CarMax Board Authorizes Additional $500 Million Share Repurchase

Fri Feb 1, 2013 4:28pm EST

* Reuters is not responsible for the content in this press release.

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130201:nBw015923a

RICHMOND, Va.--(Business Wire)--
CarMax, Inc. (NYSE: KMX) today announced that its Board of Directors has
approved a $500 million extension of its existing share repurchase program for
the company's outstanding common stock. This extension is in addition to the
previously announced $300 million repurchase authorization approved by the Board
on October 17, 2012. This $500 million authorization expires on December 31,
2014. 

"We are happy to extend our share repurchase program," said Tom Reedy, executive
vice president and CFO. "The Board`s authorization reflects confidence in the
business and our ability to deliver our stated growth plans, as well as CarMax's
ongoing commitment to shareholder value." 

Purchases under the repurchase program may be made in open market or privately
negotiated transactions and are expected to comply with Securities and Exchange
Commission Rule 10b-18. Purchases will be made from time to time at CarMax`s
discretion and the timing and amount of any share repurchases will be determined
based on share price, market conditions, legal requirements and other factors.
The share repurchase program does not obligate CarMax, Inc. to acquire any
particular amount of common stock, and it may be suspended or discontinued at
any time. Any shares repurchased under the program will be deemed authorized but
unissued shares of common stock. 

CarMax, a member of the Fortune 500 and the S&P 500, and one of the Fortune "100
Best Companies to Work For," for nine consecutive years, is the nation`s largest
retailer of used vehicles. Headquartered in Richmond, Va., CarMax currently
operates 117 used car superstores in 58 markets. The CarMax consumer offer
features low, no-haggle prices, a broad selection of CarMax Quality Certified
used vehicles and superior customer service. During the twelve months ended
February 29, 2012, the company retailed 408,080 used vehicles and sold 316,649
wholesale vehicles at our in-store auctions. For more information, access the
CarMax website at www.carmax.com. 

Forward-Looking Statements

This press release contains forward-looking statements about our future business
and growth plans and prospects, as well as our potential share repurchase
activity. These statements are based on our current knowledge and assumptions
about future events and involve risks and uncertainties that could cause actual
results to differ materially from anticipated results. Important factors that
could cause actual results to differ materially from those contained in our
forward-looking statements are set forth in our Annual Report on Form 10-K for
the fiscal year ended February 29, 2012, and our quarterly or current reports as
filed with or furnished to the Securities and Exchange Commission. We disclaim
any intent or obligation to update our forward-looking statements.

CarMax, Inc.
Investors and Financial Media:
Katharine Kenny, Vice President, Investor Relations, (804) 935-4591
Celeste Gunter, Manager, Investor Relations, (804) 935-4597
or
General Media:
Trina Lee, Director, Public Relations, (804) 747-0422, ext. 4197
Britt Farrar, Manager, Public Relations, (804) 747-0422, ext. 3473 



Copyright Business Wire 2013