In my case I was looking for a very specific vehicle. They seem
to deal a lot in newer MB's, the price was fine (yes I did find
cheaper ones here and there at other dealers but they were not
local and who knows how they do business), I get a free 30 day
warranty (I did not buy their profit making extended warranty), if
I change my mind I have 5 days to take it back no questions
asked. There are those facts, then given my business if this was
a more common car any of my customers would have had, say a Chevy,
if I bought one from one of them, some of my other customers would
have found out and got mad about it. But as it is, this is not
really something I could have found local. While I was there
yesterday picking up my car, somebody had a 65k 2012 AMG something
or other they had transferred in. I can tell you their prices are
cheaper than the local dealer. All my customers (regular car
dealers) when we get to talking about price analytics, market
averages etc they always tell me they do not factor in Carmax
vehicles because they are always cheaper. I was very impressed
they discovered the problem with the suspension and paid the
dealer big bucks to fix it. Then the financing was easy, they do
have options for the lower credit crowd, as well as their own
finance company, but they also have your regular auto lenders like
any other dealer, such as Capital One, Wells Fargo etc. I ended
up going with Capital one as they had the best deal but will
probably shortly refinance it with my CU.
On 8/16/2012 10:44 AM, Dan Penoff wrote:
CarMax fills a void in the car buying experience where you don't have to
haggle, they have in-house financing that will cover a lot of marginal buyers,
and they will buy decent late model cars directly.
The other feature they have over traditional dealers is the ability to ship
cars in from other locations. This is especially appealing to someone who is
looking for a particular model/color/trim, etc.
I just read a couple of articles that closely analyzed their business model,
and these were some of the reasons why people bought from them.
Think about it: If the traditional car buying experience gives you the willies
or you know what you want and just want to buy it without dealing with all the
crap that goes on with a dealership, paying a small premium is acceptable to a
lot of buyers.
Interestingly, a number of buyers they surveyed went to them for rare or
unusual models that the dealers were charging excessive amounts for because the
demand exceeded the availability. In these cases, CarMax charged market prices
and did not inflate them, making them a better deal than the stealerships.
I have sold them cars and found the process quick and painless. I'm not sure I
would buy a car from them, but I can see a need for them in the market.
Dan
On Aug 16, 2012, at 11:21 AM, Donald Snook <dsn...@mtsqh.com> wrote:
Just be sure that I was still accurate, I checked Carmax just now. I looked
for a Black Nissan Altima with leather seats. It has 23,000 miles. The price
-- $18,599 in Oklahoma City. The Kelly Blue Book Value for Excellent Condition
RETAIL price is $17258. This WAS THE FIRST CAR I LOOKED UP. Why should I pay
$18,599 with no negotiation when the Bluebook price is $1300 too much. I know
that KBB is only a guide. But, I think the no haggle price is B.S. when its
higher than the book.
I checked another one. One of my partners has an Acura TL that he really
likes. So, I pulled up a 2011 Acura TL with 23,000 miles in Tulsa. This one
isn't as bad, but Carmax is still more than $1000 higher than the book.
Donald H. Snook
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