CarMax Partners with Auto Repair Leader, RepairPal
November 28 2017 - 9:15AM
Business Wire
CarMax, Inc. (NYSE: KMX), the nation's largest retailer of used
cars, today announced it is expanding its commercial
relationship with RepairPal, a leading provider of auto service and
repair via a network of RepairPal Certified shops. Additionally,
CarMax has made a minority investment of $5 million as the lead in
a new round of financing for RepairPal.
Through this partnership, CarMax will provide its customers with
access to the RepairPal Certified shop network resulting in
additional trusted, quality and fair-priced service and repair
locations. This investment follows several months of successfully
partnering with RepairPal to offer Los Angeles customers the
convenience of more service options.
Bill Nash, CarMax president and CEO said, “CarMax led the way in
providing trust and transparency in car buying, selling and
ownership, and our relationship with RepairPal gives us the
opportunity to further enhance the customer experience. The
RepairPal Certified network, combined with CarMax’s own nationwide
staff of highly qualified technicians, ensures that our customers
have timely options for all their service and repair needs.”
RepairPal has built a network of auto repair shops that offer a
minimum 12 month/12,000 mile warranty on repairs. Customers can
feel confident they’ll receive reasonable prices on repairs as
shown in RepairPal’s Fair Price Estimator™. Art Shaw, RepairPal
CEO, commented, “CarMax’s commitment to creating a great customer
experience makes them an ideal partner as we continue to build out
our network of trustworthy mechanics who deliver fair pricing and
service excellence.”
About CarMax
CarMax is the nation’s largest retailer of used cars and
operates more than 180 stores in 39 states nationwide. CarMax
revolutionized the auto industry by delivering the honest,
transparent and high-integrity car buying experience customers want
and deserve. For more than 20 years, CarMax has made car buying
more ethical, fair and stress-free by offering a no-haggle,
no-hassle experience and an incredible selection of vehicles.
CarMax makes selling your car easy too, by offering no-obligation
appraisals good for seven days. At CarMax, we’ll buy your car even
if you don’t buy ours®. CarMax has more than 24,000 associates
nationwide and for 13 consecutive years has been named as one of
the FORTUNE 100 Best Companies to Work For®. During the 12 months
ending February 28, 2017, the company retailed 671,294 used cars
and sold 391,686 wholesale vehicles at its in-store auctions. For
more information, access the CarMax website
at www.carmax.com.
About RepairPal
Established in 2007, RepairPal is bringing trust and
peace-of-mind to auto repair. At RepairPal.com, consumers have free
access to a vast array of invaluable resources for taking care of
their cars. The RepairPal Certified Network shows trusted shops
nationwide where repairs are done at fair prices with quality parts
and an attentive staff. By visiting RepairPal.com, consumers
can get back on the road quickly knowing they'll receive quality
work at fair prices.
Forward-Looking
Statements
We caution readers that the statements contained in this release
about future business plans, operations, opportunities or prospects
are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
You can identify these forward-looking statements by the use of
words such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “should,”
“will” and other similar expressions, whether in the negative or
affirmative. Such forward-looking statements are based upon
management’s current knowledge and assumptions about future events
and involve risks and uncertainties that could cause actual results
to differ materially from anticipated results. Among the factors
that could cause actual results and outcomes to differ materially
from those contained in the forward-looking statements are the
following:
- Changes in the competitive landscape
and/or our failure to successfully adjust to such changes.
- Events that damage our reputation or
harm the perception of the quality of our brand.
- Changes in general or regional U.S.
economic conditions.
- Changes in the availability or cost of
capital and working capital financing, including changes related to
the asset-backed securitization market.
- Our inability to recruit, develop and
retain associates and maintain positive associate relations.
- The loss of key associates from our
store, regional or corporate management teams or a significant
increase in labor costs.
- Security breaches or other events that
result in the misappropriation, loss or other unauthorized
disclosure of confidential customer, associate or corporate
information.
- Significant changes in prices of new
and used vehicles.
- Changes in economic conditions or other
factors that result in greater credit losses for CAF’s portfolio of
auto loan receivables than anticipated.
- A reduction in the availability of or
access to sources of inventory or a failure to expeditiously
liquidate inventory.
- Changes in consumer credit availability
provided by our third-party finance providers.
- Changes in the availability of extended
protection plan products from third-party providers.
- Factors related to the regulatory and
legislative environment in which we operate.
- Factors related to geographic and sales
growth, including the inability to effectively manage our
growth.
- The failure of or inability to
sufficiently enhance key information systems.
- The effect of various litigation
matters.
- Adverse conditions affecting one or
more automotive manufacturers, and manufacturer recalls.
- The inaccuracy of estimates and
assumptions used in the preparation of our financial statements, or
the effect of new accounting requirements or changes to U.S.
generally accepted accounting principles.
- The performance of the third-party
vendors we rely on for key components of our business.
- Factors related to seasonal
fluctuations in our business.
- The occurrence of severe weather
events.
- Factors related to the geographic
concentration of our stores.
For more details on factors that could affect expectations, see
our Annual Report on Form 10-K for the fiscal year ended February
28, 2017, and our quarterly or current reports as filed with or
furnished to the U.S. Securities and Exchange Commission. Our
filings are publicly available on our investor information home
page at investors.carmax.com. Requests for information may also be
made to the Investor Relations Department by email to
investor_relations@carmax.com or by calling 1-804-747-0422 ext.
4391. We undertake no obligation to update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171128005859/en/
Catherine Gryp, CarMax Public Relations,
PR@carmax.comorKimberlea Buczeke, Community & Content at
RepairPal, kimberlea@repairpal.com
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