CarMax 2010 Annual Report Download

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CarMax, Inc. Annual Report
Fiscal Year 2010

Table of contents

  • Page 1
    CarMax, Inc. Annual Report Fiscal Year 2010

  • Page 2
    ... vehicle quality, as measured by our "comeback ratio" and customer surveys. These savings are available to continue to optimize sales and profitability. We also successfully managed through one of the most challenging credit environments in recent history and have positioned CarMax Auto Finance...

  • Page 3
    ...exceptional customer service and proving that not only is CarMax a "best place to work" but also the way car buying should be. Sincerely, Total Revenues (In billions) 10 09 08 07 06 $6.26 $7.47 $7.47 $6.97 $8.20 Tom Folliard President and Chief Executive Officer April 26, 2010 Used Vehicles Sold...

  • Page 4
    ...a new manager assessment program and executive development circles are also in place to help support the development of various levels of associates. On average, each CarMax store associate completed at least 20 online or classroom courses during fiscal 2010, totaling more than 44 hours of training...

  • Page 5
    We believe our success in establishing and maintaining a positive and rewarding workplace environment where associates can flourish was one of the key reasons why CarMax was named one of Fortune's "100 Best Companies to Work For" for the sixth year in a row.

  • Page 6
    The unique customer experience at CarMax begins and ends with integrity. We offer transparency in every aspect of the car-buying process, including no-haggle pricing, guaranteed quality and thorough reconditioning, a vast selection of vehicles and a variety of financing alternatives.

  • Page 7
    ... unique customer experience at CarMax begins and ends with integrity. We offer transparency in every aspect of the car-buying process. In addition, we offer no-haggle pricing, guaranteed quality and thorough reconditioning, a vast selection of vehicles (available at the local store and by transfer...

  • Page 8
    ...our associates in value-added activities and providing them with the tools they need to improve efficiency in all their day-to-day activities, we will continue to enhance our customers' experience and shareholder returns. CarMax Markets CarMax Used Car Superstores (As of February 28, 2010) ALABAMA...

  • Page 9
    ...of the successes we have achieved, we are still at the beginning of a multi-year process towards becoming a leaner and more innovative company. In consistently engaging our associates and providing them the tools needed to improve efficiency, we will continue to enhance our customers' experience and...

  • Page 10
    ... hours. Companywide, CarMax matched nearly $200,000 in associate gifts during fiscal 2010. CarMax Cares about our associates as well. The CarMax culture prescribes mutual respect among all associates and celebrates diversity of all kinds. CarMax fosters a positive and relaxed work environment...

  • Page 11
    ..., RICHMOND, VIRGINIA (Address of principal executive offices) 23238 (Zip Code) Registrant's telephone number, including area code: (804) 747-0422 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value...

  • Page 12
    ... Rule 12b-2 of the Act). Yes No ⌧ The aggregate market value of the registrant's common stock held by non-affiliates as of August 31, 2009, computed by reference to the closing price of the registrant's common stock on the New York Stock Exchange on that date, was $3.8 billion. On March 31, 2010...

  • Page 13
    ... 12. Directors, Executive Officers and Corporate Governance ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters...Certain Relationships and Related Transactions and Director Independence ...Principal Accountant Fees and Services...

  • Page 14
    .... Our expectations of factors that could affect CarMax Auto Finance income. Our expected future expenditures, cash needs and financing sources. The projected number, timing and cost of new store openings. Our sales and marketing plans. Our assessment of the potential outcome and financial impact of...

  • Page 15
    ... financing providers; the sale of extended service plans, guaranteed asset protection and accessories; the appraisal and purchase of vehicles directly from consumers; and vehicle repair service. The CarMax consumer offer enables customers to evaluate separately each component of the sales process...

  • Page 16
    ...In fiscal 2010, more than 25% of our vehicles sold were transferred at customer request. Our Certified Quality Inspection assures that every vehicle we offer for sale meets our stringent standards. We back every vehicle with a 5-day, money-back guarantee and at least a 30-day limited warranty. Other...

  • Page 17
    ... "trade-in" transaction with a process in which a CarMax-trained buyer appraises a customer's vehicle and provides the owner with a written, guaranteed offer that is good for seven days. An appraisal is available to every customer free of charge, whether or not the customer purchases a vehicle from...

