CarMax Inc. (NYSE:KMX) shares rose 1.7% on Friday after the company announced it is the first U.S. auto retailer to publish an app in the ChatGPT app store that supports car shopping.
The new app brings CarMax’s inventory and valuation tools directly into ChatGPT. Users can browse the company’s nationwide selection of more than 45,000 vehicles using conversational queries, such as requesting "an SUV with a third row under $25,000." The integration also provides vehicle value information inside the chat interface.
In addition to shopping capabilities, the app gives people looking to sell their cars immediate insight into CarMax offers for a vehicle’s make and model. The integration includes direct access to the company’s online offer tool so sellers can obtain an offer through the ChatGPT experience.
"By bringing CarMax’s nationwide inventory and shopping tools into ChatGPT, we’re giving customers a simple, reliable way to explore their options within a platform they are already using," said Diane Cafritz, CarMax Chief Innovation & People Officer.
CarMax operates 255 stores across the United States and employs more than 28,000 associates. The Richmond, Virginia-based retailer has incorporated AI technologies into its operations for years; the company’s virtual assistant, Skye, manages tens of thousands of customer conversations weekly on the CarMax website.
The company’s customer policies include a 10-day Money Back Guarantee and a 30-day limited warranty with no mileage limitation. CarMax also offers home delivery within a 60-mile radius of select stores, and it provides at-home vehicle pickup services for sellers.
The ChatGPT integration represents a new distribution point for CarMax’s online tools, putting inventory search and valuation features within a conversational interface used by consumers. The announcement and app launch were followed by the stock’s intraday uptick on Friday.
Sectors impacted: Auto retail, technology and online marketplaces.