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CarMax,Inc.
CarMax is known as the largest used car retailer in the US. What most people do not know is that CarMax went through a series of major transformations in the last 13 years and struggle through many hardships before becoming a successful business. Besides deciding to become a publicly traded company in order to secure capital, CarMax, with a strong team make up of outstanding leadership styles and committed sales associates, went through rapid expansion, aggressive organizational cultural change and constructive team building in order to enjoy today’s success of steady financial growth and non-replicable corporate culture.
In the company’s 2007 Annual Report, Tom Folliard, President and CEO of CarMax stresses that people (sales associates) is its irreplaceable competitive advantage and most valuable asset, “Their commitment to deliver an unparalleled consumer experience is the backbone of our success and the key to our continued growth” (Datamonitor, 2007). CarMax is named “100 Best Companies to Work For” by Fortune Magazine four years in a row, and moved up from No. 88 in 2007 to No. 46 in 2008 (The Auto Channel, 2008). Indeed, CarMax puts its people first, and provide an environment where employees feel the company is there to support them and help them succeed. Five of the ten company values are addressing to the employees:
· Respect: We acknowledge the individuality of our Associates and value their contributions.
· Teamwork: We work together in the best interest of CarMax and our customers.
· Communication: We share information, exchange ideas, and solicit feedback.
· D ...