CarMax to Add 12 Used-Car Stores
CarMax plans to open a dozen used-car superstores over the next 14 months, according to Automotive News.
Last July, CarMax announced a four-year plan to double sales to $8 billion and open 34 to 44 new used-car superstores by 2007. The company said it plans to open several stores during the fourth quarter and through its 2005 fiscal year, beginning March 1.
The plan calls for expanding primarily in mid-sized markets (metropolitan areas with populations of 1 million to 2.5 million). Stores serving these markets have inventories of 300 to 500 vehicles and monthly sales of 275 to 550 vehicles. CarMax also plans to add satellite stores in existing markets, with inventories of 250 to 400 vehicles and monthly sales of 200 to 400 vehicles, said Automotive News.