CarMax: An Analysis
CarMax, Inc., sells used cars at low, upfront prices. CarMax was first established as a used-car store in September 1993 and currently has 195 locations. CarMax was developed by Circuit City in hopes of business growth beyond the consumer electronics sector. Their purpose is “To drive integrity in the automotive industry by being honest & transparent in every interaction.” (CarMax) Car dealerships have the stigma of being dishonest, whereas CarMax is trying to change that impression by their use of professional presence, working with others, and communicating routine messages and goodwill.
Professional Presence
The three elements that are apparent in the CarMax business model are competence, credibility, and confidence. CarMax, Inc offers a broad selection of quality used vehicles at no haggle pricing using a customer-friendly sales process in an attractive, modern sales facility, as well as through CarMax.com and mobile apps. The confidence in their products shows the clients how the company stands by what they are selling. CarMax is committed to hiring individuals with integrity, transparency, and respect. CarMax offers training and support for associate career growth that go above and beyond other companies' training.
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CarMax prides itself on having a caring attitude not just for its employees or clients but for its community as well. CarMax considers the development of people to be the best aspect of success. They offer paid training and great benefits which include health, vision, dental insurance, and 401k plans for those who are eligible. CarMax also offers an external training program to further employees’ careers and grow leaders within the company. Their main focus is maintaining their unique culture and the emphasis on associate development will only increase their success.
CarMax’s website shows their main asset, the large amount of inventory of vehicles. CarMax is one of few dealerships that pride themselves on standing out to consumers online. When viewing the inventory one can see the consistency behind the company’s format of information (photos of vehicles, mileage, and other information regarding the vehicles for sale) conveys their professionalism. The used car dealership captures and emphasizes value-added features. CarMax insures that all inventory is up to date in real-time.
Professional presence is imperative to any company, especially regarding companies that rely on clients to succeed. Professional presence is a mix of personal and interpersonal skills. From the first impression to other high-impact professional interactions, employees have gained well-developed skills and attitudes that enhance their leadership presence at CarMax and maintain a positive workplace increasing productivity, they know their employees by name and make clients feel valued.
“Committed to hiring people with strong values of integrity, transparency, and respect, we offer unmatched training and support for associate career growth, and have been recognized as one of Training Magazine’s 'Training Top 125' companies in America.
We are also proud to be one of FORTUNE’s 100 Best Workplaces for Millennials, 50 Best Workplaces for Diversity, and 20 Best Workplaces for Retail. And thanks to our amazing associates, we have been recognized as one of the FORTUNE 100 Best Companies to Work For® - 15 years in a row!” (glassdoor)
CarMax is considered a company where individuals can align their values. The culture of CarMax is relaxed with training and career progression opportunities. CarMax ensures that their employees feel appreciated and that they are important to the success of the company. CarMax sets employees up for success; with paid in-depth training and goal setting with regular feedback.
Working with Others
CarMax prides itself on integrity and leadership traits amongst its employees. CarMax, Inc.’s advertising slogan is “The car buying should be.” CarMax has a large variety of vehicles at competitive prices. The sales process is easy and customer-friendly with CarMax even has a seven-day money-back guarantee if someone is not satisfied with their purchase. CarMax Mission Statement: “To provide our customers great quality cars at great prices with exceptional customer service.” CarMax is committed to competitive excellence through lawful and ethical conduct.
CarMax is very successful in matching up the right people with the correct vehicle. Nowadays people use the internet to purchase just about anything from the internet; why not a car? Customers’ expectations are always evolving which is why used dealerships always have to have employees that are able to bounce ideas and use teamwork efficiently. CarMax’s digital transformation is revolutionizing the way people are buying vehicles. By developing customer-facing and associate-enabling technologies, and leveraging fast product innovation to deliver the best customer experience; there is no equal or more advanced method for a customer to use. This technology requires a combination of marketing, product, and IT to enhance the customer's experience.
Cross-functional team structures are important to a quickly evolving world. In CarMax, product teams have shared business objectives. There are three roles that are a must at CarMax; product manager, lead developer, and user experience designer. The interesting aspect of this company never tells them how to solve a problem, but what the problem is and the key performance indicators to work against. By the leadership team not telling them how to solve the problem, the approach allows for increased feedback. This method results in a faster pace of development, and trial and error that results in a solution that is best for both the customers and associates.
By having teams take smarter risks they are more creative in how they meet their objective. Leaders and managers alike focus on the nuts and bolts of the business. CarMax considers effective managers to be ones that are able to ensure persuasion, and responsibility, create and manage value systems, and provide support and motivation to their team. CarMax is known for satisfied customers that continue to come back and change models/styles as they grow through life as well as purchase cars for their growing families and children.
Communicating Routine Messages and Goodwill
CarMax uses short, nonsensitive, straightforward communication that asks questions, answers questions, and provides information. The company has led the industry in recalling transparency. CarMax provides information regarding the vehicles on their website as well as posted on the driver’s side window with the price, mileage, any available warranty, gas usage, year of vehicle, etc. When a consumer views the company’s website, they are able to look up Vehicle Identification Numbers that have been recalled.
CarMax uses goodwill messaging to give the opportunity to establish and sustain a positive relationship with the consumer. CarMax has created an app that helps individuals manage the car ownership experience. The app allows people to have alerts from maintenance reminders to CarMax Auto Finance payments sent to them. (appadvice). Cars are becoming more high-tech, and it is important that owners pay attention to maintenance. Having automated emails and an easily accessible app to log into will allow the consumer to be aware of what to prepare for.
CarMax focused on the consumer's needs and wants. When a father walks into the dealership to purchase a vehicle for his daughter’s graduation present the employee will focus on his needs and wants to make a successful deal. By following the father’s guidelines to have a safe, reliable vehicle that is no more than 15,000 dollars and good on gas. The consumer (audience) will experience a positive outcome when the salesperson checks off all the boxes and provides documents on safety ratings and financial loan options. CarMax tries to ensure that positive relationships with consumers and employees are fostered. Effective goodwill messages that are sincere and honest are genuine.
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