CarMax Employee Benefits Review: Are Their Careers Worth It?

CarMax Employee Benefits Review: Are Their Careers Worth It?

CarMax is a Fortune 500 company and the largest used car retailer in the United States. CarMax employee benefits are quite good, which is why, for 13 straight years, the company was featured on the list of Fortune 100 Best Companies to Work for.

The company was founded in 1993 and is headquartered in Richmond, Virginia. The retailer currently operates in over 200 locations and houses more than 25,000 employees.

CarMax is a specialist in marketing and selling used vehicles. In 1996 the retailer acquired a Chrysler Corporation franchise which was its first new car franchise. Currently, CarMax’s only new car dealership is Toyota in Maryland, Wisconsin, Kenosha, and Laurel.

The company has two main business segments namely CarMax Auto Finance and CarMax Sales.

CarMax Employee Benefits Team

Diane Cafritz, Chief Human Resources Officer, Senior Vice President

Diane Cafritz, Chief Human Resources Officer, Senior Vice President

Diane Cafritz’s main focus is to provide the employees with an environment where they can thrive so they can give their best to the company.

Her responsibilities include leading asset protection segments and human resources to ensure the development and retention of existing employees and attracting new talent.

Cafritz joined CarMax in 2003 as a litigator and since then has worked her way up through the ranks.

Cafritz went to the University of Virginia School of Law from 1992 to 1995.

Find Dian Cafritz on:

LinkedIn

What are CarMax Employee Benefits?

CarMax employee benefits are the reasons why it manages to keep its employee morale and employee engagement high. Here is a complete overview of the company’s employee benefits and perks.

Employee BenefitsDescription
Medical PlanThe company’s medical plan offers full coverage for employees and their dependents. The plan is based on copayments. Employees can choose between HSA, HRA, PPO through Kaiser.
Dental InsuranceDental coverage is given through the PPO plan administered by Aetna to employees and their dependents. Dental coverage becomes available after completing 30 days of employment.
Vision InsuranceVision coverage includes eye exams, frames, contact lenses, and lenses. The cost of this coverage is paid by employees only.
401 (k) PlanCarMax has a good 401 (k) plan. For every $1.00 contribution, the company deposits $1.00. The 100% match is eligible up to 6% of your pay from each paycheck.
Employee Assistance Program (EAP)The program is offered to employees and their family members. It helps you with your day-to-day challenges such as workplace safety, family health, home improvement, addiction & recovery, etc.
life InsuranceEmployees get access to Aetna’s Life Essentials Program, which includes grief counseling, End-of-Life Support, and funeral planning. You become eligible for Life Insurance after completing 30 days of employment.
Paid Time-offPaid time-off includes PTO, vacations, holidays, sick leave, jury duty, medical leave, and other emergencies. The company allows you to carry over 80 hours of vacation and 48 hours of sick time per year.
Parental LeaveEmployees can take four weeks of parental leave during which they are paid 75% of their total salary.
Company Stock PurchaseCarMax offers the Employee Stock Purchase Plan or ESPP. This allows employees to buy the company’s common stock.
Short-Term Disability CoverageShort-term coverage is given to employees whose medicals leaves are approved by Aetna’s leave administrator.
Long-Term Disability CoverageEmployees who are enrolled in the program before the onset of their medical leave get a 6-month long-term disability coverage.
Associate DiscountsRegular full-time employees and part-time associates get discounts after completing 30 days of service. These discounts can also be availed by your family members.
Voluntary BenefitsYou can get different voluntary benefits; the total coverage cost of these benefits is paid by you. Some of these benefits include accident insurance, identity theft insurance, critical illness insurance, etc.
Studen Loan RefinancingThis is a voluntary benefit and it allows you to pay your debt faster and at discounted interest rates. You will have to pay for the plan yourself.
Tuition AssistanceFull-time employees get $5,250 per year and part-time get $2,500 per year.
Adoption AssistanceYou can get adoption assistance after completing a year of service. You can get reimbursement worth $4,000 for each successful or attempted adoption.

What Employee Benefits is CarMax Known for?

CarMax employee benefits are considered to be quite comprehensive and employee-friendly. Most of these benefits packages are based on easy copayments while some are fully paid by employees, these are known as voluntary benefits.

Due to its employee-friendly environment, CarMax, over the years, has been considered one of the best workplaces. Some of the policies, after upgrades, have become a bit expensive but they still offer substantial coverage.

A few of the most talked-about employee benefits include:

  • An excellent medical insurance plan.
  • CarMax’s 401 (k) match is 100% up to 6% of an employee’s eligible pay.
  • A generous PTO. Employees can carry over 80 hours of vacation time.
  • 4 weeks of parental leave at 75% salary.
  • Adoption assistance.
  • Discounts for employees and their families.
  • Life insurance.

