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CarMax auto superstore in Raleigh, North Carolina. CarMax is a used car auto superstore concept developed in 1991 at Circuit City by Austin Ligon, then Circuit City's Senior VP of Planning, and Rick Sharp, then Circuit City CEO. The goal of CarMax was to revolutionize used car retailing through a combination of large selection (400+ used cars ...
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City, opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations. [3]
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Bankruptcy discussions centered around the prospect of Chapter 11 bankruptcy, commonly called restructuring, commonly used to provide a window of opportunity for a corporation to renegotiate contracts, sell assets or component businesses for cash, obtain debt forgiveness, or otherwise reform itself as a viable business enterprise.
Co-founded by Sharp in 1993, CarMax grew to $12.5 billion in annual sales at approximately 135 locations by 2013. [2] Sharp hired Thomas J. Folliard as one of CarMax's first employees. Folliard has served as the president and chief executive of CarMax from 2006 until 2016, when Folliard retired. [3]
The chain filed for its second bankruptcy and liquidation on August 7, 2019, [13] closing the remaining 54 stores [14] with plans to auction its intellectual property. [15] ALDO filed for bankruptcy on May 7, 2020, citing repercussions related to the COVID-19 pandemic as to why. [16] The shoe chain emerged from bankruptcy two years later. [17]
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William Austin Ligon (born ca. 1951) is the co-founder and retired CEO of CarMax.He retired in June 2006, and is now a private angel-stage investor. Among his recent investments are Gazelle, Redfin, Rev.com, Car Trade (India), Eneza Education and Tazza Kitchen.