Tags: US | CarMax | Annual | Meeting

CarMax CEO Expects Slow Auto Market Recovery

Monday, 28 Jun 2010 03:06 PM

CarMax CEO Tom Folliard is expecting the recovery of the worst U.S. auto sales market in decades is going to be slower than some others foresee.

The head of the Richmond-based used car dealership chain told shareholders at its annual meeting in Richmond that customers are starting to return but not at pre-recession levels.

Folliard says the recession has given CarMax an opportunity to focus on eliminating waste and improve execution to weather the weak auto market and better position it for future growth.

He also says CarMax will benefit from the change in the competitive landscape as thousands of car dealers leave the market.

Last week, CarMax said its fiscal first-quarter net income more than tripled as revenue at stores open at least a year rose 9 percent.

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CarMax CEO Tom Folliard is expecting the recovery of the worst U.S. auto sales market in decades is going to be slower than some others foresee.The head of the Richmond-based used car dealership chain told shareholders at its annual meeting in Richmond that customers are...
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2010-06-28
Monday, 28 Jun 2010 03:06 PM
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