CarMax Inc. plans to open as many as 55 used-car stores through February 2016, a major expansion from its current 107 stores.
CarMax CEO Tom Folliard says the Richmond, Va., used-car retailer plans to open 10 stores in its fiscal year that begins March 1, and 10 to 15 stores in each of the three following fiscal years, "if things don't get any worse" in the general economy.
"If things get worse, we would cut back. And if things get better, I feel like we've put out a range that would cover that," he said.
Folliard said about half of the new stores will be built in new markets and the rest in markets in which CarMax already has stores. CarMax's next 10 stores will be in Chattanooga and Nashville; Lancaster, Pa.; Bakersfield and Oxnard, Calif.; Fort Myers and Naples, Fla., and Des Moines, Iowa. The company also plans two stores for Denver.
He did not say where subsequent stores will be opened.