Used car dealership chain CarMax Inc. is planning to better serve customers and grow its business by making improvements, CEO Tom Folliard explained at their annual meeting.
The leader of the Richmond-based company said CarMax is looking at improvements to its website, modifying its existing store model to be more efficient, and developing a smaller store model to encourage entering new and smaller markets in the U.S.
CarMax, currently runs over 100 stores that sell used cars and trucks. Their focus is on lowering expenses, and increasing traffic, execution and margins to ride out the weak automotive market and better position the company for future growth.
There’s no projected timeframe for when these plans will hit all of the stores.
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