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Letter to the Editor

CarMax Again Named One of FORTUNE Magazine's 100 Best Companies to Work For

"CarMax's associates are to thank for this honor," said Austin Ligon, president and chief executive officer of CarMax. "They have gone above and beyond to create a culture focused on being ethical, trustworthy, and respectful of our customers. Their high level of personal honesty and professional integrity make it possible for us to sell cars in a way that is transforming auto retailing. One of the reasons we are a great place to work is because we continuously listen to our associates to determine how to improve our workplace."

New benefits the company added in 2005 include health insurance for domestic partners and their children, a stock purchase plan for part-time associates, and an increase in the tuition assistance program.

"CarMax associates care deeply about the communities where they live and work," Ligon said. "This is why we have added more ways for our associates to support their communities through the CarMax Foundation."

For every hour an associate volunteers at a charitable organization, the foundation donates $10 to the charity. The foundation also makes a $500 donation when a team of associates volunteers for eligible charities. In addition, the foundation matches an associate's cash donations of up to $1,000 per year.

Additional associate benefits offered by the retailer include a $4,000 adoption assistance program, a store-wide steak dinner award program for record sales, and discounts on cars, parts, service, accessories and extended service plans. The company focuses on providing a healthy work-life balance, encouraging professional and leadership development, hiring a diverse group of associates, and supporting community involvement.

CarMax offers consumers a no-hassle, no-haggle car-buying experience and a broad selection of high-quality used vehicles. CarMax guarantees the quality of the cars sold, does not sell flood- or frame-damaged vehicles, and guarantees clean titles and accurate odometer readings on its cars. All vehicles are thoroughly inspected and reconditioned, and CarMax offers a five- day, money-back guarantee and a limited 30-day warranty.

FORTUNE's annual ranking of companies is based primarily upon a confidential, random survey of associates, as well as an evaluation of a company's culture, compensation, training, and turnover. CarMax ranked No. 93 on the list for 2006.

CarMax is the nation's largest retailer of used cars. Headquartered in Richmond, Va., CarMax currently operates 67 used car superstores in 31 markets. CarMax also operates seven new car franchises, all of which are integrated or co-located with its used car superstores.

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