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News | 3 min read
Richmond-based CarMax announces commitment to net zero emissions by 2050
March 19, 2021
News | 3 min read
March 19, 2021
RICHMOND, Va. —ย CarMax, Inc., the nationโs largest retailer of used cars, today announced its commitment to achieve net zero carbon emissions by 2050. The commitment is part of CarMaxโs overall efforts to reduce its environmental impact and to align with the climate change mitigation goals set out by the Paris Agreement. The company has already made meaningful reductions to its carbon footprint and is targeting a 50% reduction of greenhouse gas (GHG) emissions by 2025, compared with a 2018 baseline.
CarMax is focusing its initial efforts on a two-pronged strategy:ย Scope 1 emissions: Reducing the companyโs own emissions; andย Scope 2 emissions: Increasing the share of renewable energy in the companyโs overall electricity supply (Scopes 1 and 2 as defined by the Paris Agreement1).
These efforts are expected to include:
โAt CarMax, โdo the right thingโ is one of our values. We believe that our goal to achieve net zero by 2050 demonstrates our commitment to address the challenge of climate change,โ said CarMax CEO Bill Nash. โWe have a clear roadmap to meet the target of a 50% reduction by 2025, and a number of steps are already underway toward that goal. Longer term, we will be evaluating all aspects of our business to see what additional measures we can take to achieve our 2050 goal.โ
In addition to its net zero initiative, CarMax is focusing on the expanding market for electric vehicles (EVs). โWe intend to be a leader in offering used EVs as the market evolves and grows,โ said Nash. To that end, the company expects to invest in training, tools, and internal infrastructure to strengthen its ability to service and recondition EVs to its high standards.
CarMax will publish its 2021 Responsibility Report at the end of May which will provide more information on CarMaxโs net zero efforts and other ESG topics. In addition, CarMax is in the process of evaluating Scope 3 value chain emissions.
About CarMax
CarMax, the nationโs largest retailer of used cars, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. CarMax also provides a variety of vehicle delivery methods, includingย home delivery, contactlessย curbside pickupย and appointments in its stores. During the fiscal year ending February 29, 2020, CarMax sold more than 830,000 used cars and more than 465,000 wholesale vehicles at its in-store auctions. CarMax has 220 stores, over 25,000 Associates, and is proud to have been recognized for 16 consecutive years as one of the Fortune 100 Best Companies to Work For. For more information, visitย www.carmax.com.