RICHMOND, Va.--(BUSINESS WIRE)--Feb. 19, 2009--
Given the current economic conditions, affordability and quality were
chosen as the two most important factors driving the majority of vehicle
purchases in a recent survey conducted for CarMax, Inc. (NYSE:KMX), the
nation's largest retailer of used
cars.
When given one choice, fifty-six percent of those surveyed chose
affordability as the most important consideration in their next vehicle
purchase, while quality came in second, selected by 17 percent of
respondents. Men indicated they are more likely to purchase based on
performance, with 13% choosing that as the most important factor versus
8% of women. Also, according to the survey, women are more than twice as
likely as men to focus on safety in an upcoming vehicle purchase,
however only six percent of respondents overall said that safety was the
most important factor.
“Now more than ever, consumers are shopping smart by searching for great
value,” said
Tom Folliard
, president and chief executive officer of
CarMax. “Vehicles at an affordable price, with guaranteed
quality and reliability, are what shoppers are looking for during
these challenging economic times.”
The following are the results of a recent poll of adults who were asked:
With the downturn of the economy, what is the most important factor that
will drive your next vehicle purchase?
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Response:
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Percent
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Male
Responses
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Female
Responses
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Affordability
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56%
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265 (55%)
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300 (58%)
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Quality
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17%
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88 (18%)
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82 (16%)
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Performance
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10%
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62 (13%)
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40 (8%)
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Environmental Factors/Green
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8%
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42 (9%)
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42 (8%)
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Safety
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6%
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16 (3%)
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42 (8%)
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Design
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2%
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13 (3%)
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11 (2%)
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The survey was conducted by Ipsos Public Affairs on behalf of CarMax.
The national sample consisted of more than 1,000 U.S. adults who were
interviewed online January 15 - 20, 2009.
Currently, there are more than 4,000 cars at carmax.com priced under
$12,000. Each vehicle is reconditioned, goes through a 125-point
inspection for quality and comes with a free online Vehicle History
Report. Consumers can search vehicles from 30 top brands by fuel
economy and features, read
customer reviews, review reliability ratings by J.D. Power and
Associates and obtain safety ratings by the National Highway Traffic
Safety Administration, all on carmax.com. All vehicles come with a
five-day, money-back guarantee and a limited 30-day warranty (60-day in
Conn.).
About CarMax
CarMax, a FORTUNE 500 company, and one of the FORTUNE 2009 “100 Best
Companies to Work For,” is the nation's largest retailer of used cars.
Headquartered in Richmond, Va., CarMax currently operates 99 used car
superstores in 46 markets. The unique CarMax consumer offer provides our
customers the opportunity to shop for vehicles the way they shop for
items at other national retailers, and it is structured around four
customer benefits: low, no-haggle prices; a broad selection; high
quality vehicles; and a customer-friendly sales process. During the
twelve months ended February 29, 2008, the company retailed 377,244 used
vehicles and sold 222,406 wholesale vehicles at its in-store auctions.
For more information, access the CarMax website at http://www.carmax.com.
Source: CarMax, Inc.
CarMax, Inc.
Lisa Van Riper, Assistant Vice President,
Public Affairs
804-935-4594
or
Trina H. Lee, Director,
Public Relations
804-747-0422 ext.4197