  • Page 18
    ...auctions. The average auction sales rate was 97% in fiscal 2010. Dealers pay a fee to us based on the sales price of the vehicles they purchase. Customer Credit. We offer customers a wide range of financing alternatives, which we believe enhances the CarMax consumer offer. Before the effect of 3-day...

  • Page 19
    ... management with real-time information about many aspects of store operations, such as inventory management, pricing, vehicle transfers, wholesale auctions and sales consultant productivity. In addition, our store system provides a direct link to our proprietary credit processing information system...

  • Page 20
    ... those manufacturers' vehicles. 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...

  • Page 21
    ... a highly competitive business. Our competition includes publicly and privately owned new and used car dealers, as well as millions of private individuals. Competitors sell the same or similar makes of vehicles that we offer in the same or similar markets at competitive prices. Further, new entrants...

  • Page 22
    ... of these or other new accounting requirements or changes to U.S. generally accepted accounting principles could adversely affect our reported results of operations and financial condition. Confidential Customer Information. In the normal course of business, we collect, process and retain sensitive...

  • Page 23
    ... to acquire or lease suitable real estate at favorable terms could limit our expansion and could adversely affect our business and results of operations. The expansion of our store base places significant demands on our management team, our associates and our systems. If we fail to effectively...

  • Page 24
    ... in Atlanta, Georgia. We owned the remaining 41 stores currently in operation and the 3 superstores that were constructed in fiscal 2009 and which we now plan to open in fiscal 2011. We also owned our home office building in Richmond, Virginia, and land associated with planned future store openings...

  • Page 25
    ... used car superstore base for several consecutive years. As a result of the weak economic and sales environment, in December 2008, we temporarily suspended store growth. Based on the improvements in our sales and profitability in fiscal 2010, as well as the increasing stability in the credit markets...

  • Page 26
    ... high and low sales prices per share for our common stock for each quarter during the last two fiscal years, as reported on the New York Stock Exchange composite tape. 1s t Quarter Fis cal 2010 High Low Fis cal 2009 High Low $ 14.00 $ 8.40 2nd Quarter $ 17.60 $ 11.31 3rd Quarter $ 23.07 $ 16.64 4th...

  • Page 27
    COMPARISON OF CUMULATIVE FIVE YEAR TOTAL RETURN $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 2005 2006 2007 2008 2009 2010 CarMax Inc S&P 500 Index S&P 500 Retailing Index CarMax S&P 500 Index S&P 500 Retailing Index 2005 $ 100.00 $ 100.00 $ 100.00 2006 $ 95.21 $ 108.40 $ 111.97 As of February...

  • Page 28
    ...of long-term debt Long-term debt, excluding current p ortion T otal shareholders' equity Unit sales information Used vehicle units sold New vehicle units sold Wholesale vehicle units sold Percent changes in Comp arable store used vehicle unit sales T otal used vehicle unit sales T otal net sales and...

  • Page 29
    ... financing, extended service plans ("ESPs") and vehicle repair service. We also generate revenues, income and cash flows from the sale of vehicles purchased through our appraisal process that do not meet our retail standards. These vehicles are sold through on-site wholesale auctions. Wholesale...

  • Page 30
    ... procure suitable real estate. We staff each newly opened store with an experienced management team. Therefore, we must recruit, train and develop managers and associates to fill the pipeline necessary to support future store openings. Fiscal 2010 Highlights • • Net sales and operating revenues...

  • Page 31
    ... fair value of the retained interest could also be affected by external factors, such as changes in the behavior patterns of customers, changes in the strength of the economy and developments in the interest rate and credit markets. Note 2(C) includes a discussion of accounting policies related to...

  • Page 32
    ... NET SALES AND OPERATING REVENUES (In m illions) Used vehicle sales New vehicle sales Wholesale vehicle sales Other sales and revenues: Extended service plan revenues Service department sales Third-party finance fees, net Total other sales and revenues Total net sales and operating revenues 2010...

  • Page 33
    ... of our profitability. A store is included in comparable store retail sales in the store's fourteenth full month of operation. COMPARABLE STORE RETAIL VEHICLE SALES CHANGES Years Ended February 28 or 29 2010 2009 2008 Vehicle units: Used vehicles New vehicles Total Vehicle dollars: Used vehicles New...

