Carmax Weathers Recession
Richmond-based Carmax has broken ground on its first new store in more than two years. It appears to be a bright spot among major area businesses.
Car Max is the largest used car retailer in the country; and during the recession, used car prices have risen twenty percent.
Hoffer: Car Max, I think, has weathered this economic downturn very well.
Long-time auto industry expert George Hoffer:
Hoffer: They tell me inventory's quite lean and they benefitted from the rise in used car prices, in the sense that they're the largest holder of used cars in the country, having the largest inventory.
Car Max's first new store in two years is going up in Baton Rouge, Louisiana. It currently has 103 stores in 26 states, and with plans to open eight to fifteen more through fiscal 2013, Hoffer says he's:
Hoffer: Bullish. Absolutely bullish.