RICHMOND, VA – Austin Ligon, chief executive of CarMax, has announced his plans to retire next year, according to the Associated Press.

Ligon co-founded the Richmond-based company. September marked the start of his 15th year with CarMax.

CarMax now operates 65 used-car superstores in 29 markets. It also runs seven new-car franchises.

The company's board of directors has created a search committee to find a new CEO. Ligon, 54, plans to stay with the company until his replacement takes over.