Wednesday, August 17, 2022

5 highlights of CarMax’s 2022 Responsibility Report

CarMax is trying to do more than just retail used vehicles nowadays.

The company recently released its 2022 corporate responsibility report, which features expanded disclosures and updates on progress across several key initiatives including diversity and inclusion, community impact and its goal of achieving net zero greenhouse gas emissions by 2050.

A few of the initiatives that are outlined further in the report include:

• CarMax established greenhouse gas reduction targets that demonstrate the company’s commitment to decarbonization. For the first time in the company’s history, the report discloses information on: reducing CarMax’s Scope 1 and Scope 2 GHG emissions by 50% by 2025 against the company’s 2018 baseline; and achieving net-zero carbon emissions by 2050 in accordance with the Paris Agreement.

• In calendar year 2021, CarMax’s renewable electricity use as a percentage of total electricity consumed was 17.23%, up from 15.73% in 2020, and 6.37% in 2019.

• CarMax expanded its diversity and inclusion commitment by adding additional resources, including a new dedicated role to progress supplier diversity. The company also significantly expanded educational efforts with more than 95% of associates and all board members completing quarterly educational lessons.

• The company increased hourly wages for the vast majority of field associates following a comprehensive review of the company-wide pay structure.

• In fiscal year 2022, CarMax invested more than $9.5 million in the communities where the company’s associates live and work through the CarMax Foundation and its other philanthropy efforts.

“Strong corporate social responsibility and ESG practices are integral to our company strategy and to driving long-term sustainable value for our associates, customers, communities, and shareholders for years to come,” CarMax chief executive officer Bill Nash said in a news release.

“I am excited by the level of rigor with which we have approached our ESG and sustainability efforts over this past year, and our focus on keeping our core values front and center. Looking ahead, we are extremely well-positioned to continue making a difference for our various stakeholders,” Nash went on to say.

The complete report can be viewed online via this website.


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