RICHMOND, VA - CarMax, Inc., a retailer of used cars, was named by FORTUNE magazine as one of its 2011 "100 Best Companies to Work For." This is the seventh consecutive year CarMax has been named to the list. CarMax ranks No. 81 on the list for 2011.
The list and related stories will appear in the February 7 issue of FORTUNE, available on newsstands January 24, 2011 and now at www.fortune.com/bestcompanies.
"We've had a year of successes at CarMax. None of this would have been possible without the dedication of our associates, who show time after time their commitment to this company," said Tom Folliard, president and chief executive officer of CarMax. "They are energized by the culture of integrity we continue to cultivate. I am so proud to be a part of the CarMax team."
The company is moving forward with its growth plan, having announced plans for five new stores for fiscal year 2012 in new cities that include Baton Rouge, La., Lexington, Ky. and North Attleborough, Mass. The company has stated it will open between five and ten stores in fiscal year 2013. To prepare for future expansion, as well as the traditionally busy spring and summer car buying season, the company is hiring to fill more than 1,000 positions across the country.
CarMax offers consumers a no-hassle, no-haggle car-buying experience and a broad selection of high-quality used vehicles. CarMax does not sell flood- or frame-damaged vehicles, and guarantees a clean title and accurate odometer readings on its cars. All vehicles are thoroughly inspected, reconditioned and are backed with a five-day, money-back guarantee and a limited 30-day warranty (60-day in Conn.).
To pick the 100 Best Companies, FORTUNE partners with the Great Place to Work Institute to conduct the most extensive employee survey in corporate America. Three hundred eleven companies participated in this year's survey. Two-thirds of a company's score is based on the results of a random sample of employees from each company. The survey asks questions related to their attitudes about the management's credibility, job satisfaction and camaraderie. The other third of the scoring is based on the company's responses to questions about pay and benefit programs and a series of open-ended questions about hiring, communication and diversity.