CarMax is the United States' largest used-car retailer and a Fortune 500 company. The first CarMax used car auto superstore was opened in September 1993. In the fiscal year ending February 28, 2008, slightly less than 400,000 cars were sold; the company has about 100 locations.
The concept for CarMax was developed by Circuit City executives under then-CEO Richard L. Sharp for nearly a year in 1991 using the code name "Project X" and was also known as "Honest Rick's Used Cars" to those intimately involved in the planning. The concept was actually first proposed by a consultant hired by Circuit City to evaluate possible business opportunities beyond the scope of their consumer electronics locations.
