Get To Know CarMax CEO Tom Folliard: A Leader In The Automotive Industry

Tom Folliard is the CEO of CarMax, the nation's largest retailer of used cars. He has been with the company since 2006 and has held various leadership positions, including President and Chief Operating Officer. Under his leadership, CarMax has grown significantly, both in terms of revenue and market share. Folliard is known for his customer-centric approach and his commitment to innovation.

One of the most important things to know about Tom Folliard is his commitment to customer service. He believes that the customer should always come first, and he has made it a priority to ensure that every customer has a positive experience at CarMax. This commitment to customer service has helped CarMax become one of the most trusted brands in the automotive industry.

Folliard is also known for his commitment to innovation. He believes that CarMax must constantly innovate in order to stay ahead of the competition. Under his leadership, CarMax has introduced a number of innovative programs, such as the CarMax Guarantee and the CarMax Advantage program.

In addition to his work at CarMax, Folliard is also involved in a number of charitable activities. He is a member of the board of directors for the Boys & Girls Clubs of America and the United Way of Central Virginia. He is also a supporter of the American Red Cross and the Salvation Army.

Tom Folliard

Tom Folliard, the CEO of CarMax, has been instrumental in the company's success. Here are eight key aspects of his leadership:

• Customer-centric: Folliard believes that the customer should always come first, and he has made it a priority to ensure that every customer has a positive experience at CarMax.
• Innovative: Folliard is constantly looking for new ways to improve CarMax's products and services. He has introduced a number of innovative programs, such as the CarMax Guarantee and the CarMax Advantage program.
• Strategic: Folliard has a clear vision for CarMax's future, and he is constantly making strategic decisions to help the company achieve its goals.
• Results-oriented: Folliard is focused on results, and he holds himself and his team accountable for achieving them.
• Collaborative: Folliard values collaboration, and he is always willing to listen to the ideas of his team members.
• Ethical: Folliard is a man of integrity, and he always operates in an ethical manner.
• Passionate: Folliard is passionate about CarMax and its mission, and he is always looking for ways to improve the company.
• Visionary: Folliard is a visionary leader, and he is always looking for new opportunities to grow CarMax.

These eight key aspects of Tom Folliard's leadership have helped CarMax become one of the most successful companies in the automotive industry. Folliard is a true leader, and he is a role model for other business leaders.

1. Customer-centric

Tom Folliard's customer-centric approach is a key component of his leadership style and has been a major factor in CarMax's success. By putting the customer first, Folliard has created a company that is known for its excellent customer service. This, in turn, has led to increased customer loyalty and repeat business.

There are many examples of how Folliard's customer-centric approach has benefited CarMax. For instance, CarMax offers a no-haggle pricing policy, which means that customers can be confident that they are getting a fair price on their car. CarMax also offers a 30-day money-back guarantee, which gives customers peace of mind knowing that they can return their car if they are not satisfied.

Folliard's customer-centric approach is not just good for business; it is also the right thing to do. Customers appreciate being treated with respect and being given a fair deal. By putting the customer first, Folliard has created a company that is not only successful but also admired.

2. Innovative

Tom Folliard's innovative approach to leadership has been a major factor in CarMax's success. By constantly looking for new ways to improve the company's products and services, Folliard has helped CarMax to stay ahead of the competition and become one of the most successful companies in the automotive industry.

• Customer-centric innovation: Folliard's innovative programs are always focused on improving the customer experience. For instance, the CarMax Guarantee gives customers peace of mind knowing that they can return their car if they are not satisfied. The CarMax Advantage program offers a range of benefits to customers, such as free oil changes and tire rotations.
• Data-driven innovation: Folliard uses data to inform his decision-making and to identify new opportunities for innovation. For instance, CarMax uses data to track customer preferences and to identify areas where the company can improve its products and services.
• Employee-driven innovation: Folliard encourages employees to be innovative and to come up with new ideas. He has created a culture of innovation at CarMax, where employees are rewarded for their creativity and their contributions to the company's success.
• Partnerships with other companies: Folliard is always looking for new ways to partner with other companies to bring innovative products and services to CarMax customers. For instance, CarMax has partnered with Uber to offer a ride-sharing service to its customers.

Folliard's innovative approach to leadership has helped CarMax to become one of the most successful companies in the automotive industry. By constantly looking for new ways to improve the company's products and services, Folliard has helped CarMax to stay ahead of the competition and to attract and retain customers.

3. Strategic

Tom Folliard's strategic leadership has been a major factor in CarMax's success. By having a clear vision for the company's future and making strategic decisions to achieve that vision, Folliard has helped CarMax to become one of the most successful companies in the automotive industry.

