Used-vehicle retailer CarMax Inc. is investing $50 million to buy a minority stake in Edmunds, the automotive retail research and vehicle-listing company.
CarMax said Wednesday the move is mean to bolster its omnichannel retail strategy designed to meet and interact with shoppers wherever and however they’re shopping, across multiple channels, online and in store.
“Edmunds’ proprietary content, comprehensive automotive market insights and streamlined user experience across the car buying and selling journey will allow us to deepen our engagement with customers shopping online,” CarMax CEO Bill Nash said in a statement.
CarMax is expected to complete its rollout of the omnichannel strategy, which it is calling a “personalized buying experience,” by the end of February 2021, although most of its markets will be covered in some form by the end of February 2020.
The announcement follows Edmunds’ plans to eliminate 129 jobs by March. Those cuts are part of a restructuring that it said…
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