  • Page 34
    ...reported a 23% decline in U.S. new car unit sales. Wholesale Vehicle Sales Our operating strategy is to build customer satisfaction by offering high-quality vehicles. Fewer than half of the vehicles acquired from consumers through the appraisal purchase process meet our standards for reconditioning...

  • Page 35
    ... in wholesale market values, which resulted in corresponding decreases in our appraisal offers, contributed to the reduction in our buy rate. Other Sales and Revenues Other sales and revenues include commissions on the sale of ESPs and GAP (reported in ESP revenues), service department sales and...

  • Page 36
    ... on the vehicle's selling price. Our ability to quickly adjust appraisal offers to be consistent with the broader market trade-in trends and our rapid inventory turns reduce our exposure to the inherent continual fluctuation in used vehicle values and contribute to our ability to manage gross profit...

  • Page 37
    ... both appraisal traffic and our buy rate, which required us to source a larger percentage of our used vehicles at auction. Vehicles purchased at auction typically generate less gross profit per unit compared with vehicles purchased directly from consumers. Additionally, wholesale industry prices for...

  • Page 38
    ... these types of vehicles remained strong from dealers who specialize in selling to credit-challenged customers. Other Gross Profit Other gross profit includes profits related to ESP and GAP revenues, net third-party finance fees and service department sales. We have no cost of sales related to ESP...

  • Page 39
    ...These lower wholesale values reduced our vehicle acquisition costs and contributed to the decline in our used and wholesale vehicle average selling price. CarMax Auto Finance Income CAF provides financing for a portion of our used and new car retail sales. Because the purchase of a vehicle is often...

  • Page 40
    ...used to value the related gain income and on the required credit enhancements. The volume of CAF loans originated and sold declined 4% to $1.86 billion from $1.93 billion in fiscal 2009, mainly reflecting a decline in the percentage of sales financed by CAF. Net of 3-day payoffs, the number of units...

  • Page 41
    ... and higher credit enhancement levels for fiscal 2009 originations were offset by the benefit of a significant drop in our funding cost benchmark rate. The increases in servicing fee income and direct CAF expenses in fiscal 2009 were proportionate to the growth in average managed receivables. The...

  • Page 42
    ... changes in the wholesale market pricing environment. Selling, General and Administrative Expenses SG&A expenses primarily include rent and occupancy costs; payroll expenses, other than payroll related to reconditioning and vehicle repair service, which is included in cost of sales; fringe benefits...

  • Page 43
    ...increase in planned fiscal 2011 expenditures reflects real estate acquisitions and construction costs associated with the resumption of store growth, as well as information technology and reconditioning equipment upgrades. By the end of fiscal 2010, we had achieved a sustainable reduction in average...

  • Page 44
    .... Consolidation of the auto loan receivables and the related non-recourse notes payable funded in the warehouse facility as of March 1, 2010. Recognition of a reserve for credit losses on the consolidated auto loan receivables. Consolidation of customer loan payments received but not yet...

  • Page 45
    ... in consumer rates and/or funding costs related to new loan originations, changes in loan loss experience, changes in the volume of CAF loan originations, changes in the value of derivative instruments and potential regulatory changes. In future periods, because our securitization transactions...

  • Page 46
    ... 2010, we owned 41 used car superstores currently in operation, 3 superstores that were constructed in fiscal 2009 prior to our suspension of store growth and that we plan to open in the first half of fiscal 2011 and our home office in Richmond, Virginia. In addition, five superstores were accounted...

  • Page 47
    ... or other funding arrangements, sale-leaseback transactions and borrowings under existing or expanded credit facilities will be sufficient to fund capital expenditures and working capital for the foreseeable future. Fair Value Measurements. As described in Note 6, we reported money market securities...

  • Page 48
    ... tax benefits related to uncertain tax positions. The timing of payments associated with $19.9 million of these tax benefits could not be estimated as of February 28, 2010. See Note 8. Off-Balance Sheet Arrangements CAF provides financing for a portion of our used and new car retail sales. We use...

  • Page 49
    ... credit risk by dealing with highly rated bank counterparties. The market and credit risks associated with financial derivatives are similar to those relating to other types of financial instruments. Notes 5 and 6 provide additional information on financial derivatives. COMPOSITION OF AUTO LOAN...

