The Four Decisions and Why They’re Difficult

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CarMax, the used-car superstore we discussed in chapter 1, was an almost immediate success. After launching its first store in 1993 and working the bugs out of its systems, the company launched several more over the next few years. In 1996, it announced its plan to open fifteen to twenty new stores per year. This early success quickly attracted serious competition, including AutoNation, Car America, Driver’s Mart, and Car Choice.

By far the most dangerous of this lot was AutoNation, a company led by Wayne Huizenga, the billionaire entrepreneur and Wall Street hero who had built two wildly successful ...

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