RICHMOND, Va. -

CarMax founder Rick Sharp was honored this week for his leadership to the company, and an educational endowment has been created in his honor.

Nearly 20 years after CarMax opened its doors at the first store in Richmond, Va., a store dedication ceremony held Monday honored Sharp, its retired board chairman.

The ceremony included the unveiling of a bronze plaque featuring Sharp, which will be mounted at the store’s entrance. A permanent plaque in the waiting area will share Sharp’s contributions and CarMax history.

The company also announced the establishment of a $250,000 endowment to the Community Foundation, to fund the CarMax-Rick Sharp Entrepreneur Scholarship.

 “Rick’s influence and commitment to integrity, community giving and transparency continue to be guiding principles at CarMax,” said Tom Folliard, president and chief executive officer of CarMax.

“And the scholarship will continue Rick’s legacy and help future entrepreneurs from Richmond lead the next generation of big ideas,” he said.  

The scholarship is expected to be awarded annually to graduating high school seniors in the greater Richmond area, the company said, based on academic performance and financial need

Sharp, while serving as president and CEO of Circuit City Stores, led a team that created CarMax’s revolutionary, no-haggle used-car retail concept. His vision became reality when the first CarMax store opened in 1993.

The naming of the scholarship and building recognize Sharp’s contributions to the company and his philanthropic efforts in the Richmond-Metro area, CarMax noted.

Sharp’s service includes work with community groups such as The Boys and Girls Clubs of Metro Richmond; Johns Hopkins Medicine Board of Advisors; University of Virginia Health Foundation; and the VCU School of Engineering Foundation.

Currently, Sharp is involved in the Stay Sharp Fund, which supports research for Alzheimer’s disease and was established two years ago by his daughters, Donna Suro and April Garnett.
 

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