CarMax has plans to open a third dealership in Fort Worth. Here’s what we know.
CarMax intends to open a third dealership in Fort Worth, but the company doesn’t have many details yet.
The nation’s largest retailer of used vehicles says it may take two to three years to get necessary approvals, complete construction and open for business. The location has not yet been determined.
In its most recent earnings statement, the company said it opened three U.S. stores in its second quarter ending Aug. 31. CarMax plans to open 10 locations in fiscal 2023.
Inflation, rising interest rates and weaker consumer confidence has taken a toll on the industry, with CarMax total unit sales down 6.4% in the quarter, though revenue was up 2.9% because customers are paying more — an average of $2,500 more per vehicle.
CarMax already has Fort Worth stores near Hulen Mall and along I-30 near Arlington, plus another store in Hurst. It has six other stores in the metroplex, including two near Dallas.
The Virginia-based company sold 216,939 vehicles in the most recent quarter at an average of $28,657.
The company has been recognized as one of the Fortune 100 Best Companies to Work For for nearly two decades. The company had more than 2,000 job openings across the country as of March.
