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CarMax was spun off from Circuit City in a tax free distribution to shareholders in October 2002 to allow both companies to grow and be valued independently. The stock distribution provided Circuit City shareholders with KMX stock valued at over $1.2bn (~$1.94 billion in 2023) at the time of the spin off in 2002. [82]
Circuit City issued the first CarMax stock in February 1997, when CarMax had seven locations. Initially, the stock was a tracking stock still under the umbrella of Circuit City. CarMax officially split from Circuit City as of October 1, 2002, when it was spun off as a stock dividend for Circuit City shareholders, with shares also issued to ...
Under Sharp, Circuit City's annual revenue grew from $175 million to 10.6 billion during his fourteen-year tenure. [2] The number of brick-and-mortar stores also increased from 69 in 1988 to more than 600 locations by 2000. [3] Sharp also moved Circuit City from its core consumer electronics business into new ventures, such as home security. [2]
The stock of CarMax (NYSE:KMX, 30-year Financials) is believed to be significantly overvalued, according to GuruFocus Value calculation.
CarMax stock managed to pop 10% as of Tuesday afternoon on a 24-cent earnings beat. But the red flags in the results and broader car market are hard to overlook.
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Austin became Sr. VP of Automotive in 1992, and President of CarMax in 1995. He led the company through a decade and a half of rapid growth, including its IPO as a tracking stock of Circuit City in 1997. He added the title of CEO upon the company’s spin off from Circuit City in 2002.
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