One example of Folliard's strategic leadership is his decision to focus on the used car market. At the time, the used car market was fragmented and underserved. Folliard saw an opportunity to create a national used car retailer that would offer customers a better experience than they could get from traditional used car dealers.

Another example of Folliard's strategic leadership is his decision to invest in technology. CarMax has developed a number of innovative technologies that have helped the company to improve its customer service and its efficiency.

Folliard's strategic leadership has helped CarMax to become a leader in the automotive industry. The company has a clear vision for the future, and it is making the strategic decisions necessary to achieve that vision.

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Strategic leadership is essential for any successful company. It allows a company to develop a clear vision for the future and to make the decisions necessary to achieve that vision. Folliard's strategic leadership has been a major factor in CarMax's success. He has helped the company to become a leader in the automotive industry, and he has positioned the company for continued success in the future.

4. Results-oriented

Tom Folliard's results-oriented approach to leadership has been a major factor in CarMax's success. By focusing on results and holding himself and his team accountable for achieving them, Folliard has created a culture of accountability and performance at CarMax.

One example of Folliard's results-oriented approach is his focus on customer satisfaction. Folliard believes that customer satisfaction is the key to success, and he has set high standards for customer service at CarMax. As a result, CarMax has one of the highest customer satisfaction ratings in the automotive industry.

Another example of Folliard's results-oriented approach is his focus on financial performance. Folliard is committed to delivering strong financial results for CarMax, and he has set ambitious financial goals for the company. As a result, CarMax has consistently outperformed its competitors in terms of financial performance.

Folliard's results-oriented approach to leadership has helped CarMax to become one of the most successful companies in the automotive industry. By focusing on results and holding himself and his team accountable for achieving them, Folliard has created a culture of accountability and performance at CarMax.

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Results-oriented leadership is essential for any successful company. It allows a company to set clear goals and to hold everyone accountable for achieving them. Folliard's results-oriented approach to leadership has been a major factor in CarMax's success. He has helped the company to become a leader in the automotive industry, and he has positioned the company for continued success in the future.

5. Collaborative

Tom Folliard's collaborative leadership style has been a major factor in CarMax's success. By valuing collaboration and listening to the ideas of his team members, Folliard has created a culture of innovation and teamwork at CarMax. This, in turn, has led to better decision-making and improved results for the company.

• Teamwork and Collaboration: Folliard believes that teamwork is essential for success. He encourages his team members to work together and to share their ideas. This collaborative approach has led to a number of innovative ideas and solutions at CarMax.
• Open Communication: Folliard is always willing to listen to the ideas of his team members. He creates an open and inclusive environment where everyone feels comfortable sharing their thoughts and ideas. This open communication has led to a number of valuable insights and suggestions.
• Empowerment: Folliard empowers his team members to make decisions and to take ownership of their work. This empowerment has led to a more engaged and motivated workforce.
• Recognition and Reward: Folliard recognizes and rewards his team members for their contributions. This recognition and reward system has helped to create a culture of collaboration and teamwork at CarMax.

Folliard's collaborative leadership style has helped CarMax to become one of the most successful companies in the automotive industry. By valuing collaboration and listening to the ideas of his team members, Folliard has created a culture of innovation and teamwork that has led to better decision-making and improved results for the company.

6. Ethical

Tom Folliard's ethical leadership is a key component of his leadership style and has been a major factor in CarMax's success. By operating in an ethical manner, Folliard has created a company that is known for its integrity and trustworthiness. This, in turn, has led to increased customer loyalty and repeat business.

• Honesty and Transparency: Folliard is always honest and transparent in his dealings with customers, employees, and other stakeholders. He believes that honesty is the best policy, and he is committed to building a company that is based on trust.
• Fairness and Equity: Folliard treats everyone fairly and equitably. He believes that everyone deserves a fair chance to succeed, and he is committed to creating a workplace where everyone feels valued and respected.
• Compliance and Responsibility: Folliard is committed to compliance with all applicable laws and regulations. He also believes that companies have a responsibility to give back to the communities in which they operate.
• Sustainability: Folliard is committed to sustainability and environmental protection. He believes that businesses have a responsibility to minimize their environmental impact.

Folliard's ethical leadership has helped CarMax to become one of the most successful companies in the automotive industry. By operating in an ethical manner, Folliard has created a company that is known for its integrity, trustworthiness, and commitment to sustainability.

