Brianna ParkerCarMax is s US-based fortune 500 company that deals in used cars. The company was formed in 1993 in Richmond, Virginia, by the corporate entity Circuit City Stores Inc. While the company has revolutionized automotive retail in the US, there are many competitors and alternatives to it.
Following is a summary of different companies that are a potential competitor or alternative for Carmax:
1. AutoNation
Launched: 1996
Founders: H. Wayne Huizenga
Headquarter: Fort Lauderdale, Florida
AutoNation is a US-based company providing automotive dealership and retail services for used vehicles. Wayne Huizenga founded AutoNation in 1996, and today the company has over 360 stores with headquarters in Fort Lauderdale, Florida.
The company offers 1Price Pre-Owned vehicles and promises a Money-Back Guarantee with Routine Service. The vehicles go through inspection and are certified for the customer’s ease.
2. Penske Automotive Group Inc.
Launched: 1990
Founders: Roger Penske
Headquarter: Bloomfield Hills, Michigan, United States
With its headquarters in Bloomfield Hills, Michigan, Penske Automotive Group Inc. is a multinational company for automotive dealership services.
The company operates in Western Europe, the United States, and Canada and is on the Fortune500 list of companies. Some of its offerings include commercial vehicles, diesel engines, gas engines, and related automotive equipment and services.
3. Sonic Automotive, Inc.
Launched: 1997
Founders: Bruton Smith
Headquarter: Charlotte, North Carolina, United States
Sonic Automotive is the fifth-largest automotive retailer in the US and operates in 14 US states with over 100 stores and 25 brands of vehicles.
Founded by Bruton Smith in 1997, Sonic automotive initially had only 20 stores. Today, Sonic is on the number 298 on the Fortune 500 list of companies and is also a part of the Russell 2000.
4. Asbury Automotive Group
Launched: 1995
Founders: David W. Hult
Headquarter: Duluth, Georgia, United States
Founded in 1995, Asbury Automotive Group is an Atlanta based company that operates in different parts of the US. A member of the prestigious fortune 500, Asbury Automotive is the 7th largest U.S. based automobile retailers.
The company has 80 dealerships, and 96 franchises spread over 10 states. Currently, Asbury is based in Duluth, Georgia, and led by its founder, president, and CEO David W. Hult.
5. Lithia Motors
Launched: 1946
Founders: Walt DeBoer
Headquarter: Medford, Oregon, United States
Lithia Motors, Inc. is an auto retailer and dealership with its headquarters in Medford, Oregon. As the third-largest vehicle retailer in the USA, Lithia has dealerships in 18 states with 180 stores.
By 2018, Lithia has reached the number 294 on the Fortune 500 list, making it a huge success.
6. Carvana
Launched: 2013
Founders: Ernest Garcia III, Ryan Keeton, Ben Huston
Headquarter: Tempe, Arizona, U.S
Carvana began as a subsidiary to DriveTime, which was a car retailer and financing company. However, after 2014, it separated and now functions as an online dealership for pre-owned cars that enable customers to buy, sell, finance, or trade-in cars.
Customers have the option to get their vehicles delivered or to pick them up from any of the 18 car vending machines operated by the company. The cars have a 7-day return policy, which allows customers to return cars within 7 days of purchasing if they are not satisfied with the vehicle.
7. Auto Trader
Launched: 1997
Founders: Sanford Schwartz
Headquarter: Atlanta, Georgia, United States
Autotrader was founded in 1997 by Sanford Schwartz. Today it operates as an online platform for car buyers and sellers. It acquires new, used, and pre-owned cars from dealers and private sellers to sell online.
Furthermore, the site gives useful information in the form of reviews, advice, and automotive comparison tools that aid customers in understanding financing and insurance.
8. Cars.com
Launched: 1998
Founders: Mitch Golub, William Swislow, Alex Vetter
Headquarter: Chicago, Illinois, U.S.
Cars.com is a US-based website that was launched in 1998. Currently, Cars.com is the second-largest classified site for automotive. The company was previously owned by Classified Ventures LLC.
Car.com has its headquarters in Chicago and is one of the most famous and renowned automotive classified company in the US.
9. Enterprise Car Sales
Launched: 1962
Founders: Jack Taylor
Headquarter: St. Louis, Missouri, United States
Founded by Enterprise rent a car’s founder Jack Taylor, Enterprise car sales is an expansion of Enterprise Holdings, which is the biggest car rental business in North America.
With more than 120 stores around the US, Enterprise Car Sales is one of the most popular and recognized used car retailers in America. They do not sell new cars, and their catalog consists of used cars of over 250 different models.
Wholesale auctions competitors
10. Manheim, a subsidiary of Cox Enterprises
Launched: 1945
Founders: Benjamin Z. Mellinger, Arthur F. Walters
Headquarter: Atlanta, Georgia
Manheim is a leader in North America’s vehicle remarketing scene. The company connects buyers and sellers to the largest auction network for exchanging vehicles.
It has over 115 digital, physical, and even mobile auctions that empower dealers and commercial buyers to maintain inventory.
11. KAR Auction Services, Inc.
Launched: 1989
Headquarter: Carmel, Indiana, United States
Kar Global was founded in 1989 and is based in Carmel, Indiana. Currently, it has over 15000 employees and operates in Canada, Mexico, Europe, the UK, and the USA.
The company markets itself as a technologically forward innovator in the field of remarketing. Their solutions are used in the top automotive auction platforms by large rental companies, financial institutions, and professional dealers.
Car History Database & Online Reports
12. Carfax
Launched: 1984
Founders: Robert Daniel Clark, Ewin Barnett
Headquarter: Centreville, Virginia, U.S.
Carfax operates as a web-based service providing reports on vehicle history for individuals and businesses for the purchase of used cars. The company operates in America and Canada with headquarters in Centreville, Virginia. Carfax has some free and useful services, including myCarfax, which gives customer vehicle service information and gives recommended maintenance alerts.
13. TrueCar
Launched: 2005
Founders: Christopher W. Claus
Headquarter: Santa Monica, California
Based in Santa Monica, California, TrueCar, Inc. is an automotive-related website providing information, pricing, and other details about a used car dealership.
Various dealerships employ TrueCar to collect the contact information of new leads and potential customers. Users are supplied with an online report describing car pricing from different dealerships in the TrueCar network.
Others
14. Franchised Car Dealers
There are several franchised car dealers that sell new and used vehicles from well-renowned auto brands such as General Motors, Honda, Toyota, Ford, Nissan, Etc.
15. Private (peer to peer)
Private or peer to peer sources of car dealing include online platforms such as Craigslist, eBay, OfferUp and Facebook Marketplace.
16. CarMax Auto Finance Competitors
Banks and credit unions can offer direct financing in the form of loans and lease for vehicles.
References & more information
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