On Wednesday, CarMax announced that around 22,000 of their associates nationwide can expect to receive a bonus. The initiative is an acknowledgement for working through the difficulty that COVID-19 has presented. According to the press release, the used car chain is honoring “their commitment and dedication to provide excellent customer service and introduce new innovative offerings in the midst of a challenging year”.
Full-time employees are slated to receive a $500 bonus while part-time workers employed on March 1, 2020 or earlier will receive $250. Anyone hired after March 1 can still receive a bonus, but at a prorated amount.
Bill Nash, president and CEO of CarMax, lauded the efforts of the team across the country. He said, “Associates are the heart of CarMax, and I think it’s truly remarkable how well they adapted over the past year to meet the expectations of our customers, all the while implementing new and exciting consumer offerings that have transformed our business.
“No one could have forecasted the challenges that we all faced this year. Our associates have worked tirelessly to take care of each other and our customers, and this reward is in appreciation of their efforts.”
More than 80% of CarMax’s 25,000-strong workforce will be eligible to receive a bonus.
COVID bonuses the latest in company’s social efforts
As the nation’s largest retailer of used cars, CarMax has remained visible in the community with good deeds, mainly performed though The CarMax Foundation. In December 2020, CarMax issued $25 Care Cards to each of their employees who could then donate it to their preferred eligible non-profit organization. In total, the Giving Tuesday effort saw as much as $650,000 donated to non-profits across the country.
Other drives under the CarMax Foundation’s umbrella include more than 60 playgrounds constructed across the country, blood drives, and partnerships with Red Cross to aid in disaster relief.
Since its inception in 2003, the CarMax Foundation has donated in excess of $65 million to worthy causes.
An example of the industry’s community involvement
Of course, CarMax is just one example of an automotive company participating in community improvement initiatives. Both dealer groups and individual franchised dealerships have been involved in vehicle donations to programs such as the Wounded Warrior Project.
The Do Good Auto Coalition is a growing non-profit that coordinates dealerships with needs in their neighborhoods, particularly where there are food security concerns. To date, their initiative has delivered more than 757,000 pounds of food to people and organizations in need.
Especially during the COVID recovery period, there are plenty of opportunities for dealerships to be involved. Initiatives can start at home, rewarding employees financially for a job well done during a high-stress period in their career, and it can extend to community efforts.
Not only can it benefit your team’s financial security, but it boosts morale to be involved in an organization that thinks beyond itself. And with many dealerships posting profits higher than ever before – despite the pandemic that ravaged all sorts of retail sectors – the resources are likely there to increase your community reach.
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