Construction is under way on a new location for auto superstore CarMax. The location is on Ogletown Road, on the east edge of Newark’s auto row.
Two-decade-old CarMax is the nation’s largest retailer of used cars, with 122 locations around the nation. The average CarMax location employs about 40 salespeople and stocks 275 vehicles.
The Ogletown Road location had been in the works for years to the point that steel was on site for the new location. However, construction was halted during the recession of 2008-2009 and work only recently resumed.
During the twelve months ended February 28, 2013, the company sold 447,728 used cars and moved 324,779 wholesale vehicles at in-store auctions. A recent earnings report indicated the Newark store will open in the first quarter of 2014.
CarMax was started by now defunct electronics and appliance retailer Circuit City as part of a diversification effort. The first location opened in Richmond, Va., the home of Circuit City’s headquarters and the current headquarters of CarMax.
The company, now on the Fortune 500, was later spun off from Circuit City.
In other automotive news, Newark Toyota World is moving to new quarters at the former Nucar Buick location on Cleveland Avenue. Toyota World currently operates a showroom off Ogletown Road and service area on Marrows Road.
General Motors reportedly bought out the Nucar dealership as part of its realignment.
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