CarMax offers a very comprehensive medical plan that is based on copayments. Employees are given the option to choose their plan from a selection of multiple plans, which are HSA, HRA, PPO through Kaiser. These plans not only cover employees but their eligible dependent family members as well. Employees who enroll in Anthem administered CarMax Medical Plan receive MPC (Medical Plan Credit), which is $23.08 per paycheck (bi-weekly). If you apply for the entire plan year, you will get a total of $600 per person. This plan covers your spouse as well.

The company offers a very competitive 401 (k) match to its employees. CarMax gives you a 100% match for up to 6% of your salary per paycheck. The company matches both your Roth and pre-tax contributions. Employees are given the option to choose how they want to invest their plan account. The company offers 13 retirements funds and 11 investment funds. All employees are 100% vested in the plan account they choose.

CarMax offers different types of leaves that come under Paid-time off. These leaves include parental leave, jury duty, vacation, holidays, employee’s own or family medical leave, personal leave and time off, employee’s own or family military leave, sick leave, short-term or long-term disability, bereavement, and closure & emergency pay. Employees who do not get to use their leaves can carry it over to next year, which means their unused leaves are added to their next year’s leaves account.

Does CarMax Help with Student Loans?

CarMax offers help with student loans; however, this assistance is offered as a voluntary benefit, which means this benefit is paid for by the employee only.

Once you enroll in the student loan refinancing program offered by CarMax, you can pay off your student loan faster and at lowered interest rates. The program helps you manage your repayment and meet your financial goals.

In addition to the voluntary benefit of student loans refinancing, the company offers tuition assistance as well.

There is no doubt that employees consider student loan repayment benefits as one of the most attractive offers. This benefit also has its own rewards for employers. Because of these rewards many companies are planning to offer student loan programs in the near future. Companies can implement this benefit efficiently through Futurefuel. This platform brings great management features including encrypted transactions and personalized accounts.

FutureFuel is an excellent way to simplify the implementation process and make it easier for employees to pay their student loans back.

How do CarMax Benefits Change for Different Jobs?

CarMax offers benefits to all its employees; however, the conditions and type of benefits offered can be different for different job types. Moreover, for certain plans, such as 401 (k) match, the company offers supplement contributions according to the age of the employee and the number of years in service.

Other benefits such as vacation time and other types of paid time-off are also different for full-time and part-time employees.

How CarMax Improved its Benefits Package Overtime?

CarMax, since its inception, has focused on offering the best possible benefits to its employees. The company’s 401 (k) match has always been a standout in the industry, whereas, its medical plans give employees multiple options to choose from.

The retailer frequently updates its policies to ensure that its employees are given every opportunity to grow and feel secured both personally and professionally.

Even though, according to Glassdoor reviews, a very small number of employees believe the medical plans have become more expensive with time but the number of happy employees significantly outweighs the unhappy ones.

Some of the updates made by CarMax are as follows:

  • Most of the plan coverages become effective immediately after just 30 days of employment with CarMax.
  • If a part-time employee becomes full-time, the coverage will start on the first of the month after your status changes.

Are CarMax Careers Worth it?

There is no doubt that CarMax has always been very considerate of its employees. The company made it into the fortune 100 Best Companies to Work for list for 13 consecutive years.

Moreover, the retailer has shown loyalty to its employees by giving in-house promotions and allowing employees to work their way up through the ranks.

Here are a few reasons why CarMax Jobs and careers are worth it:

  • The company’s outstanding 401 (k) match can lead to sustainability even after retirement.
  • Medical coverage including dental is given to employees and their family members, which helps them reduce their medical expenses.
  • Employees get assistance with student loan repayments (voluntary), which helps them meet their financial goals and become financially stable.
  • It is a good start for part-time employees who can attain a full-time associate status.

CarMax Jobs and Careers

If CarMax employee benefits are the reason you want to apply for a job, then you need to know where to look for these opportunities. Here are a few places that will give you regular updates about new job openings at CarMax.

CarMax Careers

The official webpage of CarMax features all available vacancies. The page tells you which locations/areas are hiring. Once you click the region, you can see the job type and other details such as a signing bonus, job descriptions, job title, and requirements.

However, one drawback is that not all listings have these details. Some of them only mention the job title and provide no other information.

CarMax Glassdoor

Glassdoor also posts different job listings. Each listing has complete details such as location, job requirements, salary and job descriptions, etc. You can also narrow down your search by using different filters.

CarMax Indeed

Indeed.com lists the names of the locations that have vaccines. You can click on any location and see all the jobs in the area. Each job listing contains full information, which makes it easier for you to decide. The webpage also shows the most popular and highly rated locations and posts.

 

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