-September 26,2021-
After being turned down by the Visalia City Council last year on a proposed location on South Mooney Blvd, CarMax, the nation’s largest used car dealership – is back with a new preferred location in town.
At the suggestion of several city council members, the big automotive retailer company has selected a 5.9 acre site in the Visalia Auto Plaza off of Highway 198 near Plaza Dr. The site is adjacent to other new car dealers – Lampe Chrysler Dodge Jeep Ram and BMW of Visalia.
The plans for the dealership were submitted at this week’s Site Plan Review held Sept 29. The location is on Hillsdale at North Century Blvd with frontage visible from 198 as you enter Visalia.
Proposed is a service and sales building of 8673sf with a 248 car sales lot, 86 customer parking spaces and 150 miscellaneous parking spots.
Already zoned for car sales, any issue over the fact they do only used car sales is likely to be waived by the city, wanting to land the big sales tax generator.
Not wanting to chase the business away for a second time, this round CarMax is not asking for any change of adopted policy that does not allow car dealers on Mooney. Other used car dealers in town gave the city an earful when CarMax argued at the time they would come to Visalia if they were allowed on the big retail strip
A typical CarMax store carries an inventory of 300–400 vehicles, and turns its inventory over eight to ten times a year. On average, a CarMax location employs 40 sales associates. Each car goes through a thorough 125-point inspection process, beyond any state-required inspections, and includes a 90-day warranty, three days to change the financing for free, and a 30-day money back guarantee.
Circuit City issued the first CarMax stock in February 1997, when CarMax had seven locations. Initially, the stock was a tracking stock still under the umbrella of Circuit City. CarMax officially split from Circuit City as of October 1, 2002.
CarMax sold over 750,000 vehicles to consumers in Fiscal Year 2021.
CarMax stock this week is up nicely (NYSE: KMX) trading at a new 52-week high on Sept 24, at $144.84. It is up 54% over the past year.