Theconcept of CarMax was born 1991 from the corporate entity behind Circuit CityStores.
It was the work of Richard Sharp which led the Circuit City Stores andW. Austin Ligon who worked under sharp serving as the senior vice-president of corporateplanning. They asked the people who bought new and used vehicles about their carbuying experience,” Sharp explained in an October 23, 1995 interview with Forbes.
“Notsurprisingly, there were more dislikes than likes.” Sharp looked at the$150 billion used carmarket and saw qualities that convinced him theCircuit City approach to retailing could be grafted onto the used carmarket. (Funding Universe, 2005) Initially, Circuit City Stores wouldfund the startup, but that’s where it ended. They soon found it would be a longroad to travel, learning and evolving along the way but eventually they endedup at the top as the nation’s largest retailer of used cars.Products and Services By now, CarMax can be described as a chain ofnew car franchises and used car lots. The used car portion is modeled after itsformer parent company Circuit City which was a home electronics “superstore”.
Asof January 2018, CarMax has more than 185 locations in 40 states. At each ofthe used car superstores, you should expect to see roughly 500 vehicles thathave undergone strict inspections and have less than than 70,000 miles at nomore than six model years old. They also have new car franchise locations. Thedifference between CarMax and the competition is honest transparent pricing allon the vehicles. Not having to “haggle” the price has helped to create a morerelaxed car buying experience. Training Services and Setupof Training Department Since they have gained traction in the market,the rate of expansion across the country is at an exciting pace and maintain uniformitybetween locations and over 22,000 total employees are no easy task. Uniform trainingis key in a company of this magnitude and the services offered at KMXUniversity, their training program, is equally outstanding and they are anythingbut “one size fits all”.
They cover various learning types and methods from one on one mentoring, to classroomtraining, to online courses using their online management training system, andmore. Some of the program offerings include, an online video training library,clear growth paths, workshops, virtual classrooms and 3D Virtual Environments. Theycan also provide their team members with a position specific plan or a personalizedjob development curriculum that will include both online and facilitatedtraining. They also added in 2008, the CarMax Management Assessment Program (MEP)which was designed to deliver accurate an accurate assessment of success at thenext level. This program has strengthened the organizations ability to build abetter CarMax The Relationship Between Training and the Company’sBusiness Goals and Strategy Beforeyou can setup training, confirm it aligns with the company’s goals and strategy.In other words, you need to know what the company wants to achieve. CarMax has gainednumerous competitive advantages which increase profitability from learning howto use development and training programs to support their business. Developmentand training has affected their business strategy by promoting specific skills.
Everyone is different. That’s why their training is so valuable. At KMXUniversity, they also develop a plan for the team member and their immediatemanager which is another way to acquire the skills needed to prepare for careergrowth. Why do you believethe organization was ranked in the Top 125? Forthe past 13 years, CarMax has been on Fortune’s Top 100 list of “Best Companiesto Work For” and has an employee rating of 4 stars (Fortune, 2017).Offering above average salaries and benefits tells me they’ve made the company successfulby taking employee success seriously. The more than 40 average annual hours oftraining even includes a mentor for each new member to create a “nurturing”work environment. This has been a great recipe to produce efficient employees. Fora company to stay on top in an ever-changing environment.
It must constantly finetune every angle of the market and that takes a knowledgeable staff. A staffthat is proud of who they are and will put forth the effort to stay above thecompetition. This is a testament to great leadership. I have heard great bossesare hard to find and from the other side saying great employees are hard tofind. But every so often you see a company with both and you may think, it’s a coincidence.I can assure you, most times, it isn’t. What you see is a house that was builtby starting with a clear and defined plan.
Theroof that shelters the house from storms can only do its job if the walls arestrong enough to hold it in place. And if the walls aren’t supported by a firmfoundation, the house crumbles. Likewise, for a company to stand tall andweather the storms, each part must do its job to the best of its ability. By implementingproper training, everyone understands how their role affects the house.
Theyalso see the benefits of a strong house.