This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

CarMax Advises How To Avoid Flood-Damaged Cars

Stock quotes in this article: KMX

In the wake of recent flooding caused by Hurricane Sandy, CarMax, Inc., (NYSE: KMX), the nation’s largest retailer of used cars, is advising consumers on how to avoid purchasing flood-damaged vehicles. CarMax offers a helpful video to aid consumers in spotting the signs of flood damage. To see the video, visit the CarMax YouTube page.

“Consumers should be aware that some businesses and individuals may try to sell salvaged and flood-damaged cars without revealing the vehicle history,” said Corri Cottingham, purchasing manager for CarMax in Hartford, Conn. “Flood-damaged cars are not structurally or mechanically sound, but could be repaired, re-titled, and sold to unsuspecting buyers.”

CarMax’s purchasing team offers these ten tips for identifying a vehicle with possible flood damage. If any of these signs are identified, ask further questions to determine if flood damage occurred:

1) Check for a moldy smell inside the car and feel the carpet for dampness2) Be suspicious of an older car with a brand new interior or carpeting3) Check for rust under the brake or gas pedals4) Look for dirt or rust under the dashboard and floor mats5) Inspect the bolts and screws under the seats for evidence of rust6) Check the undercarriage for excessive rust7) Check inside the trunk under the carpet and in the spare tire well area for rust, dirt or sand8) Look for corrosion, water marks, or a thin brown line on the exterior of the vehicle9) Check to see if the electrical system works10) Check the VIN number with AutoCheck or Carfax to see whether a flood claim has been filed or a salvage title has been issued on the vehicle

CarMax provides a free AutoCheck vehicle history report for every used vehicle. CarMax’s nationwide team of more than 900 car-buyers is trained to detect whether a car has flood damage or has been in a major accident. CarMax will not retail any car that has flood or frame damage or an odometer or title discrepancy.

About CarMax

CarMax, a member of the FORTUNE 500 and the S&P 500, and one of the FORTUNE 2012 “100 Best Companies to Work For,” is the nation’s largest retailer of used cars. Headquartered in Richmond, Va., CarMax currently operates 115 used car superstores in 57 markets. The CarMax consumer offer is structured around four customer benefits: low, no-haggle prices; a broad selection; high quality vehicles; and customer-friendly service. During the twelve months ended February 29, 2012, the company retailed 408,080 used cars and sold 316,649 wholesale vehicles at our in-store auctions. For more information, access the CarMax website at www.carmax.com.

Please Note: Our buying team can provide visually compelling demonstrations on possible flood damage indicators.

Copyright Business Wire 2010

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,854.35 -188.55 -1.11%
S&P 500 1,958.47 -13.82 -0.70%
NASDAQ 4,450.1180 -43.2720 -0.96%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs