Change language to Arabic Change language to Chinese (Simplified) Change language to Dutch Change language to English Change language to French Change language to German Change language to Italian Change language to Japanese Change language to Portuguese Change language to Russian Change language to Spanish

News | 3 min read

Richmond-based CarMax announces commitment to net zero emissions by 2050

March 19, 2021

RICHMOND, Va. —ย CarMax, Inc., the nationโ€™s largest retailer of used cars, today announced its commitment to achieve net zero carbon emissions by 2050. The commitment is part of CarMaxโ€™s 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 companyโ€™s own emissions; andย Scope 2 emissions: Increasing the share of renewable energy in the companyโ€™s overall electricity supply (Scopes 1 and 2 as defined by the Paris Agreement1).

These efforts are expected to include:

  • Avoiding and reducing emissions through energy conservation measures;
  • Applying on and off-site renewable energy generation;
  • Implementing renewable energy procurement strategies, i.e.; renewable supply contracts, power purchase agreements; and
  • If necessary, purchasing verified and socially beneficial offsets.

โ€œAt CarMax, โ€˜do 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. โ€œWe 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). โ€œWe 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 CarMaxโ€™s 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 nationโ€™s 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.