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March 30, 2015 7:23 PM ET

Consumer Finance

Company Overview of CarMax Business Services, LLC

Company Overview

CarMax Business Services, LLC doing business as CarMax Auto Finance, engages in providing automobile financing services. The company was founded in 1993 and is based in Kennesaw, Georgia. CarMax Business Services, LLC operates as a subsidiary of CarMax Inc.

225 Chastain Meadows Court

Kennesaw, GA 30144

United States

Founded in 1993

Phone:

770-792-4750

Fax:

770-423-4376

Key Executives for CarMax Business Services, LLC

Senior Vice President
Age: 42
Consultant
Age: 46
Compensation as of Fiscal Year 2014.

CarMax Business Services, LLC Key Developments

CarMax Auto Finance Announces Executive Changes

CarMax Inc. announced the promotion of Jon Daniels to senior vice president, CarMax Auto Finance (CAF). In assuming responsibility for CAF, Daniels succeeds Angie Chattin, who is retiring. Chattin will work with CarMax in a consulting capacity to ensure a seamless transition. Daniels, 42, joined CAF in 2008 as vice president, risk and analytics. He has extensive credit and banking experience from HSBC and Metris, where he worked prior to joining CarMax.

CarMax Business Services, LLC Announces Earnings Results for the First Quarter Ended May 31, 2013

CarMax Business Services, LLC (CarMax Auto Finance) announced earnings results for the first quarter ended May 31, 2013. For the period, the company reported that its income increased 16% to $87.0 million primarily as a result of the 21% increase in average managed receivables, which grew to $6.15 billion. The increase in managed receivables reflected the rise in CAF origination volumes in recent years resulting from an expansion of CAF's loan penetration rate, as well as retail unit sales growth and higher average amounts financed. The total interest margin, which reflects the spread between interest and fees charged to consumers and funding costs, declined to 7.2% of average managed receivables in the current quarter from 7.5% in last year's first quarter. The average contract rate on new loan originations has declined in recent quarters as it provided more competitive offers in select customer segments. Interest and fee income was $133.5 million compared to $120.3 million for the same period a year ago.

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