About Carmax Auctions
CarMax Auctions is a leading auto auction platform designed exclusively for licensed dealers. Known for its transparent, dealer-friendly approach, CarMax Auctions offers thousands of vehicles weekly at numerous locations nationwide.
They provide a wholesale marketplace with a wide selection, including repo vehicles & trade-ins, all owned by CarMax with no consignment sales. CarMax Auctions also features online bidding options, convenient for dealers nationwide to participate and secure quality cars at competitive prices.
CarMax Auction Locations
CarMax Auctions has 59 locations across the United States. To find a location near you, check out their complete list of locations, which provides dealers with the most current information.
Does CarMax have Public Auctions?
No, CarMax auctions are not open to the public. They are exclusively for licensed vehicle dealers and their authorized representatives can participate and bid on vehicles.
CarMax Login
Use the CarMax Auctions login page to sign in to your account. From there, you can manage your account, check auction schedules, and participate in live auctions.
Member Registration
Registering for CarMax Auctions is free and can be completed online through the member registration process. The process typically takes one business day, provided all required tax/resale documents and payment-related information are submitted. Registering in advance is recommended to avoid delays on auction day.
Membership Cost
CarMax Auctions membership is free, allowing you to access all auction services without any upfront costs or risk.
Add a Representative
Visit the My Profile section on your member dashboard and find your invitation code. Share this code with the representative you wish to add, and direct them to register for auctions on the CarMax Auctions website. Additional representatives may join under your dealership’s registration, enabling them to participate in auctions as well.
Are guests allowed?
No. Only licensed dealers and authorized representatives registered under the dealership’s CarMax account can attend.
Vehicle Types
CarMax Auctions offers vehicles sold “as-is” that are acquired through trade-ins and repossessions that don’t meet CarMax’s strict retail criteria. Consignment vehicles from other dealers are not allowed. This unique approach ensures that all vehicles available are owned by CarMax and properly titled.
Bidding Methods
- Live In-Person Bidding: Dealers bid directly at the auction location, competing directly with others online and on the auction floor.
- Simulcast Bidding: Dealers participate in live auctions remotely, bidding in real-time online without being physically present.
- Early Bids (Proxy Bids): Dealers set bids before the auction day. These bids automatically increase to the dealer’s limit during the live auction, potentially winning the vehicle without being present.
Buyer Fees
CarMax Auctions’ buy fees vary based on the vehicle’s selling price. Dealers can preview the fees through the online Simulcast platform.
Auction Services
CarMax Auction App (400)
The CarMax Auctions app provides access to inventory nationwide, enabling features like real-time bidding and viewing run lists. Within the app, you can research vehicles and view their photos, place notes, create watch lists, and set early bids. You can download the CarMax Auction App from the Apple App Store and Google Play Store.
Arbitration Policy
CarMax Auctions allows dealers to make claims (known as arbitration) for mechanical issues that were not announced and covered by their Auction Policies. CarMax will either accept the vehicle return or offer a price adjustment. The process is free and can be initiated through their platform’s “My Transactions” or “My Auctions” sections.
Light System/Announcements
CarMax Auctions does not have an auction light system, as all vehicles are sold “as-is” without guarantees. Known major mechanical issues such as engine or transmission problems, branded titles, and structural or flood damage are disclosed as outlined by the National Auto Auction Association (NAAA). Carmax encourages dealers to verify the mechanical condition of vehicles on-site.
Payment Options
CarMax Auctions offers several payment and financing options dealers can link to through their Carmax My Profile page. Payment is required by the close of business the day after the auction.
Payment Options:
- Cash
- Checks (with prior approval)
- ACH (Automated Clearing House)
- Certified Funds
Flooring / Financing
Flooring is short-term financing that allows dealers to acquire vehicles with minimal upfront payment, repaying the loan once the vehicle is sold.
- NextGear Capital
- Kinetic Advantage
- AFC (Automotive Finance Corporation)
Transportation
CarMax Auction Vehicle Moves
CarMax Auction Vehicle Moves provides transportation services. Vehicles must be paid for and meet specific criteria. Delivery is coordinated with the dealer, and inoperable vehicles may incur additional transportation costs. Storage fees may apply if the dealer cannot receive vehicles as planned.
Customer Service
CarMax Auctions provides customer service and support through their Auction Information Line.
Phone Number: 1 (888) 804-6604
CarMax Auction Review
CarMax Auctions are popular due to its free membership, straightforward “as-is” sales, flexible payment options, and wide selection of trade-ins and repossessions. Additionally, the ability to bid online through Simulcast adds convenience for dealers.
