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Circuit City sold a further 10% of its interest in CarMax in July 2001 for $140mm (~$230 million in 2023), with proceeds going to Circuit City. CarMax was spun off from Circuit City in a tax free distribution to shareholders in October 2002 to allow both companies to grow and be valued independently.
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 October 2022, CarMax operates 238 locations. [3]
Under Sharp, Circuit City's annual revenue grew from $175 million to 10.6 billion during his fourteen-year tenure. [2] The number of brick-and-mortar stores also increased from 69 in 1988 to more than 600 locations by 2000. [3] Sharp also moved Circuit City from its core consumer electronics business into new ventures, such as home security. [2]
Ligon and Richard Sharp, then CEO of Circuit City, developed the CarMax idea together in 1991 and launched the first CarMax store in Richmond, Virginia, in 1993. [5] Austin became Sr. VP of Automotive in 1992, and President of CarMax in 1995.
Ohio Falls Iron Works; ... CarMax ; Dollar Tree Dominion ... Circuit City - defunct in 2009; Colgan Air - ceased operations in 2012;
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