CarMax is searching for an executive to hunt down new- and used-car dealerships the company might buy.
CarMax placed an ad in Automotive News looking for a director of acquisitions. The Richmond, Va.-based chain has been looking for more new-car stores to go with its used-car superstores. CarMax now operates two Chrysler-Plymouth-Jeep-Eagle stores in the Atlanta area, and is searching for 25 or more new-car dealerships.
The new executive will identify potential acquisitions, make contacts with dealer principals, compile data and make purchase offers.
In the past, CarMax officials have said they are looking for underperforming dealerships to fold into existing CarMax stores. The strategy is in contrast to rival Republic Industries Inc., which has been buying top-performing dealerships to cluster around its AutoNation USA used-car megastores.