Nation’s Largest Used Car Retailer Says More Americans Will Benefit
RICHMOND, Va.–(BUSINESS WIRE)–Apr. 15, 2009– CarMax, Inc. (NYSE: KMX), the nation’s largest retailer of used cars, is urging Congress to include used vehicles in the “Cash for Clunkers” legislative proposals. By including used vehicles, this legislation is better positioned to promote fuel efficiency, save jobs, and help more Americans afford a car. One legislative proposal that does include used cars is S. 247, sponsored by Senators Feinstein, Schumer, and Collins.
“More people will be able to participate in the program, more jobs will be saved, and more fuel-efficient vehicles will end up on the road by including used vehicles,” said Tom Folliard, president and chief executive officer. “Excluding this segment of the auto industry could potentially have a negative impact on millions of American workers and thousands of U.S.-based businesses. Nationally, used car sales outnumber new car sales nearly 3 to 1.”