Carmax Starts Media Agency Review

Recently Tapped McKinney to Handle Creative

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Carmax, one of the largest used-car retailers in the U.S., has begun a media agency review, according to people familiar with the situation.

The Richmond, Va.-based company spent $62.2 million on domestic measured media in 2013.

The move comes months after the appointment of Cheil's Mckinney as the company's new creative agency and less than a year since Jim Lyski joined Carmax as CMO. Mr. Lyski was previously CMO of Scotts Miracle-Gro, which is another media agency account currently in review and under new marketing leadership.

"Jim's extensive marketing experience and strategic understanding of today's consumer will be a tremendous asset to CarMax," said Tom Folliard, CarMax president and chief executive officer, in August. "CarMax is in the midst of a national expansion plan, opening 10 to 15 stores in each of the next two fiscal years. We're pleased to have Jim join us at this exciting time."

Carmax is slated to issue an RFP over the next few weeks and begin presentations next month.

For the third quarter ended November 30, 2014, Carmax reported a 15.8% increase in net sales and operating revenues to $3.41 billion. Net earnings grew 22.2% to $130.0 million.

The company also recently began selling vehicle inventory on and after a 16-month hiatus from the sites.

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