CarMax Drives Social Impact and Sustainability Efforts for All Stakeholders
Report Cites Company’s Efforts to Achieve Climate Commitments, Advance Disclosure of Climate-Related Issues, and Expand Workforce Inclusivity
CarMax, Inc. (NYSE: KMX), the nation’s largest retailer of used cars, announced the release of its 2023 Responsibility Report. The report features expanded disclosures regarding CarMax’s environmental, social and governance priorities, including details on the company’s relevant climate-related risks and opportunities in a manner aligned with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). In addition, the report provides updates on several key initiatives, including progress on meeting 2025 greenhouse gas emissions reduction goals, enhancements to the company’s diversity and inclusion program, and the company’s expanded impact on local communities.
“We are excited to share our 2023 Responsibility Report, which outlines the meaningful progress we have made over the last year in our social impact and sustainability efforts,” said Bill Nash, CEO of CarMax. “There are many notable developments outlined in this report, and we are particularly proud of our associate culture that thrives with inclusivity increasingly at its center, our enhanced disclosure and transparency on climate-related issues, and the tangible impact we are making in our local communities. Thanks to these efforts, we are confident that we are well-positioned to contribute to a better society for everyone and drive the long-term sustainable value of CarMax for all our stakeholders.”
A few key initiatives that are outlined further in the report include:
- CarMax initiated an intensive process to identify and align on the company’s climate-related risks and opportunities, allowing for enhanced disclosure and improved management of the business and long-term planning, as well as ensuring CarMax remains well-positioned to comply with potential climate-related reporting mandates.
- CarMax finalized its greenhouse gas reduction roadmap, which clearly outlines the company’s path to achieving its 2025 climate goal to reduce Scope 1 and Scope 2 greenhouse gas emissions by 50% as compared to the 2018 baseline. The reduction roadmap also serves as a guide for CarMax as it identifies and pursues projects that will reduce its carbon footprint.
- CarMax made meaningful progress in 2022 by reducing greenhouse gas emissions by more than 10% as measured by its 2025 goal.
- CarMax remains focused on the intention to become the leading retailer of used electric vehicles (EVs) in the industry and this year focused on continually improving its ability to recondition a broader range of hybrid and EV models, to assess used batteries, and to profitably acquire, price, and sell used EVs. Additionally, through subsidiary Edmunds and on CarMax.com, CarMax has meaningfully enhanced its focus on educational content aimed at informing and supporting first-time EV and hybrid vehicle owners.
- CarMax increased its ethnic and racial diversity in leadership positions from 29% in FY22 to 30.7% in FY23. Over the same period, the company increased female representation in leadership positions from 23.4% to 24.2%.
- CarMax formalized its supplier diversity plan with a multi-year roadmap to ensure that vendors have equal opportunities to do business with the company.
- CarMax has embedded several ESG metrics into its Annual Incentive Bonus Plan, including greenhouse gas reduction and diversity and inclusion training goals.
- In FY23, the company made an even greater impact on its communities, with 100% of company locations participating in local volunteering events and $10 million invested through The CarMax Foundation and the company’s corporate philanthropy efforts.
CarMax, the nation’s largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year ended February 28, 2023, CarMax sold approximately 810,000 used vehicles and 590,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated nearly $9 billion in receivables during fiscal 2023, adding to its nearly $17 billion portfolio. CarMax has over 240 stores, more than 30,000 associates, and is proud to have been recognized for 19 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to making a positive impact on people, communities and the environment. Learn more in the 2023 Responsibility Report. For more information, visit www.carmax.com.
CarMax Public Relations