CarMax is a Fortune 500 firm that specializes in used vehicles and is based in the United States. Circuit City Stores Inc. launched the firm in Richmond, Virginia, in 1993. Faced with various competitors and options, the firm has altered vehicle retail in the United States. CarMax’s competitors are listed below.
#1. Carvana
- Founded: 2012
- Headquarters: Tempe, Arizona, U.S.
Need to know
Carvana (https://www.carvana.com) was established in 2012 by Ernest Garcia III, Ryan Keeton, and Ben Huston. DriveTime, a used automobile retailer and loan provider, provided the company with its first round of investment. Carvana launched its first automobile vending machine in 2013. In Nashville, Tennessee, a fully automated, coin-operated version of the iconic automobile vending machine debuted in 2015. The firm went public in April 2017 and started trading on the New York Stock Exchange under the code CVNA. Carvana sold 244,111 automobiles in 2020, generating about $5.587 billion in sales, this made it the second-largest online used-car retailer in the United States.
Carvana currently operates as an online auto dealership where consumers may buy, sell, finance, or trade in a vehicle. If customers are unhappy with their automobiles, they can swap them or return them within seven days of purchase.
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#2. AutoNation
- Founded: 1996
- Headquarters: Fort Lauderdale, Florida, United States
Need to know
AutoNation (https://www.autonation.com) was founded in 1996 by H. Wayne Huizenga. In 2019, new car sales accounted for the bulk of AutoNation’s income. In 2019, new car sales accounted for 54.9 percent of total sales, while used vehicle sales accounted for 23.9 percent. Finance and insurance made up 4.6 percent of total revenue, while components and services made up 16.1 percent.
Vehicle maintenance and repair services, vehicle parts, extended service contracts, and insurance products are all frequent products and services offered by physical dealerships in addition to car sales. Financing for automobile purchases can also be arranged through third-party suppliers by the dealerships. The business sells 1Price Certified Pre-Owned vehicles with a Money-Back Guarantee. Customers can also get their automobiles examined and certified at their leisure.
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#3. Penske Automotive Group
- Founded: 1990
- Headquarters: Bloomfield Hills, MI, United States
Need to know
Penske Automotive (https://www.penskeautomotive.com) was founded in 1990 by Roger Penske. In 2007, United Automotive Group was renamed Penske Automotive Group, Inc. and its NYSE ticker symbol was changed to PAG. In 2009, Penske Automotive stated that it would buy the Saturn brand and its assets from the insolvent General Motors. On September 30, less than four months later, Penske declared that it would no longer buy Saturn from GM owing to production concerns.
Penske maintains automobile and commercial truck dealerships in the United States, Canada, and Western Europe, as well as distributes commercial vehicles, gas engines, diesel engines, power systems, and associated parts and services in Australia and New Zealand. Penske Automotive Group is a Fortune 500, Russell 1000, and Russell 3000 index company with over 27,000 employees globally.
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#4. Copart
- Founded: 1982
- Headquarters: Dallas, Texas, U.S.
Need to know
Copart (https://www.copart.com) was established in 1982 by Willis J. Johnson. Johnson began developing Copart with private financing and equity in the early 1990s. In March 1994, it had added another eight facilities in Washington, Oregon, and Texas, culminating in the acquisition of North Texas Salvage Pool of Dallas, Texas, the largest volume seller of salvage in the United States. Willis Johnson began creating Copart’s information technology throughout that decade. Through VB3 technology, Copart currently sells over one million automobiles every year.
Copart offers used, wholesale, and repairable automobiles to purchasers all around the world, ranging from individuals to automotive corporations. Copart uses its unique virtual auction system, known as VB3, to let car dealers process and sell repairable and clear-title automobiles via the internet.
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#5. Manheim
- Founded: 1945
- Headquarters: Atlanta, Georgia
Need to know
Manheim (https://www.manheim.com) was founded in 1945 by Benjamin Z. Mellinger. Their inaugural sale featured three vehicles, but only one was sold to the general public. In 1947, the company opened a new structure with four lanes for auctioning vehicles. After this, the partners noticed that the general public was buying their vehicles at the auction rather than via their dealership franchises. As a result of this move, the partners decided to turn Manheim Car Auction into a dealer-only operation, making it the biggest auto exchange in 1959.
