CarMax Dedicates First Store to Founder
Company Announces Scholarship to Honor Rick Sharp
RICHMOND, Va.--(BUSINESS WIRE)-- Nearly 20 years after CarMax, Inc., (NYS: KMX) , opened its doors at the first store in Richmond, Va., the company honored its founder and retired board chairman, Rick Sharp, today in a store dedication ceremony. The company also announced the establishment of a $250,000 endowment to the Community Foundation to fund the CarMax-Rick Sharp Entrepreneur Scholarship.
"Rick's influence and commitment to integrity, community giving and transparency continue to be guiding principles at CarMax," said Tom Folliard, president and CEO of CarMax. "The scholarship will continue Rick's legacy and help future entrepreneurs from Richmond lead the next generation of big ideas."
While serving as president and CEO of Circuit City Stores, Sharp led a team that created the revolutionary used car retail concept of CarMax. Sharp's vision became reality when the first CarMax store opened on West Broad Street in 1993. CarMax's unique consumer offer is built on a transparent, no-haggle process.
The naming of the scholarship and building recognizes Sharp's extraordinary contributions to the company and his philanthropic efforts in the Richmond-Metro area. Sharp served as a volunteer and board member to many local non-profit and for-profit community groups including The Boys and Girls Clubs of Metro Richmond, Johns Hopkins Medicine Board of Advisors, University of Virginia Health Foundation, and the VCU School of Engineering Foundation. Sharp and his family are currently involved in the Stay Sharp Fund, established two years ago by Sharp's daughters, Donna Suro and April Garnett. Stay Sharp Fund was created to promote awareness and support research for Alzheimer's disease (www.staysharpfund.org).
The Community Foundation is selected to receive the endowment to fund the CarMax-Rick Sharp Entrepreneur Scholarship. The scholarship is expected to be awarded annually through a competitive process based on academic performance and financial need to graduating high school seniors in the greater Richmond area. This area includes the cities of Richmond, Petersburg and Hopewell, and the counties of Chesterfield, Goochland, Hanover, and Henrico counties.
During the ceremony, the company unveiled a bronze plaque featuring Sharp to be mounted at the entrance of the store. A permanent plaque in the waiting area will also share the leader's contributions and CarMax history -educating customers and future associates on Sharp's contributions for generations to come.
CarMax, a member of the FORTUNE 500 and the S&P 500, and one of the FORTUNE 2013 "100 Best Companies to Work For," is the nation's largest retailer of used cars. Headquartered in Richmond, Va., CarMax currently operates 120 used car superstores in 60 markets. The consumer offer features low, no haggle prices, a broad selection of CarMax Quality Certified used cars, and superior customer service. During the twelve months ended February 28, 2013, the company retailed 447,728 used cars and sold 324,779 wholesale vehicles at our in-store auctions. For more information, access the CarMax website at www.carmax.com.
KEYWORDS: United States North America Virginia
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