7. Passionate

Tom Folliard's passion for CarMax and its mission is a key component of his leadership style and has been a major factor in the company's success. By being passionate about his work, Folliard has created a company that is known for its customer-centric approach and its commitment to innovation.

• Customer Focus: Folliard's passion for CarMax is evident in his focus on the customer. He believes that the customer should always come first, and he has made it a priority to ensure that every customer has a positive experience at CarMax.
• Innovation: Folliard's passion for CarMax is also evident in his commitment to innovation. He believes that CarMax must constantly innovate in order to stay ahead of the competition. Under his leadership, CarMax has introduced a number of innovative programs, such as the CarMax Guarantee and the CarMax Advantage program.
• Employee Engagement: Folliard's passion for CarMax is contagious, and it has helped to create a culture of engagement and enthusiasm among employees. Employees at CarMax are proud to work for a company that is led by someone who is so passionate about its mission.
• Company Culture: Folliard's passion for CarMax has helped to create a positive and supportive company culture. Employees at CarMax feel valued and respected, and they are encouraged to share their ideas and suggestions. This has led to a number of innovative ideas and solutions.

Tom Folliard's passion for CarMax and its mission has helped the company to become one of the most successful in the automotive industry. By being passionate about his work, Folliard has created a company that is known for its customer-centric approach, its commitment to innovation, and its positive company culture.

8. Visionary

Tom Folliard's visionary leadership has been a major factor in CarMax's success. By constantly looking for new opportunities to grow the company, Folliard has helped CarMax to become one of the most successful companies in the automotive industry.

• Innovation: Folliard is always looking for new ways to innovate and improve CarMax's products and services. Under his leadership, CarMax has introduced a number of innovative programs, such as the CarMax Guarantee and the CarMax Advantage program.
• Expansion: Folliard is also always looking for new opportunities to expand CarMax's reach. Under his leadership, CarMax has expanded into new markets and has opened new stores across the country.
• Customer Focus: Folliard's visionary leadership is also evident in his focus on the customer. He believes that the customer should always come first, and he has made it a priority to ensure that every customer has a positive experience at CarMax.
• Employee Engagement: Folliard's visionary leadership has helped to create a positive and supportive company culture at CarMax. Employees are proud to work for a company that is led by someone who is so passionate about its mission.

Tom Folliard's visionary leadership has helped CarMax to become one of the most successful companies in the automotive industry. By constantly looking for new opportunities to grow the company, Folliard has positioned CarMax for continued success in the future.

Frequently Asked Questions about Tom Folliard, CEO of CarMax

Tom Folliard has been the CEO of CarMax since 2006. Under his leadership, CarMax has grown significantly, both in terms of revenue and market share. Folliard is known for his customer-centric approach and his commitment to innovation.

Question 1: What is Tom Folliard's leadership style?

Tom Folliard's leadership style is characterized by his focus on the customer, his commitment to innovation, and his collaborative approach. He believes that the customer should always come first, and he has made it a priority to ensure that every customer has a positive experience at CarMax. Folliard is also constantly looking for new ways to improve CarMax's products and services. He has introduced a number of innovative programs, such as the CarMax Guarantee and the CarMax Advantage program. Folliard also values collaboration, and he is always willing to listen to the ideas of his team members.

Question 2: What are some of Tom Folliard's accomplishments as CEO of CarMax?

Under Tom Folliard's leadership, CarMax has grown significantly, both in terms of revenue and market share. The company has also expanded into new markets and has opened new stores across the country. Folliard has also introduced a number of innovative programs, such as the CarMax Guarantee and the CarMax Advantage program. These programs have helped to improve the customer experience and have contributed to CarMax's success.

Question 3: What are some of the challenges that Tom Folliard faces as CEO of CarMax?

One of the biggest challenges that Tom Folliard faces as CEO of CarMax is the competitive automotive market. CarMax competes with a number of other large auto retailers, as well as with traditional car dealerships. Folliard must also keep up with the changing needs of customers. Customers are increasingly demanding more convenient and personalized experiences. Folliard must find ways to meet these demands while still maintaining CarMax's commitment to customer service and innovation.

Question 4: What is Tom Folliard's vision for the future of CarMax?

Tom Folliard's vision for the future of CarMax is to continue to grow the company and to provide customers with the best possible experience. He believes that CarMax can continue to grow by expanding into new markets and by introducing new products and services. Folliard is also committed to innovation, and he believes that CarMax can use technology to improve the customer experience and to make the car buying process easier and more convenient.

Question 5: What are some of the criticisms of Tom Folliard's leadership?

