CarMax, Inc. (CarMax) is a holding company and its operations are conducted through its subsidiaries. CarMax also wholesales used vehicles. The Company is a retailer of used cars, based on the 408,080 used vehicles it retailed during the fiscal year ended February 29, 2012 (fiscal 2012). As of February 29, 2012, it operated 108 used car superstores in 53 metropolitan markets. In addition, it is a wholesale vehicle auction operator. It sold 316,649 wholesale vehicles through its on-site auctions in fiscal 2012. As of February 29, 2012, the Company conducted weekly or bi-weekly auctions at 52 of its 108 used car superstores. In addition, it sells new vehicles at four locations under franchise agreements with three new car manufacturers. In fiscal 2012, new vehicles comprised only 2% of its total retail vehicle unit sales.