CarMax 2015 Annual Report Download - page 8

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PART I
In this document, “we,” “our,” “us,” “CarMax” and “the company” refer to CarMax, Inc. and its wholly owned
subsidiaries, unless the context requires otherwise.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This Annual Report on Form 10-K and, in particular, the description of our business set forth in Item 1 and our
Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in Item 7 contain
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), including statements regarding:
 Our projected future sales growth, comparable store sales growth, margins, earnings, CarMax Auto Finance
income and earnings per share.
 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 gross profit margin, inventory levels and ability to leverage selling, general and administrative and other
fixed costs.
 Our sales and marketing plans.
 The capabilities of our proprietary information technology systems and other systems.
 Our assessment of the potential outcome and financial impact of litigation and the potential impact of unasserted
claims.
 Our assessment of competitors and potential competitors.
 Our expectations for growth in our markets and in the used vehicle retail sector.
 Our assessment of the effect of recent legislation and accounting pronouncements.
In addition, any statements contained in or incorporated by reference into this report that are not statements of
historical fact should be considered forward-looking statements. You can identify these forward-looking statements
by use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,”
“predict,” “should,” “will” and other similar expressions, whether in the negative or affirmative. We cannot guarantee
that we will achieve the plans, intentions or expectations disclosed in the forward-looking statements. There are a
number of important risks and uncertainties that could cause actual results to differ materially from those indicated by
our forward-looking statements. These risks and uncertainties include, without limitation, those set forth in Item 1A
under the heading “Risk Factors.” We caution investors not to place undue reliance on any forward-looking statements
as these statements speak only as of the date when made. We disclaim any intent or obligation to update any forward-
looking statements made in this report.
Item 1. Business.
BUSINESS OVERVIEW
CarMax Background
CarMax, Inc. seeks to deliver an unrivaled customer experience by offering a broad selection of high quality used
vehicles and related products and services at low, no-haggle prices using a customer-friendly sales process in an
attractive, modern sales facility. Our strategy is to revolutionize the used auto retailing market by addressing the
major sources of customer dissatisfaction with traditional auto retailers. By focusing on customer service, associate
development and efficient execution, we have become the nation’s largest retailer of used cars, selling 582,282 used
vehicles at retail during the fiscal year ended February 28, 2015. In addition, we are one of the nation’s largest
operators of wholesale vehicle auctions and one of the nation’s largest providers of used vehicle financing.