Used-car giant CarMax eyes Tupelo

carmaxBy Dennis Seid
Daily Journal

TUPELO – CarMax, the nation’s largest used-car retailer with 121 locations in 61 markets, has sold more than 4 million used vehicles.

And now it has plans to open a dealership in Tupelo.

Its only other Mississippi location is in Jackson.

A representative for CarMax will be at the Tupelo Planning Committee meeting on Monday to present its plans.

It has applied to the city’s Department of Development Services to locate the dealership on Tom Watson Drive, south of Fairfield Inn & Suites on property now owned by BNA Bank of New Albany. The city’s development code requires a “Major

Conditional Use” to locate a used car dealership in the Barnes Crossing Overlay District where it plans to build.

Also, the company has asked for a variance for the city to allow it to have 56 employee and customer parking spaces instead of the required 45 parking spaces. CarMax was founded in Richmond, Va., in 1993. It has thousands of vehicles in its inventory at its dealerships and online.

For the first quarter of this year, the company reported record results with net sales and operating revenue increasing 19 percent to $3.31 billion as used car sales increase 22 percent.

Net earnings for CarMax (NYSE:KMX) grew 21 percent to $146.7 million, or 64 cents a share.

dennis.seid@journalinc.com