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Letter to the Editor
Wednesday October 19
Carmax CEO Ligon to Retire
CarMax, Inc. has announced that its co-founder, president, and chief executive officer, Austin Ligon, has informed the CarMax board of directors that he intends to retire in 2006. The board has formed a search committee to seek a new CEO. Ligon said that he intends to remain with the company until a new CEO has taken office."September marked the beginning of my 15th year of work on the CarMax business and my 11th year as the company's president," said Ligon. "Over this period, we've grown from the germ of a new idea to become both the nation's largest used car retailer and a Fortune 500 company with more than 11,000 associates. We've also been named one of the Fortune 2005 '100 Best Companies to Work For.' I'm very proud of what the CarMax team has been able to accomplish and of the very strong store operations and store support teams that we've built. This fall, we are completing the fourth full year of new store openings since restarting our growth pipeline in late 2001. By the fall of next year, the store growth pipeline should be operating at 'steady state,' with the percentage of immature stores -- those with less than 48 months in operation -- having flattened out at just below 50 percent.
"As a result, I believe now is a great time to add a new world-class leadership talent to our team," Ligon said. "I intend to work closely with the board over the coming months to help identify, recruit, and successfully integrate a new CEO. I have also informed the board that I will make myself available as an advisor to the new CEO for two years at his or her discretion. I believe this move will allow us to best position CarMax to successfully achieve the company's enormous potential for growth over the coming decade."
CarMax is the nation's largest retailer of used cars. Headquartered in Richmond, Va., CarMax currently operates 65 used car superstores in 29 markets. CarMax also operates seven new car franchises, all of which are integrated or co-located with its used car superstores. During the twelve month period ended August 31, 2005, the company sold 278,178 used cars, which is 93 percent of the total 299,138 vehicles the company retailed during that period.
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