At CarMax Auctions, our mission is to provide our customers with an honest, open, and dealer-friendly auto auction with exceptional customer service.
- CarMax Auctions are only for licensed automobile dealers and are not open to the public.
- 97-100% sales rate at every auction
- We sell most of our cars the first time, no games, no hassles.
- Open bidding with no ifs or calls.
- CarMax Auctions owns all the vehicles in the auction. We don’t sell on consignment.
- Variety of payment options
- We accept cash, checks, ACH, certified funds and AFC floorplan from registered dealers. Payment is due by close of business the day after the sale.
- Conditional announcements, so you bid with confidence.
- CarMax Auctions gives you the opportunity to arbitrate when you pick up your purchases to protect you against major mechanical surprises.
- 1,000s of vehicles sold weekly. We’ve got a great selection to meet all of your vehicle needs.
- Our professional auctioneers sell hundreds of thousands of vehicles every year.
- We currently operate auctions in dozens of major markets throughout the country. And we’re adding new locations all the time, so check our listings often to see the newest auctions near you!
- Great “Member Perks” available to all registered dealers. As an added benefit, CarMax Auctions has negotiated discounted rates from several large automotive vendors, which we are able to pass along to our wholesale customers.
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While there are still a few locations that have suspended operations, the auto auction community at large is back on track with simulcast sales, with “just about everybody” running these virtual auctions, including the majority of independents, along with corporately owned ADESA and Manheim.
National Auto Auction Association chief executive officer Frank Hackett shared this update and more with Auto Remarketing, following NAAA’s regular teleconference with the major players in the auction business on Monday.
Hackett also lauded digital facilitators like OVE and Auction Edge for their work in helping independent auctions turn to online sales.
As previously reported in Auto Remarketing, dozens of ADESA auctions in North America were set to run simulcast-only sales last week, following a roughly two-week stoppage of all ADESA physical sale operations (which included Simulcast) announced on March 20, in response to the COVID-19 pandemic.
Meanwhile, at Manheim, president Grace Huang shared some updates in this Auto Remarketing Podcast episode from Friday, where she also walked us through the days leading up to the auction company shifting to Simulcast-only sales and how that process was implemented. Huang also discussed how dealer behavior has shifted digitally these past four weeks and how Cox Automotive is helping dealers navigate through several aspects of their business.
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Mercer, Marks join auction call
Consultants Glenn Mercer and Gene Marks also participated in the industry teleconference, sharing economic/industry forecasts, financial options for auctions and a potential Cash for Clunkers reboot.
Regarding the latter, Hackett called it a “concern” for the auction community.
"They crushed all those cars,” he said of the program that implemented about a decade ago. “We're not opposed to a Cash for Clunkers program. But what we are opposed to is if those cars come off the street, crushing them. We just don't want the cars crushed ... those are the cars that run through the lanes.
“And it just hurts everyone when they take them off the street. Because those are the cars that some people can afford to buy, that we think are important to keep in the market. Some people aren't in the market for a new car,” Hackett said.
CarMax holding 42 simulcast auctions this week
Elsewhere in the auction industry, CarMax Auctions will host 42 simulcast sales this week. A company spokesperson said via email Friday that those sales were slated to start Monday.
CarMax helped its auction customers set up virtual accounts last week to facilitate the new sales format.
There are more than 70 CarMax Auctions locations in the U.S. Simulcast sales will be held this week at all auction locations that are open.
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