CarMax 2009 Annual Report Download - page 16

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Training. To further support our emphasis on attracting, developing and retaining qualified associates, we have
made a commitment to providing exceptional training programs. On average, each store associate completed at least
13 online or classroom courses, totaling more than 57 hours of training per associate in fiscal 2009. Store associates
receive structured, self-paced training that introduces them to company policies and their specific job responsibilities
through KMX University – our proprietary intranet-based testing and tracking system. KMX University is
comprised of customized applications hosted within a learning management system that allow us to author, deliver
and track training events and to measure associate competency before and after training. In fiscal 2009, nearly one
million hours of training were delivered through KMX University. Most new store associates are also assigned
mentors who provide on-the-job guidance and support.
We also provide comprehensive, facilitator-led classroom training courses to sales consultants, buyers, automotive
technicians and managers. All sales consultants receive extensive customer service training both initially and on an
ongoing basis. Buyers-in-training undergo a 6- to 18-month apprenticeship under the supervision of experienced
buyers, and they generally will assist with the appraisal of more than 1,000 cars before making their first
independent purchase. We utilize a mix of internal and external technical training programs in an effort to provide a
stable future supply of qualified technicians. Reconditioning and mechanical technicians attend in-house and
vendor-sponsored training programs designed to develop their skills in performing repairs on the diverse makes and
models of vehicles we sell. Technicians at our new car franchises also attend manufacturer-sponsored training
programs to stay abreast of current diagnostic, repair and maintenance techniques for those manufacturers’ vehicles.
Additionally, our new managers attend an intensive week-long workshop at the home office where they meet with
senior leaders and learn fundamental CarMax management skills.
Laws and Regulations
Vehicle Dealer and Other Laws and Regulations. We operate in a highly regulated industry. In every state in
which we operate, we must obtain various licenses and permits in order to conduct business, including dealer,
service, sales and finance licenses issued by state and certain local regulatory authorities. A wide range of federal,
state and local laws and regulations govern the manner in which we conduct business, including advertising, sales,
financing and employment practices. These laws include consumer protection laws, privacy laws, anti-money
laundering laws and state franchise laws, as well as other laws and regulations applicable to new and used motor
vehicle dealers. These laws also include federal and state wage-hour, anti-discrimination and other employment
practices laws. Our financing activities with customers are subject to federal truth-in-lending, consumer leasing and
equal credit opportunity laws and regulations, as well as state and local motor vehicle finance and collection laws,
installment finance laws and usury laws.
Claims arising out of actual or alleged violations of law could be asserted against us by individuals or governmental
authorities and could expose us to significant damages or other penalties, including revocation or suspension of the
licenses necessary to conduct business and fines.
Environmental Laws and Regulations. We are subject to a variety of federal, state and local laws and regulations
that pertain to the environment. Our business involves the use, handling and disposal of hazardous materials and
wastes, including motor oil, gasoline, solvents, lubricants, paints and other substances. We are subject to
compliance with regulations concerning the operation of underground and aboveground gasoline storage tanks,
aboveground oil tanks and automotive spray booths.
AVAILABILITY OF REPORTS AND OTHER INFORMATION
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy
statements on Schedule 14A, as well as any amendments to those reports, are available without charge through our
website, carmax.com, as soon as reasonably practicable after filing or furnishing the material to the Securities and
Exchange Commission (“SEC”). The contents of our website are not, however, part of this report.
In addition, our Corporate Governance Guidelines and Code of Business Conduct, as well as the charters of the
Audit Committee, Nominating and Governance Committee and Compensation and Personnel Committee, are
available to shareholders and the public through the “Corporate Governance” link on our investor information home
page at investor.carmax.com. Printed copies of these documents are available to any shareholder, without charge,
upon written request to our corporate secretary at the address set forth on the cover page of this report. Any changes
to these documents or reportable waivers of the Code of Business Conduct are promptly disclosed on our website.