  • Page 50
    ... 28, 2010. KPMG LLP, the company's independent registered public accounting firm, has issued a report on our internal control over financial reporting. Their report is included herein. THOMAS J. FOLLIARD PRESIDENT AND CHIEF EXECUTIVE OFFICER KEITH D. BROWNING EXECUTIVE VICE PRESIDENT AND CHIEF...

  • Page 51
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Board of Directors and Shareholders CarMax, Inc.: We have audited the accompanying consolidated balance sheets of CarMax, Inc. and subsidiaries (the Company) as of February 28, 2010 and 2009, and the related consolidated statements of ...

  • Page 52
    ... generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of February 28, 2010, based on criteria established in Internal Control - Integrated Framework issued by COSO. As discussed in note...

  • Page 53
    ... as a percentage of net sales and operating revenues and may not equal totals due to rounding. Reflects the implementation of the accounting pronouncement related to participating securities. See Note 12 for additional information. See accompanying notes to consolidated financial statements. 43

  • Page 54
    ...2010 2009 Cas h and cas h equivalents A ccounts receivable, net A uto loan receivables held for s ale Retained interes t in s ecuritized receivables Inventory...as of February 28, 2010 and 2009, res pectively Capital in exces s of par value A ccumulated other comprehens ive los s Retained earnings TO ...

  • Page 55
    ... es of money market s ecurities , net Sales of inves tments available-for-s ale Purchas es of inves tments available-for-s ale NET C AS H US ED IN INVES TING AC TIVITIES FINANC ING AC TIVITIES : Increas e (decreas e) in s hort-term debt, net Is s uances of long-term debt Payments on long-term debt...

  • Page 56
    CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Common S hares O utstanding Capital in Excess of Par Value Accumulated O ther Comprehensive ...plans Shares cancelled upon reacquis ition Tax effect from the exercis e of common s tock options B ALANC E AS O F FEB RUARY 28, 2010 See accompanying notes...

  • Page 57
    ...of extended service plans and accessories; the appraisal and purchase of vehicles directly from consumers; and vehicle repair service. Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site wholesale auctions. 2. SUMMARY OF...

  • Page 58
    ... when the earnings process is complete, generally either at the time of sale to a customer or upon delivery to a customer. As part of our customer service strategy, we guarantee the retail vehicles we sell with a 5-day, money-back guarantee. If a customer returns the vehicle purchased within the...

  • Page 59
    ... related to reconditioning and vehicle repair services; fringe benefits; advertising; and other general expenses. (N) Advertising Expenses Advertising costs are expensed as incurred. Advertising expenses are included in SG&A expenses. See Note 15(D) for additional information. (O) Store Opening...

  • Page 60
    ... potential common stock. See Note 12 for additional information. (T) Risks and Uncertainties We sell used and new vehicles. The diversity of our customers and suppliers and the highly fragmented nature of the U.S. automotive retail market reduce the risk that near term changes in our customer base...

  • Page 61
    ... regarding the indirect benefits or costs that could be attributed to CAF. Examples of indirect costs not included are retail store expenses and corporate expenses such as human resources, administrative services, marketing, information systems, accounting, legal, treasury and executive payroll. 51

  • Page 62
    ... the sale of the commercial paper are used to pay for the securitized receivables. The return requirements of investors in the bank conduits could fluctuate significantly depending on market conditions. The warehouse facility has a 364-day term ending in August 2010. At renewal, the cost, structure...

  • Page 63
    ... 4.3% of managed receivables. The interest-only strip receivables, reserve accounts and required excess receivables serve as a credit enhancement for the benefit of the investors in the securitized receivables. The fair value of the retained interest was $552.4 million as of February 28, 2010, and...

  • Page 64
    ...to changes in credit spreads and other variable funding costs. The warehouse facility costs are expressed as a spread above applicable benchmark rates. Continuing Involvement with Securitized Receivables We continue to manage the auto loan receivables that we securitize. We receive servicing fees of...

  • Page 65
    ... average securitized receivables. Excludes auto loan receivables held for sale and auto loan receivables not eligible for securitization through the warehouse facility or term securitizations. Finance and Fee Income. Finance and fee income includes interest and fees charged to customers on the auto...

