January 15, 1998

Jill Lawrence
(804) 371-0049
Governor Allen Announces CarMax Headquarters to Locate in Goochland County
-- $20 Million Investment Will Create 1,100 New Jobs - -

Richmond - Governor George Allen today announced the decision by CarMax, Inc., a subsidiary of Circuit City Stores, Inc., to locate its corporate headquarters in the West Creek area of Goochland County. The headquarters will create 1,100 new jobs, and employment could eventually exceed 2,000.

"Virignians are estatic that CarMax chose to locate its headquarters here in Goochland County, rather than in Dallas, Texas, or Atlanta, Georgia. It also confirms the resourceful leadership and vision of a great business leader, Rick Sharp. He has assembled a winning team of aggressive professionals with a lot of business savvy and foresight," said Governor Allen. "We're thrilled that yet another dynamic, competitive business has checked under the hood, kicked the tires, took us for a test drive and found what it was looking for right here in Virginia."

CarMax, a subsidiary of Circuit City, shares many growth characteristics of its parent organization and is the nation's leading used-car Superstore chain. CarMax has transformed the auto retailing industry by offering low "no-haggle" prices, a broad selection of top-quality vehicles and friendly customer service. The first CarMax Auto Superstore was opened in Richmond in 1993. The company currently operates 16 CarMax Superstores nationwide. Construction of the first building at West Creek is expected to be complete in late 1999.

Circuit City, a Fortune 500 company headquartered here in Richmond, is the nation's largest retailer of brand-name consumer electronics and major appliances and a leading retailer of personal computers and music software. Circuit City operates 493 Superstores, 52 mall-based Circuit City Express stores and four consumer electronics-only stores in more than 120 markets. Circuit City currently employs over 5,000 people in the Richmond area and operates numerous stores throughout Virginia.

"This is a momentous occasion for Circuit City Stores and CarMax. I would like to thank Governor Allen, the Commonwealth of Virginia and all those involved for the support and cooperative spirit that allows us to keep CarMax growing in Virginia," said Richard Sharp, chairman and chief executive officer of Circuit City Stores, Inc. "Circuit City and CarMax are proud to continue our commitment to the Richmond community and to Virginia as evidenced by the expansion of the CarMax headquarters."

"As the home of Circuit City and the place where CarMax began, we believe Richmond is the appropriate place to build our headquarters," said Austin Ligon, president of CarMax. "We are looking forward to expanding our headquarters in the Richmond area and further contributing to the local and state economies."

The Virginia Economic Development Partnership worked closely with officials from the Greater Richmond Partnership, Goochland County, the Henrico County Industrial Development Authority and the Virginia Department of Transportation to assist the company with its decision. Governor Allen approved a $700,000 grant from the Governor's Opportunity Fund to assist Goochland County with road improvements for the project. The Virginia Department of Business Assistance will provide workforce training services.

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