CarMax 2016 Annual Report Download - page 4
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Please find page 4 of the 2016 CarMax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.CarMax, Inc. Fiscal 2016
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differentiator, we’re investing in the success of the company. CarMax was also named to Training magazine’s
Top 125 for the ninth consecutive year. This honor is awarded to companies with the best leadership
development, outstanding training initiatives and demonstrable training program results. We take an
individualized approach to training and development that ensures every associate is equipped to provide an
exceptional customer experience and has the opportunity to reach their full potential. Our best-in-class training
approach consists of bite sized learning and applied on-the-job practice. Over the past year, training
enhancements included expansion of our nationally recognized Summit Leadership Program, as well as an
enhanced focus on critical problem solving skills for our store senior management.
Delivering Value to Shareholders 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 2016, we had repurchased more than 46.4 million shares at a total cost of $2.4 billion.
This program reflects both our confidence in our company’s future and our ongoing commitment to increase
shareholder value.
CarMax Cares. Since its inception in 2003, The CarMax Foundation has granted more than $30 million to
communities where our associates live and work, including $5.8 million in fiscal 2016 alone. The Foundation has
become an integral part of the CarMax culture with 100% of our locations organizing at least one volunteer team
builder annually, and, in fiscal 2016, we completed more than 1,000 total volunteer events.
During the year, the Foundation also completed a 3-year, $4.1 million partnership with KaBOOM!. Together, we
built 31 playgrounds across the U.S., making play possible for more than 100,000 children. In fiscal 2017, the
Foundation launched a new $5 million partnership with KaBOOM! to support play for an additional 200,000 youth.
CarMax also announced other new commitments in fiscal 2016. In an effort to support veterans and their families
as they transition from military service to civilian life, we’re partnering with two important organizations, Hiring Our
Heroes and The Mission Continues. Hiring Our Heroes is a program of the U.S. Chamber of Commerce
Foundation that helps veterans, service members and military spouses find meaningful employment
opportunities. The Mission Continues empowers veterans to find new missions through community service. We
are proud to support these organizations.
CarMax also recently became a national Disaster Responder Partner of the American Red Cross. By providing
funding prior to disasters, CarMax helps ensure the Red Cross is able to provide help to those affected by
disaster in the communities where our associates live and work.
Executive Succession. In February, we announced that as the culmination of a multi-year management
succession plan, Bill Nash had been promoted to president. After my 23 years at CarMax, including 10 years as
CEO, I plan to retire prior to the end of calendar 2016, at which time we anticipate that Bill will assume the role of
CEO. I’ve thoroughly enjoyed my long tenure at CarMax, during most of which I’ve worked closely with Bill, and I
believe he and the entire leadership team are the right group to guide the company through the next phase of our
growth and development.
In Appreciation. Once again this year I’d like to close my letter with an expression of sincere gratitude to our
more than 22,000 associates, who remain our greatest asset. Their service, hard work and support, as well as
their enduring dedication to giving our customers the best experience possible, have been the foundation on
which CarMax’s success has been built. Of course, I also want to thank all of CarMax’s customers, communities,
shareholders and friends for their ongoing loyalty.
Tom Folliard
Chief Executive Officer
April 22, 2016
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