  • Page 66
    ... Years Ended February 28 or 29 2010 2009 2008 $ (8,547) $ (15,214) $ (14,107) Additional information on fair value measurements is included in Note 6. The market and credit risks associated with interest rate swaps and caps are similar to those relating to other types of financial instruments...

  • Page 67
    ... management. Valuation Methodologies Money Market Securities. Money market securities are cash equivalents, which are included in either cash and cash equivalents or other assets, and consist of highly liquid investments with original maturities of three months or less. We use quoted market prices...

  • Page 68
    ... for development represents land owned for potential expansion. Leased property meeting capital lease criteria is capitalized and the present value of the related lease payments is recorded as long-term debt. Accumulated amortization on capital lease assets was $9.6 million as of February 28, 2010...

  • Page 69
    ... provided, we believe it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets. The valuation allowance as of February 28, 2010, relates to capital loss carryforwards that are not more likely than not to be utilized...

  • Page 70
    ... the majority of full-time associates. We also have an unfunded nonqualified plan (the "restoration plan") that restores retirement benefits for certain associates who are affected by Internal Revenue Code limitations on benefits provided under the pension plan. We use a fiscal year end measurement...

  • Page 71
    ... measured using current market values. Our pension plan assets are held in trust and management sets the investment policies and strategies. Long-term strategic investment objectives include asset preservation and appropriately balancing risk and return. We oversee the investment allocation process...

  • Page 72
    ... 28, 2010 $ 861 3 46,539 10,882 19,438 $ 77,723 Includes large-, mid- and small-cap companies primarily from diverse U.S. industries including pharmaceuticals, banks, computers, telecommunications, internet and commercial and business services sectors; approximately 85% of securities relate to...

  • Page 73
    ... of return on plan assets and mortality rate. We evaluate these assumptions at least once a year and make changes as necessary. The discount rate used for retirement benefit plan accounting reflects the yields available on high-quality, fixed income debt instruments. For our plans, we review high...

  • Page 74
    ...company-funded contribution to the associates meeting the same age and service requirements. This plan is unfunded with lump sum payments to be made upon the associate's retirement. The total cost for this plan was not material in fiscal 2010 or fiscal 2009. 10. DEBT (In thousands) Revolving credit...

  • Page 75
    ... time, shares of CarMax, Inc. common stock valued at two times the exercise price. We also have an additional 19,880,000 authorized shares of undesignated preferred stock of which no shares are outstanding. (B) Stock Incentive Plans We maintain long-term incentive plans for management, key employees...

  • Page 76
    ... is calculated based on the closing market price of our common stock at the end of each reporting period. There were no capitalized share-based compensation costs as of the end of fiscal 2010, fiscal 2009 or fiscal 2008. STOCK OPTION ACTIVITY Weighted Average Exercis e Price $ 15.40 $ 11.52 $ 11.41...

  • Page 77
    ...from the market prices of traded options on our stock. (2) Based on the U.S. Treasury yield curve in effect at the time of grant. (3) Represents the estimated number of years that options will be outstanding prior to exercise. RESTRICTED STOCK ACTIVITY Weighted Average Grant Date Fair Value $ 20.55...

  • Page 78
    ... Stock Units. The initial fair market value per share for the liability-classified RSUs granted in fiscal 2010 was $11.43 at the grant date. As of February 28, 2010, we expect the total cash settlement upon vesting to range between $7.0 million to $18.6 million. (D) Employee Stock Purchase Plan...

  • Page 79
    ... 28, 2010, and $9.9 million as of February 28, 2009. 14. LEASE COMMITMENTS We conduct a majority of our business in leased premises. Our lease obligations are based upon contractual minimum rates. Most leases provide that we pay taxes, maintenance, insurance and operating expenses applicable to the...

  • Page 80
    ..., insurance and other costs payable directly by us. These costs vary from year to year and are incurred in the ordinary course of business. We did not enter into any sale-leaseback transactions in fiscal 2010 or fiscal 2008. We completed sale-leaseback transactions involving two superstores valued...

  • Page 81
    ... a 30-day limited warranty. A vehicle in need of repair within 30 days of the customer's purchase will be repaired free of charge. As a result, each vehicle sold has an implied liability associated with it. Accordingly, we record a provision for estimated future repairs during the guarantee period...