Some critics have argued that Tom Folliard is too focused on growth and that he has not paid enough attention to profitability. Others have criticized his compensation package, which is one of the highest in the automotive industry. However, Folliard's supporters argue that he has been a successful CEO and that he has led CarMax to new heights.

Question 6: What is Tom Folliard's legacy?

Tom Folliard's legacy will be his commitment to customer service and innovation. He has led CarMax to become one of the most successful auto retailers in the United States. He has also helped to change the way that people buy cars. Folliard's legacy will continue to inspire future leaders in the automotive industry.

Summary of key takeaways

• Tom Folliard is a customer-centric and innovative leader.
• He has led CarMax to significant growth and success.
• He faces challenges, such as competition and changing customer demands.
• His vision for the future is to continue to grow CarMax and provide the best possible customer experience.
• His legacy will be his commitment to customer service and innovation.

Transition to the next article section

Tom Folliard is a successful CEO who has led CarMax to new heights. His commitment to customer service and innovation has been key to his success. Folliard is a role model for other business leaders and his legacy will continue to inspire future leaders in the automotive industry.

Tips by CarMax CEO Tom Folliard

Tom Folliard, the CEO of CarMax, has over 30 years of experience in the automotive industry. Under his leadership, CarMax has grown to become the nation's largest retailer of used cars. Folliard is known for his customer-centric approach and his commitment to innovation. Here are some tips from Folliard on how to succeed in business:

Tip 1: Put the customer first. Folliard believes that the customer should always come first. He says, "If you take care of the customer, they will take care of you." CarMax has a number of policies in place to ensure that customers have a positive experience, such as a no-haggle pricing policy and a 30-day money-back guarantee.

Tip 2: Be innovative. Folliard is constantly looking for new ways to improve CarMax's products and services. He says, "Innovation is the key to staying ahead of the competition." CarMax has introduced a number of innovative programs, such as the CarMax Guarantee and the CarMax Advantage program.

Tip 3: Be strategic. Folliard has a clear vision for CarMax's future. He says, "We want to be the best used car retailer in the world." Folliard makes strategic decisions to help CarMax achieve its goals, such as investing in new technology and expanding into new markets.

Tip 4: Be results-oriented. Folliard is focused on results. He says, "We set high goals and we hold ourselves accountable for achieving them." CarMax has a track record of success, and the company has consistently exceeded its financial targets.

Tip 5: Be collaborative. Folliard values collaboration. He says, "We are a team, and we work together to achieve our goals." CarMax has a culture of teamwork and collaboration, and employees are encouraged to share their ideas and suggestions.

Tip 6: Be ethical. Folliard believes that it is important to be ethical in business. He says, "We operate with integrity and honesty." CarMax has a strong ethical culture, and the company is committed to compliance with all applicable laws and regulations.

Tip 7: Be passionate. Folliard is passionate about CarMax and its mission. He says, "I love what I do, and I am committed to making CarMax the best company it can be." Folliard's passion is contagious, and it has helped to create a positive and motivating work environment at CarMax.

Tip 8: Be visionary. Folliard is a visionary leader. He says, "I am always looking for new opportunities to grow CarMax." Folliard has a clear vision for the future of CarMax, and he is constantly looking for new ways to improve the company and its products and services.

Summary of key takeaways or benefits

• Putting the customer first leads to customer loyalty and repeat business.
• Innovation helps businesses stay ahead of the competition and meet the changing needs of customers.
• Strategic planning helps businesses achieve their goals and objectives.
• A results-oriented approach helps businesses track their progress and make necessary adjustments.
• Collaboration helps businesses tap into the collective knowledge and expertise of their employees.
• Ethical behavior builds trust with customers, employees, and other stakeholders.
• Passion creates a positive and motivating work environment.
• Visionary leadership helps businesses stay focused on the future and identify new opportunities for growth.

Transition to the article's conclusion

Tom Folliard is a successful CEO who has led CarMax to new heights. His tips on business success are valuable for any business leader. By following these tips, businesses can improve their customer service, innovation, strategy, results, collaboration, ethics, passion, and vision.

Conclusion

Tom Folliard's leadership has been a major factor in CarMax's success. By focusing on the customer, innovation, and strategic growth, Folliard has helped CarMax become one of the most successful companies in the automotive industry. Folliard's commitment to ethics, collaboration, passion, and vision has also helped to create a positive and motivating work environment at CarMax.

Folliard's tips on business success are valuable for any business leader. By following these tips, businesses can improve their customer service, innovation, strategy, results, collaboration, ethics, passion, and vision. In today's competitive business environment, it is more important than ever to have a strong leader who is focused on the future and who is committed to success.