Manheim’s main business is wholesaling automobiles through traditional and online bidding processes. At each facility, Manheim also offers finance, title work, transportation (auto hauling), recovery, auto body repair, dealership management systems, dent repair, automobile reconditioning, and vehicle re-marketing.
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#6. Asbury Automotive Group
- Founded: 1995
- Headquarters: Duluth, GA
Need to know
Asbury Automotive Group (https://www.asburyauto.com) was founded in 1995 by Tom Gibson, a former president of Subaru of America Inc. In 2018, it was ranked 434th out of 500 companies in the Fortune 500. It is one of the largest vehicle sellers in the United States, having 96 franchisees in 18 urban regions across ten states as of December 2016. On September 29, 2021, Asbury paid $3.2 billion for the Larry H. Miller Automotive Group’s 70 stores and land in Utah.
Asbury Automobile Group, Inc. operates as an automotive retailer in the United States with franchises and dealership locations. New and used automobiles, as well as related finance and insurance, vehicle maintenance and repair services, replacement parts, and service contracts are all available via the company. Asbury Automotive Group is a dealership that specializes in luxury and mid-priced foreign brands.
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#7. Sonic Automotive
- Founded: January 1, 1997
- Headquarters: Charlotte, North Carolina, United States
Need to know
Sonic Automotive (https://www.sonicautomotive.com) was established in 1997 by Ollen Bruton Smith. It is the United States’ sixth largest car store. The firm had 20 storefronts at the time, representing 15 brands, and employed several hundred people. Speedway Motorsports’ founder is also the company’s Executive Chairman and a director. Sonic was ranked 298th on the Fortune 500 list in 2018. The Russell 2000 Index also includes the corporation. The CEO was charged with three misdemeanor counts and one felony count of assault by strangulation in 2020in which the company’s board of directors backed him up.
Sonic Automotive has more than 100 dealerships in 14 states, offering 25 different automotive manufacturers. Dealerships sell new and used automobiles, as well as replacement components, vehicle maintenance, and collision repair.
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#8. Toyota
- Founded: August 28, 1937
- Headquarters: Toyota City, Aichi, Japan
Need to know
Toyota (https://www.toyota.com) was established in 1937 by Kiichiro Toyoda Toyota is one of the world’s major automakers, producing over 10 million automobiles every year. The firm was founded as a subsidiary of Toyota Industries, a machine manufacturer founded by Kiichiro’s father, Sakichi Toyoda. The two companies are now part of the Toyota Group, one of the world’s largest conglomerates. The business created its first product, the Type A engine, in 1934 while still a division of Toyota Industries, and its first passenger automobile, the Toyota AA, in 1936. More than 40 hybrid car models are currently available across the world, according to the company.
Toyota Industries Corporation is involved in a number of industries, including automobiles (vehicles, engines, air-conditioning compressors, and car electronics), materials handling equipment, and textile machines. Toyota Motor Corporation manufactures automobiles under the following five brands: Daihatsu, Hino, Lexus, Ranz, and Toyota.
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#9. Group 1 Automotive
- Founded: 1997
- Headquarters: Houston, Texas
Need to know
Group 1 (https://www.group1auto.com) Automotive was founded in 1997 by Bob Howard, Sterling McCall, Charles Smith, and Kevin Whalen as a public corporation. Barons Group, Chandlers Group, Essex Audi Group, Elms Group, Think Ford, Spire Automotive, and the Beadles Group were among the UK dealers bought by Group 1 between 2010 and 2017. Group 1 was the third largest automobile retailer in the United States in 2013. As of 2018, it has 163 dealerships in 15 states in the United States, 18 in Brazil, and 60 in the United Kingdom. In addition, Group 1 has 31 collision centers in the United States, Brazil, and the United Kingdom.
Group 1 offers new and used vehicles and light trucks, as well as provides financing services, vehicle maintenance and repair, and automotive components. AcceleRide is a digital retailing platform that allows clients to buy new or used vehicles online. Vehicle finance, trade-in evaluations, and off-site delivery are also available through the platform.