![]() ![]() Headquartered in Bloomfield Hills, Michigan, the company offers automotive dealership services, vehicle parts, and vehicle shipping services. ![]() Penske Corporation acquired the company in 1997 and rebranded it to Penske Automotive Group in 2007. Penske Automotive Group was founded in 1990 as United Automotive Group. In terms of revenue, CarMax made about 10 times what Copart made in 2019. On the other hand, CarMax primarily sells to individual buyers. Copart majorly deals with other businesses in the auto resale industry even though it also sells to individual buyers. While both Copart and CarMax sell vehicles, Copart is more of a car auction store while CarMax is a vehicle listing store. As of 2019, the company had 7,327 employees and a revenue turnover of $2.04 billion. Insurance companies, car rental companies, fleet managers, government agencies, vehicle dealers, and other institutions make up the largest sellers of vehicles to Copart. Copart’s primary buyers are used vehicle dealers, exporters, rebuilders, and dismantlers. It provides online vehicle auction and remarketing services in the US, Canada, the UK, Germany, Ireland, Spain, Finland, Brazil, and the UAE. The company is headquartered in Dallas, Texas. CopartĬopart was founded in 1982 by Willis Johnson. CarMax Auto Finance brought in $456 million in revenues. It gives CarMax additional revenue and profits. This depends on the customer’s credit history and other data. The company provides financing to retail customers who need it through third-party finance providers. The company sold 832,640 units of vehicles in the 2020 financial year. In addition to selling used cars, CarMax has franchise agreements at two locations where it sells brand new vehicles. The company also sells other related products and services. Vehicles that do not meet the required standards are sold through auctions to licensed dealers. It inspects the vehicles to ensure they meet quality standards before they are offered for sale. In this segment, CarMax purchases used vehicles from owners and other sources and sells them at fixed no-haggle prices. The company makes money from two primary business segments- CarMax Sales Operations and CarMax Auto Finance. It offers customers a range of vehicle models and makes including domestic, imported, and luxury vehicles. How CarMax Makes MoneyĬarMax is a retailer for both used and new cars in the United States. It has operations in the US, Canada, and Western Europe. The company was founded in 1990 and is headquartered in Bloomfield Hills, Michigan. It is the largest car dealership company in the US in terms of revenue and the third-largest retailer of used cars. Penske Automotive Group is CarMax’s biggest competitor. CarMax Competitor Crossword CarMax similar companies:Ĭopart, Penske Automotive Group, AutoNation, Inchcape, Sonic Automotive, Asbury Automotive Group, Carvana, Lithia Motors, Autotrader, and Who Is CarMax’s Biggest Competitor?. ![]()
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