CarMax acquires remaining stake in Edmunds, an online guide for automotive information
In April 2021, CarMax entered into a definitive agreement to acquire the remaining stake in Edmunds. Edmunds specializes in providing automotive guidance online and is recognized as an industry leader in digital car shopping innovations. The acquisition will benefit both companies as Edmund’s now has access to CarMax’s national scale and infrastructure, while CarMax can utilize Edmund’s platform to enhance their digital capabilities. In January 2020, CarMax acquired a minority stake in Edmunds and therefore, the acquisition comes off of an already established repertoire.
M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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