Company: KMX
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001170010-25-000024
Chunk: 46

Company: CARMAX INC
Filing Date: 2025-04-11
Form: 10-K
Item: Item 2
Chunk 46
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Item 2.  Properties.

We conduct our retail vehicle operations primarily in two formats – production and non-production stores.  Production stores are those locations at which vehicle reconditioning is performed.  Production stores have more service bays and require additional space for reconditioning activities and, therefore, are generally larger than non-production stores.  In determining whether to construct a production or a non-production store on a given site, we take several factors into account, including the anticipated long-term regional reconditioning needs and the available acreage of the sites in that market.  As a result, some stores that are constructed to accommodate reconditioning activities may initially be operated as non-production stores until we expand our presence in that market.  We also have production and non-production stores that operate in Metropolitan Statistical Areas (“MSAs”) of less than 600,000 people, which we define as small markets.  Some of these stores also have a smaller footprint compared with our stores in larger markets.

USED CAR STORES BY FORMAT AS OF FEBRUARY 28, 2025

Production StoresNon-production StoresStore count111139Store location sizegenerally 10 - 25 acresgenerally 4 - 12 acresStores located in small MSAs1346

USED CAR STORES BY STATE AS OF FEBRUARY 28, 2025 

StateCountStateCountAlabama5 Missouri4 Arizona5 Nebraska1 California33 Nevada4 Colorado6 New Hampshire1 Connecticut3 New Jersey6 Delaware1 New Mexico2 Florida24 New York5 Georgia12 North Carolina13 Idaho1 Ohio6 Illinois11 Oklahoma3 Indiana4 Oregon3 Iowa1 Pennsylvania5 Kansas2 Rhode Island1 Kentucky2 South Carolina4 Louisiana5 Tennessee10 Maine1 Texas27 Maryland7 Utah1 Massachusetts4 Virginia12 Michigan1 Washington5 Minnesota2 Wisconsin4 Mississippi3 Total250 

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Of the 250 used car stores open as of February 28, 2025, 167 were located on owned sites and 83 were located on leased sites.  The leases are classified as follows:

Land-only leases27 Land and building leases56 Total leased sites83 

In addition to our stores, we operate