RICHMOND, Va--CarMax, Inc., the nation's largest retailer of used cars, announced today that The CarMax Foundation granted more than $2.4 million to nonprofits in the fiscal year that ended on February 29, which is the largest annual donation since its inception in 2003. Our largest grant total before this was $2.2 million in 2008.
“The CarMax Foundation is led by these passions in our giving, and these grants are as diverse as our associates. We aim to continue to grow our associate engagement through recognition programs and working with each of our stores on volunteer team-builders.”
The CarMax Foundation's funding programs assist causes that are important to the company's 16,000 associates across the country. Nearly $700,000 in grants supported associate team volunteer projects and board service, and The CarMax Foundation also matches associate volunteer hours and personal financial donations dollar for dollar. A record-breaking 355 CarMax teams volunteered over the past year with local nonprofits in projects that included reading to children, serving meals to the homeless, helping out with summer camp activities, assisting with home building projects, and making improvements to locations damaged by tornados. The grant total given through our Volunteer Team-Builder program for the year was a 187 percent increase over the last fiscal year.
"CarMax associates have such passion for those in their communities, including the needy, children battling the odds, animals waiting on homes, and those fighting disease," said Lynn Mussatt, president of The CarMax Foundation and vice president of business operations. "The CarMax Foundation is led by these passions in our giving, and these grants are as diverse as our associates. We aim to continue to grow our associate engagement through recognition programs and working with each of our stores on volunteer team-builders."
CarMax teams also participated in more than 60 charity walks over the last year. Wellness is a new initiative supported by The CarMax Foundation and associates have embraced it as they focus on causes that have impacted their families and co-workers.
Grants that focus on education, youth leadership and wellness totaled more than $1.45 million, and $250,000 was given through a program that supports cultural enrichment organizations across the U.S., such as museums, zoos, and libraries. Each grant is given at the recommendation of local associates.
The CarMax Foundation reached a $10 million milestone in giving in the fall of 2011, and now exceeds $12 million in grants since inception.
About The CarMax Foundation
The CarMax Foundation is designed to enrich the communities where our associates live and work and has donated more than $12 million since 2003. Funding programs are made available through a portion of CarMax, Inc.'s pre-tax profits from the prior years. CarMax, a member of the FORTUNE 500 and the S&P 500, and one of the FORTUNE 2012 "100 Best Companies to Work For," is the nation's largest retailer of used cars. Headquartered in Richmond, Va., CarMax currently operates 109 used car superstores in 54 markets. The CarMax consumer offer is structured around four customer benefits: low, no-haggle prices; a broad selection; high quality vehicles; and customer-friendly service. During the twelve months ended February 29, 2012, the company retailed 408,080 used cars and sold 316,649 wholesale vehicles at our in-store auctions. For more information on The CarMax Foundation, visit Car Max Cares.
