CarMax To Hold Annual Shareholder Meeting In Va

MICHAEL FELBERBAUM

RICHMOND, Va. (AP) â¿¿ Used car dealership chain CarMax Inc. is set to hold its annual shareholder meeting in Virginia.

The Richmond, Va.-based company's gathering is scheduled for Monday afternoon in suburban Richmond.

CarMax runs more than 110 stores in 56 markets that mainly sell used cars and trucks.

The company has seen its performance improve as a result of sales increases, cost-cutting efforts and gains from its financing division. But low consumer confidence, tighter lending standards and high unemployment have hindered the industry's recovery.

Last week, the company said its fiscal first-quarter net income rose 25 percent as revenue at stores open at least a year rose 6 percent. In the last fiscal year, CarMax saw its net income rise 10 percent and its revenue grow 11 percent.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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