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CarMax officially split from Circuit City as of October 1, 2002, when it was spun off as a stock dividend for Circuit City shareholders, with shares also issued to those holding CarMax tracking stock. [12] CarMax sold over 750,000 vehicles to consumers in Fiscal Year 2021 (March 1, 2020–February 28, 2021). [2] According to the CarMax fiscal ...
CarMax grew slowly for its first four years as the team refined the basic concept, then went public through an IPO as a "tracking stock" of Circuit City in February 1997. The offering was managed by Morgan Stanley and Goldman Sachs, and raised more than $400m for a 20% interest in the company, with Circuit City retaining the remaining 80% ...
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