Governor Warner Announces CarMax Headquarters Will Remain in Virginia

RICHMOND - Governor Mark R. Warner today announced that CarMax, Inc. (NYSE: KMX), the nation's leading specialty retailer of used cars, will relocate its corporate headquarters, with almost 600 employees, to Goochland County's West Creek Business Park within the next two to three years. CarMax will construct a new headquarters in West Creek. 

CarMax, which recently announced that it plans to build 34 to 44 new stores between 2004 and 2007, had considered other locations in the Southeast as it searched for a site that could accommodate a gradually expanding staff to support the company's growth. CarMax also has store locations in Richmond and Sterling, Va., which employ a total of more than 550.

"It is most rewarding when a home-grown company like CarMax continues to thrive and expand here in Virginia," said Governor Warner. "In just 10 years, CarMax has grown from an innovative concept to a leading corporate citizen and major Virginia employer."

"It is only fitting that as we celebrate CarMax's ten-year anniversary, we announce we are staying in Virginia," said Austin Ligon, president and chief executive officer of CarMax, Inc. "CarMax was created here, and thanks to the cooperation of State and Goochland County officials and the owners of West Creek, our decision to stay was an easy one."

"Goochland County is elated that one of Virginia's most well-respected companies has chosen to move its headquarters into West Creek," said Dr. James H. Bowles, Sr., chairman, Goochland County Board of Supervisors. "We look forward to supporting CarMax's growth in the years to come."

The Virginia Economic Development Partnership and the County of Goochland Economic Development Authority assisted CarMax with its decision. The Virginia Department of Business Assistance will provide workforce-training services.

Headquartered in Richmond, Va., CarMax currently operates 44 used car superstores in 21 markets. CarMax also operates 15 new car franchises, 13 of which are integrated or co-located with its used car superstores. During the twelve month period ended August 31, 2003, the company sold 210,143 used cars, which is 91 percent of the total 232,003 vehicles the company sold during that period. For more information, access the CarMax Web site at www.carmax.com.