-car retailer plans to open 13 to 16 new stores each year.
CarMax also plans to hire 1,600 new store employees. Mostly sales positions, the jobs will be based in the Los Angeles, Southern Florida, Northern Virginia and Baltimore areas. The stores’ expansion plan “creates a great opportunity to add new associates to our team,” says CarMax spokeswoman Beth Singer.
The company also is filling 50 technology positions at new offices in downtown Richmond and at its Goochland County headquarters about 10 miles away. The downtown office will be in a renovated historic building on the city’s Canal Walk. “This space is the best solution for our needs,” Singer says. “Richmond is a vibrant place to work and a popular destination.”
The technology positions will include a wide range of roles such as analysts, application architects, product managers, software developers, IT configuration specialists, and social and web content strategists.
Singer says the downtown location should help CarMax attract the type of talent it is seeking. “We are looking for people who are innovative and well educated in the field and know where technology is going so they can meet the needs of our customers by making the buying process seamless,” she says.
CarMax data shows that an online search already is a critical part of the car- buying experience. “Currently approximately 90 percent of CarMax purchasers start on carmax.com or the CarMax mobile app,” Singer says. “Of those, about 65 percent are looking at the website on a tablet or on their phone.”
On the management front, CarMax promoted Bill Nash to president in February as part of a multiyear management succession plan. Nash, 46, had been executive vice president for human resources and administrative services since 2012.
Nash is expected to succeed CEO Tom Folliard when he retires before the end of this year. Folliard, 51, has been with CarMax for 23 years and became CEO in 2006. During his tenure, the company’s revenues more than doubled and its net income quadrupled.