Used car giant CarMax plans first Arkansas superstore along I-49 in Rogers
by February 10, 2023 8:35 am 4,313 views
Used-vehicle retailer CarMax, the largest buyer and seller of used cars in the U.S., hopes to open a superstore location in Rogers, on the city’s south side east of Interstate 49.
The Richmond, Va.-based retailer is in the early stages of seeking approval to build a new store on a 17.4-acre site at 6360 S. Dixieland Road, just north of the Lowell city limits.
If approved, it would be the company’s first superstore in Arkansas. CarMax operates more than 230 stores in 41 states nationwide.
According to initial plans filed with the city planning commission, CarMax plans to build a 42,909-square-foot building on the land. The project also would include about 260 customer parking spaces.
Developers filed the document on Jan. 24. After any comments or revisions to the plan, it will go before the city’s planning commission at a later date.
“It can often take two to three years to get all necessary approvals, complete construction and open for business once we decide to move forward on any location,” a company spokeswoman said. “CarMax will announce the new store opening approximately one year in advance of the anticipated grand opening date.”
CenterPoint Integrated Solutions of Colorado is the company’s development partner. CEI Engineering Associates Inc. of Bentonville is the civil engineer and Pieper, O’Brien, Herr Architects of Georgia is the design firm.
PWX LLC, an affiliate of Whisinvest Realty of Little Rock, owns the Rogers land. A CarMax spokeswoman did not say whether the company will buy or lease the land.
The CarMax site is south of an area where national home furniture retailer Mathis Brothers Furniture of Oklahoma plans to build a 500,000-square-foot, $50 million warehouse/retail hub.
CarMax typically invests between $10 and $25 million in each store location. Each location typically has between 200 and 400 used vehicles on the lot and offers both online and in-person buying. CarMax will also transfer most vehicles in its inventory to a local store, allowing access to more vehicles than traditional auto retailers.
During the fiscal year that ended Feb. 28, 2022, CarMax (NYSE:KMX) sold approximately 924,000 used vehicles and 706,000 wholesale vehicles at its auctions. Net revenues increased 68.3% to $31.9 billion.