CarMax 2015 Annual Report Download - page 4

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CarMax, Inc. Fiscal 2015 2
differentiator, we are investing in the success of the company. CarMax was also named to Training magazine’s
Top 125 for the eighth consecutive year, an honor awarded to companies with the best leadership development,
outstanding training initiatives and demonstrable results of training programs. CarMax regularly adds new
training and reviews existing material to guarantee that the curriculum meets the needs of associates and the
business. Over the past year, training enhancements included the rollout of a world class on-boarding program
for new associates, as well as new change management training tailored specifically for all levels of the
organization. Also, many top instructor-led classes became available as on-demand, bite-sized online modules,
now accessible to all associates at any time to fit their work schedule.
Delivering Value to Shareholders. While the expansion of our business remains one of our top priorities, we
have set a current pace of store openings that we believe optimizes our opportunity for geographic expansion
while still driving continued operational efficiencies. In October 2012, CarMax’s Board of Directors approved the
company’s first share repurchase program. Since that time, the Board has authorized share repurchases of up to
$3.8 billion. As of the end of fiscal 2015, we had repurchased more than 30 million shares at a total cost of
$1.4 billion. This program reflects both our confidence in our ability to fund our growth plan and our ongoing
commitment to increase shareholder value.
CarMax Cares. Fiscal 2015 was another record year of giving for The CarMax Foundation. The Foundation was
created in 2003 to enrich the communities where our associates live and work, and it has become an integral part
of the CarMax culture. Annual grants during fiscal 2015 totaled $5.2 million, and the Foundation ended the year
just short of $25 million in total giving since inception. Once again this fiscal year, 100% of our locations
organized at least one volunteer team builder, and we established a new record of 800 volunteer events.
In addition to connecting our stores with local volunteer opportunities, The Foundation has developed a Board
Service program to provide training and connect associates across the country with opportunities to serve in a
leadership capacity with nonprofits. Ontario, California CarMax store Location General Manager Chris Petersen
is an example of an executive in our organization who supports the Boys and Girls Club of Greater San Diego as
a member of its Board of Directors. His was one of 66 board service grants The Foundation made to nonprofits
where CarMax associates serve in leadership roles.
Fiscal 2015 was our second year of partnership with nationally recognized non-profit KaBOOM! Last year we
committed to a three-year, $4.1 million partnership with KaBOOM!, and we have already built 18 of the 30
playgrounds we committed to as part of this partnership. Our partnership with KaBOOM! is bringing play to more
than 100,000 children. It supports both KaBOOM!’s goal of ensuring that all kids get the balanced and active play
they need to become healthy and successful adults and the national focus on Children’s Healthy Living that was
chosen by CarMax associates.
In Memoriam. During fiscal 2015, the CarMax family was deeply saddened by the passing of our founder, Rick
Sharp. In the early 1990s, Rick was instrumental in the formation of CarMax and he served as Chairman of our
Board of Directors until 2007. His commitment to integrity and passion for giving back to the community continue
to be our guiding principles. He left a profound and lasting impact on all of us at CarMax, and we will miss him.
In Appreciation. Again this year I would like to close by thanking all those who support our company, starting
with our more than 22,000 associates. Their engagement and commitment to continuous improvement are what
drives our profitable growth and maintains our strong competitive position. Let me thank each of them for
everything they do every day. I would also like to express the appreciation of all of us at CarMax to our
customers, communities and shareholders – thank you for your continued loyalty and trust.
Tom Folliard
President and Chief Executive Officer
April 24, 2015