CarMax 2012 Annual Report Download - page 6

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5 CarMax 2012
In fiscal 2012, the Foundation added a new charitable focus
area: non-profits devoted to wellness, nutrition and health
awareness. CarMax offers a variety of wellness programs that
encourage associates to make healthy choices and beneficial
lifestyle changes; the Foundation is now expanding this focus
on health to our communities.
Grants are awarded in a variety of ways, most significantly
through CarMax’s Regional Giving Program, where each of
our eight regions and CarMax Auto Finance choose where
to allocate funds in their local communities. This year the
Foundation authorized additional funds under a new Com-
munity Enrichment Program, which allowed the regions to
recommend grants to highly visible non-profit organizations
focused on cultural enrichment, including museums, libraries,
gardens and others.
Associate giving programs include the Matching Gifts Program,
which this year made two important enhancements: it was
expanded to family members who volunteer time or make
monetary donations, and it increased the per-associate
matching gifts total. At 355 discrete events and an estimated
13,000 volunteer hours, fiscal 2012 was another record year
for volunteer “team-builders” where associates join their
colleagues in giving their time to charitable causes.
For CarMax, fiscal 2012 was a year of milestones and record
accomplishments, as demonstrated in our overall financial results,
our retail and wholesale vehicle sales, and at CAF and The
CarMax Foundation. We again ended the year with a healthy bal-
ance sheet and are well positioned for growth, in terms of liquid-
ity, our real estate pipeline and our people. We look forward to
doubling our store openings in fiscal 2013 to a total of ten, open-
ing in some exciting new markets for CarMax, such as Denver,
Colorado, and adding stores in some of our strong existing
markets, such as Nashville, Tennessee. At the same time, we are
committed to our ongoing priority of Building a Better CarMax.
Our associates are the key to our future. One of the primary
reasons I am so proud to work at CarMax is because I believe
we have the most dedicated and hard-working associates.
They are the reason we can offer the best customer service
and the highest quality vehicles. The success of our important
initiatives is due entirely to their focus, creativity and skill.
I am very grateful to them for the work they do everyday.
I also remain grateful for the confidence and loyalty of our
customers and shareholders. We have committed ourselves at
CarMax to continually meeting your highest expectations.
Tom Folliard
President and Chief Executive Officer
April 25, 2012