Thomas Folliard on recession response
From How a Florida Tech graduate in Melbourne helped CarMax transform an industry · · Instructional Technology
“We didn't do any layoffs in the company; we didn't cut back on any of our benefits — we tried to keep all of our best people (we repurposed some people), but we really had to rethink the entire company when we came out of that.”
On , Thomas Folliard, Executive Chairman at CarMax, spoke about recession response during How a Florida Tech graduate in Melbourne helped CarMax transform an industry on Instructional Technology.
About Thomas Folliard
Thomas Folliard, executive chairman of CarMax, spoke at a Florida Tech lecture series in February 2018. He stated that the company had generated over $18 billion in revenue in the prior year and expected to exceed $20 billion in the coming year)Skip. He also said CarMax had $12.5 billion in managed receivables and was the fifth-largest originator of used-car loans in the United States. During the lecture, Folliard described the company's response to an unspecified economic downturn, saying CarMax did not conduct layoffs or reduce benefits, instead repurposing some employees and rethinking the company's operations. He also discussed CarMax's approach to vehicle recalls, stating that because the company is not a manufacturer, it cannot fix recalls, but aims to be transparent with customers by showing them how to register with manufacturers and check for open recalls.