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Work begins on CarMax facility in Henrietta

Rochester Business Journal
September 24, 2013

After more than two years of planning, used-car giant CarMax Inc. has broken ground on a 45,000-square-foot store in Henrietta.

In July 2011 CarMax, which touts itself as the nation’s largest retailer of used vehicles, purchased the 14-acre site that formerly housed Patrick Pontiac on West Henrietta Road. A deed filed with the Monroe County Clerk’s Office shows the property was sold to CarMax by John Holtz for some $5.12 million.

The facility, which is to include eight acres of parking for cars, is the company’s first foray into the used-car market in New York. Construction is headed by R-J Taylor General Contractors Inc., which does business as Taylor, the Builders.

CarMax spokeswoman Elia Imler told the RBJ in 2011 the company expected to employ 50 to 100 people in Rochester. CarMax operates 123 used car superstores in 61 markets across the country.

The company’s business model is one of a no-haggle buying experience with set prices on vehicles, service plans and financing. CarMax offers hundreds of vehicles at each of its facilities, as well as more than 30,000 used cars on its website.

CarMax sells more than 400,000 used cars annually. The publicly traded company is based in Richmond, Va., and was founded in 1991. In fiscal 2013 CarMax posted revenue of $11 billion and net income of $434 million.

Shares of CarMax stock (NYSE: KMX) were up nearly 4 percent at $51.90 in midday trading Tuesday.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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