What does it take to trust a used car salesman? CarMax has the answer, and it’s led to legions of happy shoppers and a big post-recession rebound.
Creating a base of avid customers is the dream of many executives. Loyal buyers offer the promise of steady repeat business, free word-of-mouth advertising, greater revenue, and ultimately happy investors. Yet, shoppers are fickle in whom they trust, particularly if your business is selling used cars, an occupation rated as one of the lowest in trustworthiness by national studies. CarMax, the U.S.’s largest retailer of used cars, provides a rare example of success, achieved through a focus on their workplace culture.
"What I've learned through this experience is that our Associates are unbelievably resilient and dedicated. When the times got tough the true character of our Associates came out." — Tom Folliard, CEO, Carmax
CarMax leaders’ efforts have led to industry leading customer satisfaction, strong associate engagement, and record setting revenues after weathering the recession. This article highlights the key strategies and practices used to achieve these outstanding results.