Yung Swagger on the Chain

In: Historical Events

Submitted By datkadfja
Words 1419
Pages 6
CARMAX CASE:
Executive Summary
CarMax broke industry records in 2013 and has successfully grown into a leader in the used car industry. However complications have emerged as a result of duplicators attempting to copy their “no hassle offers” in the highly competitive used car market. Therefore, CarMax’s primary concern is staying ahead of the competition and eliminating threats from potential future disruptions from competitors. Therefore the key question we will try to answer in this analysis of the CarMax case is, can CarMax continue to grow successfully given the threat of new competitors entering the market?

After thorough analysis of the situation, our team has come up with a series of recommendations that will allow CarMax to remain competitive in the market in the midst of growing threats form new competitors.

First CarMax should expand the Parts and Service Department by offering attractive bundles to customers when purchasing cars such as service a service add on. This will
CarMax gain additional market share by allowing them to become a one stop shop for car issues, incentivizing repeat customers and increasing the lifetime value of each customer.

In addition, CarMax can build a mobile application that allows customers to make purchases. This move will help CarMax reach a wider audience, enhance customer experiences, and avoid having to incur additional costs associated with hiring and training new salespersons.

Issue Analysis
The industry is subject to economic conditions. Consumers do not make big purchasing decisions, such as buying a car, if the economy is doing poorly. This suits CarMax because their used cars are priced lower than new cars. Despite this, the industry revenue fell by 5% annually between 2007-2011.

The market is a red ocean at the moment, with tough competition from Autonation and Penske, who sell both used and…...

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