CarMax chief picks up an $8 million view

CarMax president Thomas Folliard's new vacation digs. (Photos by LinkMV.com, courtesy of Wallace & Co. Sotheby's International Realty)

CarMax president Thomas Folliard and his wife, Mary, recently bought this waterfront home in Martha’s Vineyard. (Photos by LinkMV.com, courtesy of Wallace & Co. Sotheby’s International Realty)

The top boss at one of Richmond’s biggest companies has acquired an out-of-town getaway with a hint of Hollywood history.

CarMax president and chief executive Thomas Folliard and his wife, Mary, recently purchased a waterfront home in Martha’s Vineyard for $7.9 million, according to a report from Martha’s Vineyard Patch and property records in Dukes County, Mass.

Peyton Wallace, a real estate broker with Wallace & Co. Sotheby’s International Realty who handled the sale, said Hollywood legend James Cagney owned the 11-bedroom house at 29 S. Water St. in Edgartown, Mass., from 1948 to 1952.

The house at 29 S. Water St. in Edgartown, Mass.

The house at 29 S. Water St. in Edgartown, Mass.

Wallace characterized the 6,000-square-foot house as a bit of a fixer-upper and said the Folliards plan to renovate it.

The house’s view of Edgartown Harbor, however, is a stunner. One can watch boats come and go from a second-level deck or dangle his feet from a 145-foot private dock, according to a listing Wallace provided.

The 9.5-bath residence was built in 1934. Its original asking price was $9.85 million. The sale was recorded in September.

The Folliards bought the home from the Vietor family, longtime owners of the property. Thomas Folliard declined to comment on the purchase, a CarMax spokeswoman said.

Folliard, 48, became president and CEO of CarMax in 2006.

His total compensation for fiscal 2013 was $7.4 million, according to the company’s SEC filings, including a base salary of $1.08 million and stock awards and other incentive pay.

During that period, CarMax sold more than 447,000 used cars, generating almost $11 billion in revenue for the year and $434.3 million in net earnings. The company operates more than 115 locations across the country.

Its stock, which trades under the symbol “KMX,” closed Monday at $50.09 per share, up .80 percent.

The view from the 6,000-square-foot house, once owned by James Cagney.

The view from the 6,000-square-foot house, once owned by James Cagney.

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stacey daniels
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stacey daniels

When I saw this, I just had to comment. Mr. Folliard has enough money to buy this home because of the poor pay given to CarMax’s sales associates. $160 flat rate commission per car is disturbing. And if you don’t sell anything, CarMax pays you minimum wage. Then, you pay that money back to CarMax once you have accrued enough earnings the following pay period. Also, CarMax has only given one $10 raise on it’s sales commission since it’s inception in 1997. Sounds like Tom has it figured out.

Russ Klein
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Russ Klein

Stacy, it’s clear to see that you have your heart in the right place. Just to be fair, because I concede it’s hard to know, why is it that CARMAX has such impressively low turnover versus any other major retailer in any industry? Sometimes the unknown details that go beyond what we see in wage and compensation disclosures don’t reveal the “rest of the story”. Every time I speak with a CARMAX frontline employee, they talk about how much they love working there. Those same employees say Tom Folliard is a very fair and inspiring leader. Could it be that… Read more »

Jane'e Pereira
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Jane'e Pereira

Russ, I encourage you to apply! As a newer employee (May2014) of KMX, I may still be in my honeymoon stage, but I doubt it! It became very clear to me within a day of working here that what makes Carmax great is not by chance. The success that this company has achieved and continues to achieve is because of intentional dedication to DOING WHAT IS RIGHT for Carmax, its’ employees and its’ customers- every time, all the time. The company is built on a foundation of integrity- period. If that is appealing to you, you have nothing to lose… Read more »