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

Business Wire

RICHMOND, Va. — CarMax, Inc., the nation’s largest retailer of used cars, today announced its commitment to achieve net zero carbon emissions by 2050. The commitment is part of CarMax’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: Scope 1 emissions: Reducing the company’s own emissions; and Scope 2 emissions: Increasing the share of renewable energy in the company’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.

“At CarMax, ‘do the right thing’ 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,” said CarMax CEO Bill Nash. “We 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.”

In addition to its net zero initiative, CarMax is focusing on the expanding market for electric vehicles (EVs). “We intend to be a leader in offering used EVs as the market evolves and grows,” 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 CarMax’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 nation’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, including home delivery, contactless curbside pickup 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, visit www.carmax.com.