CarMax CEO Keith Barr shares vision for future in open letter

GOOCHLAND COUNTY, Va. (WRIC) -- After one week serving as the President and CEO of Richmond-based CarMax, Keith Barr has released an open letter sharing his vision for the future.

On Tuesday, March 17, Keith Carr shared an open letter as he completes his first week as president and CEO at CarMax, one of the nation's largest retailers of used cars. He shares his thoughts on the opportunities that lie ahead.

"Our industry has work to do to meet the needs of the modern consumer, and those who get it right will be well-positioned to win," Barr stated in the open letter. "CarMax is uniquely positioned to capture this opportunity, the scale of which is hard to overstate."

Barr previously worked as CEO of IHG Hotels & Resorts for six years.

"The used car market is one of the largest consumer markets in America, and it remains highly fragmented, with no company holding more than single-digit market share. CarMax reaches 85 percent of the U.S. population, a footprint that positions us for tremendous growth,” Carr wrote.

Barr has outlined three main priorities: "making CarMax the obvious choice on price, selection and experience; using technology to reduce friction across the full customer journey; and acting with urgency and accountability to turn the business around," according to the release.

To read the full letter, visit the CarMax website here.