  • Page 82
    .... Consolidation of the auto loan receivables and the related non-recourse notes payable funded in the warehouse facility as of March 1, 2010. Recognition of a reserve for credit losses on the consolidated auto loan receivables. Consolidation of customer loan payments received but not yet...

  • Page 83
    .... An additional provision, effective for reporting periods beginning after December 15, 2010, requires that the reconciliation of Level 3 activity present information about purchases, sales, issuances and settlements on a gross basis instead of as one net number. If applicable, we will include these...

  • Page 84
    ...) (In thousands, except per share data) 1st Q uarter 2010 2nd Q uarter 2010 3rd Q uarter 2010 4th Q uarter 2010 Fiscal Year 2010 Net s ales and operating revenues Gros s profit CarM ax A uto Finance (los s ) income Selling, general and adminis trative expens es Net earnings Net earnings per...

  • Page 85
    ... and reported within the time periods specified in the U.S. Securities and Exchange Commission's rules and forms. Disclosure controls are also designed to ensure that this information is accumulated and communicated to management, including the chief executive officer ("CEO") and the chief financial...

  • Page 86
    ... joined CarMax in 1993 as a buyer-in-training. He has served as buyer, purchasing manager, district manager, regional director and director of buyer development. He was named vice president, merchandising in 1998 and was promoted to vice president of sales operations in 2007. In February 2010, Mr...

  • Page 87
    ... and Related Transactions" in our 2010 Proxy Statement. The information required by this Item concerning director independence is incorporated by reference to the sub-section titled "Director Independence" in our 2010 Proxy Statement. Item 14. Principal Accountant Fees and Services. The information...

  • Page 88
    ...Thomas J. Folliard President and Chief Executive Officer April 26, 2010 By: /s/ KEITH D. BROWNING Keith D. Browning Executive Vice President and Chief Financial Officer April 26, 2010 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following...

  • Page 89
    Schedule II CARMAX, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Balance at Beginning of ( In thousands ) Fis cal Year Year ended February 29, 2008: A llowance for doubtful accounts $ 7,083 Year ended February 28, 2009: A llowance for doubtful accounts $ 8,681 Year ended ...

  • Page 90
    ...Form Amendment to CarMax, Inc. Employment/Severance Agreement for Executive Officer, dated as of November 3, 2008, filed as Exhibit 10.3 to CarMax's Quarterly Report on Form 10-Q, filed January 8, 2009 (File No. 1-31420), is incorporated by this reference. * CarMax, Inc. Benefit Restoration Plan, as...

  • Page 91
    ... the Credit Agreement as filed. CarMax agrees to furnish supplementally to the Commission upon request a copy of such schedules and exhibits. Security Agreement, dated August 24, 2005, among CarMax, Inc., CarMax Auto Superstores, Inc., various subsidiaries of CarMax named therein and Bank of America...

  • Page 92
    ...20 to CarMax's Annual Report on Form 10-K, filed May 13, 2005 (File No. 1-31420), is incorporated by this reference. * CarMax, Inc. Subsidiaries, filed herewith. Consent of KPMG LLP, filed herewith. Powers of Attorney, filed herewith. Certification of the Chief Executive Officer Pursuant to Rule 13a...

  • Page 93
    ... Sberna Region Vice President Service Operations Gary Sheehan Assistant Vice President Process Engineering Vaughn Sigmon Region Vice President General Manager Los Angeles Region David Smith Assistant Vice President Operations Strategy Brian Stone Assistant Vice President Sales Development Tom Vicini...

  • Page 94
    ... Trade, Finance and Business Yale School of Management Chairman Garten Rothkopf (an international consulting firm) Shira Goodman Executive Vice President, Human Resources Staples, Inc. (an office supply superstore retailer) W. Robert Grafton Retired Managing Partner - Chief Executive Andersen...

  • Page 95
    ....com ANNUAL SHAREHOLDERS' MEETING Monday, June 28, 2010, at 1:00 p.m. ET The Richmond Marriott West Hotel 4240 Dominion Boulevard Glen Allen, Virginia 23060 STOCK INFORMATION For quarterly sales and earnings information, financial reports, filings with the Securities and Exchange Commission...

  • Page 96
    CaRMaX, InC. 12800 Tuckahoe Creek parkway, Richmond, Virginia 23238 804-747-0422 www.carmax.com