How To Buy From Carmax
CarMax, Inc. common stock is traded on the New York Stock Exchange, under the symbol KMX. Prior to its separation from Circuit City in 2002, the Circuit City Stores -- CarMax Group common stock was traded on the NYSE under the same symbol.
how to buy from carmax
Circuit City obtained a ruling from the U.S. Internal Revenue Service stating that the redemption and distribution of CarMax, Inc. stock qualified as a tax-free transaction for U.S. federal income tax purposes. Accordingly, Circuit City Group and CarMax Group shareholders did not recognize any gain or loss on the redemption or distribution of CarMax stock, except in connection with cash received in lieu of a fractional share of CarMax stock.
For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 29, 2020, and our quarterly or current reports as filed with or furnished to the U.S. Securities and Exchange Commission. Our filings are publicly available on our investor information home page at investors.carmax.com. Requests for information may also be made to the Investor Relations Department by email to investor_relations@carmax.com or by calling (804) 747-0422 x7865. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
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The used car market is so strong that even 20-plus-year-old cars that would typically sell for only $2,000 a few years ago are now going for $3,500 and beyond. In many cases, you can get more money selling these cars on your own than you can from an online dealership.
CarMax tends to sell used cars that range from one to eleven years old, meaning roughly half of the vehicles will no longer be covered by their original new vehicle warranty. All vehicles sold by CarMax come with a 90-day Limited Warranty at no extra cost, with an optional extended warranty program available called MaxCare. See below for details on coverage with MaxCare.
Check out the results from our consumer extended auto warranty survey in the infographic below. Our findings on initial purchase prices for extended warranties include both third-party warranties and warranties bought from a dealership.
A CarMax extended warranty can be worth it depending on your vehicle and its reliability, as its costs for plans are on the lower end compared to industry averages. However, there are better deals out there in terms of coverage options and overall costs from other reputable providers.
The buyers liked the car buying experience because of the wide selection of vehicles, the fabulous customer service and the slightly more expensive, but easy, buying process. The CarMax extended warranty also came in handy for several of our happy customers. One customer even spoke of it covering the cost for several expensive repairs soon after buying the car from them without harassing them about the problems.
Their biggest appeal is how simple it makes the used-car buying process. If you want a no-pressure, no-hassle and low-risk car-buying experience, CarMax can make that happen. However, if your primary goal is to get the best price on a used vehicle, and you enjoy the art of negotiation, you may be better off buying online from a dealer or a private seller.
Shares of CarMax (KMX 5.21%) were down almost 24% as of 2:11 p.m. ET on Thursday after releasing disappointing revenue and earnings performance. Revenue of $8.1 billion was up 2% over the year-ago quarter but was well below the consensus analyst estimate of $8.5 billion. Earnings per share were $0.79, down from $1.72 a year ago.
Higher average selling prices for used and wholesale vehicles, which increased 9.6% and 17%, respectively, were just barely enough to offset the decline in unit sales. It was a similar story from the previous quarter.
CEO William Nash said, "Macro factors, including vehicle affordability that stem from persistent and broad inflation, climbing interest rates, and low consumer confidence, all led to a marketwide decline in used auto sales."
Buying a certified pre-owned (CPO) car is a convenient way to find a used car, SUV or truck in excellent condition. CPO vehicles, which are sold from dealerships of the same brand, go through extensive inspections and are reconditioned with factory parts. They also come with the best warranties. General Motors, for example, offers a one-year/12,000-mile bumper-to-bumper warranty and a five-year/100,000-mile powertrain warranty on all of its CPO cars. Our certified program comparison tool can help you see the differences in coverage. But just because they come with warranties doesn't mean they are exactly like new cars. Read "Certified Pre-Owned Cars: A Reality Check" to see what expectations you should have for a CPO car.
The coverage and convenience of a CPO car come at a price. CPO cars are typically the most expensive used-car option. Edmunds data indicates that consumers will pay on average a 6% to 8% premium for a 3-year-old CPO vehicle. One alternative might be to find a car from a private seller that is new enough to still be under warranty.
An independent dealership isn't associated with any particular automaker. The used-car selection can vary wildly, depending on whether you're shopping at a corner lot or a full-size dealership with a service department. Since the quality can also vary from one place to another, we recommend you run Google and Yelp searches and see what kind of reviews that dealer has. The Better Business Bureau is also a good resource.
We'd be remiss if we didn't toot our own horn to say that Edmunds also has used car listings from a wide range of dealerships and in both CPO and non-CPO varieties. Here you can search nationwide, get the price checked to see if it is high or a great deal and even see how long the car has been sitting on the dealer's lot. To be clear, Edmunds isn't selling the vehicles, but we can help you locate and get in touch with the dealership to see the vehicle in person and complete the sale.
Buying from CarMax is a hassle-free, no-haggle process. All of its salespeople are paid on a flat-commission basis, which means they'll get paid the same amount whether they sell you a BMW or a Ford. This pay system allows salespeople to focus on helping customers find a car that best fits their needs and price range, said a CarMax spokesperson.
If you have a trade-in, CarMax will make you a fixed offer on that, too. All CarMax vehicles come with a 90-day, 4,000-mile limited warranty (whichever comes first). The company also offers a 30 day money-back guarantee just in case you change your mind about the vehicle you choose. There are many cars to choose from, and they can be researched online. While there are a few exceptions, generally speaking, if you find a car you like at another branch, you can arrange to have it shipped to a location near you (sometimes for an additional fee).
When you buy a car from a dealership and require financing for your purchase, you have a few options for how to secure a loan. You may be tempted to secure a loan through the dealership. When a dealer provides you with financing options you need to understand that the dealer is profiting from this.
Car dealers place a lot more loans than any individual would. Because of this, they are able to work with their financial partners to secure lower interest rates on loans. When you fill out a credit application at a dealership the dealer circulates your application to multiple lenders and receives many quotes for what you qualify for. The dealer will then present to you options that are marked up from what they received from their lending partners.
Not only are insurance products negotiable at a one-price car dealership, you should also consider buying them from a different provider. Shopping extended warranties at other dealers or directly from providers is a wise move. But at a minimum, be sure to negotiate at CarMax, Carvana, etc, when you think about purchasing an extended warranty or other insurance product.
Carmax & carvana anger me. This not saving these tips are how to get half way ripped off not full ripped off. Thanks for tips. I see a carmax car which is already marked high. Plus a delivery fee. Plus I know to use my bank and say no to warranties. The truth hurts. Im angered. This is America and im never buying from Carmax &Carvana. Negotiation is what makes a good deal. Everyone likes a good deal.
CarMax's headquarters is located in Richmond, Virginia. CarMax Auto Finance operates from Kennesaw, Georgia. There are CarMax retail locations in 41 states as well as customer service call-centers (called Customer Experience Centers).[1] 041b061a72