CarMax Launches New Online Pre-Qualification Capability Where Customers Can Shop Cars Nationwide with Personalized Financing Terms
January 17 2023 - 08:47AM
GlobeNewswire Inc.
CarMax, Inc. (NYSE: KMX), the nation’s largest retailer of used
cars, announces the national launch of its pre-qualification
capability – a new online financing experience that empowers
customers with the ability to shop CarMax vehicles nationwide with
personalized financing terms, with no impact to their credit score.
Pre-qualified customers will know their terms on vehicles across
CarMax’s inventory within minutes, including monthly payment and
APR.
In the current economic environment, inflation and rising
interest rates continue to be top of mind for many consumers. With
CarMax’s pre-qualification capability, used car shoppers can know
what they can afford from the beginning of their journey and feel
confident they are on track to find the right car that fits both
their needs and budget.
The experience is available on CarMax.com and the CarMax mobile
app. Once pre-qualified, customers can use their pre-qualification
to shop on CarMax.com with their personalized finance terms,
adjusting filters like down payment to see how it impacts their
terms, or filter to show only vehicles that meet their personalized
monthly payment budget.
“We continue to elevate the used car buying experience by
building tools that help improve the car shopping and financing
process and make it easier and more efficient for our customers,”
said Bill Nash, CEO of CarMax. “Our industry-leading online finance
experience and new pre-qualification capability, that leverages
multiple lenders, saves customers time and provides an added layer
of confidence in their journey to find their perfect vehicle that
fits both their lifestyle and budget.”
CarMax’s new pre-qualification capability has the following
features and benefits for customers:
- Pre-qualification decisions come directly from multiple lenders
and are personalized for each customer based on their credit
profile, with approximately 95% of customers receiving
approvals
- The process is fast and convenient, with most customers getting
results in minutes across CarMax’s entire nationwide inventory
- Save time and search efficiently with budgeting answers upfront
and the ability to sort and filter vehicles using personalized
monthly payment and down payment options
- Soft credit inquiry with no impact to credit score
The new pre-qualification capability is also integrated with
CarMax’s “Compare Feature,” which allows customers to see their
monthly payment alongside different car features of their favorite
vehicles for which they’re pre-qualified. Customers have access to
personalized results to see how each of their top vehicle choices
fits both their budget and style.
CarMax has redefined and transformed the used car buying
experience by putting the customer at the center. CarMax empowers
customers to buy a car on their terms – online, in-store, or a
seamless combination of both. The company offers online car
buying, as well as online instant offers to buy your car. Learn
more about these offerings and any relevant limitations at
carmax.com.
About CarMax
CarMax, the nation’s largest retailer of used autos,
revolutionized the automotive retail industry by driving integrity,
honesty and transparency in every interaction. The company offers a
truly personalized experience with the option for customers to do
as much or as little, online and in-store as they want. CarMax also
provides a variety of vehicle delivery methods, including home
delivery, express pickup and appointments in its stores. During the
fiscal year that ended on February 28, 2022, CarMax sold
approximately 924,000 used vehicles and 706,000 wholesale vehicles
at its auctions. In addition, CarMax Auto Finance originated more
than $9 billion in receivables during fiscal 2022, adding to its
nearly $16 billion portfolio. CarMax has more than 230 stores, more
than 30,000 associates and is proud to have been recognized for 18
consecutive years as one of the Fortune 100 Best Companies to Work
For®. CarMax is committed to making a positive impact on people,
communities and the environment. Learn more in the 2022
Responsibility Report. For more information, visit
www.carmax.com
# # #
- CarMax has redefined and transformed the used car buying
experience by putting the customer at the center.
- With CarMax’s pre-qualification capability, used car shoppers
can know what they can afford from the beginning of their journey
and feel confident they are on track to find the right car that
fits both their needs and budget.
Public Relations
CarMax
(855) 887-2915
PR@carmax.com
CarMax (NYSE:KMX)
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