Virginia-based CarMax Inc., the nation’s largest used car retailer, recently announced a partnership with Edmunds, a popular automotive research site with an office in Detroit. The deal includes a $50 million investment that gives CarMax a minority stake in Edmunds.
Bill Nash, president and CEO of CarMax, notes that Edmunds is recognized as one of the most trusted online resources for automotive information, and an industry leader in digital car shopping innovations. The relationship, he says, further strengthens CarMax’s new omni-channel experience, which empowers customers to buy a car on their terms, whether completely from home, in-store, or a seamlessly integrated combination of both.
“Edmunds’ proprietary content, comprehensive automotive market insights, and streamlined user experience across the car buying and selling journey will allow us to deepen our engagement with customers shopping online,” says Bill Nash. “Consumers trust Edmunds for its in-depth, expert-driven automotive editorial content and unbiased reviews. Edmunds has also made significant investments in digital innovations over the last several years that align with our continued focus on enhancing the customer experience online.”
“With our expanded resources and capabilities, we’re confident this will be a mutually beneficial partnership for many years to come,” says Avi Steinlauf, CEO of Edmunds.
CarMax has more than 200 stores nationwide, and during the latest fiscal year sold nearly 750,000 used cars and 450,000 wholesale vehicles at its in-store auctions. Information from Edmunds helps millions of shoppers each month select, price, and buy cars.