RICHMOND, VA – CarMax, Inc., a retailer of used cars, has announced its growth in California. With the recent opening of its locations in Irvine and Ontario, CarMax now has five stores in the Los Angeles market. CarMax also has a store in the Sacramento market, which opened in 2002.
"Our hope is to have a total of 15 to 20 stores in the state within the next five to 10 years. Each CarMax store should contribute 100 to 150 jobs to the state, and each represents about a $15 to $30 million investment," said Austin Ligon, president and chief executive officer of CarMax, Inc.
According to Ligon, investing in California was an easy decision for CarMax. "California consumers readily embrace new concepts," said Ligon. "Many trends begin in California and flow to the rest of America. That is why most major auto manufacturers have design facilities in the state. In fact, California is the world's greatest auto market -- it's where the modern consumer auto industry grew up. And, CarMax already has a great success story in California. In April 2002, we opened a used car superstore at the Roseville Auto Mall near Sacramento, the nation's largest auto mall. This store was so well-received by Sacramento-area car shoppers that it has been our fastest growing CarMax store nationwide."
CarMax has a site under development in Fresno and also has several additional sites under consideration in the greater Los Angeles area.