CarMax, the national used-car-only dealership, opened its first Washington location Thursday in Spokane Valley. The location is also the first in the Pacific Northwest for the Virginia-based company.
The company spent over $4.5 million constructing the 44,000-square-foot dealership at 7814 E. Sprague Ave.
Thursday’s ceremony drew several area political leaders as well as Tom Folliard, the president and CEO of CarMax. In a press release, Folliard said: “We are committed to not only providing the best service to our customers, but also to serving the communities in which our associates live and work by giving back to organizations such as the Boys and Girls Clubs of Spokane County.”
At the event Folliard announced CarMax was creating a community partnership to benefit Spokane-area children, with an initial investment of $20,000.
Mortgage finance bill moves to Senate floor
WASHINGTON – The White House welcomed bipartisan legislation to overhaul the nation’s mortgage financing system that cleared a crucial Senate hurdle on Thursday. The legislation would wind down the giant government-backed lenders Fannie Mae and Freddie Mac.
The Senate Banking Committee voted to send the bill to the Senate floor.
The bill would phase out Fannie and Freddie and reduce the government’s role in guaranteeing mortgage securities. The two firms had to be rescued by a $187 billion taxpayer bailout during the financial crisis.
“Today’s vote marks important progress toward completing one of the biggest remaining pieces of post-recession reform of the financial system,” White House press secretary Jay Carney said in a statement.
The bill would create a new Federal Mortgage Insurance Corp. that would provide backstop insurance, available only after a substantial amount of private capital is used up. Investors would pay insurance fees to the corporation while agreeing to put a substantial amount of their own capital at risk.
Shareholders pan pay of Chipotle executives
DENVER – Shareholders sent a strong rebuke to Chipotle on Thursday over how much the chain pays its top executives.
During the Mexican food chain’s annual meeting in Denver, 77 percent voted against its executive pay plan. The vote is advisory and nonbinding but could persuade Chipotle to rethink compensation going forward.
Last year, co-CEOs Steve Ellis and Montgomery Moran were paid $25.1 million and $24.4 million, respectively.
Chipotle Mexican Grill Inc. has more than 1,600 locations.
Bankrupt railroad in Quebec derailment sold
PORTLAND, Maine – The sale of the Maine-based railroad blamed for a deadly oil train derailment in Quebec has been completed 10 months after the disaster that claimed 47 lives.
Chapter 11 trustee Robert Keach said the parties closed Thursday on the $15.85 million sale of bankrupt Montreal, Maine and Atlantic Railway. A separate, parallel Canadian proceeding will be completed at a later date.
Proceeds from the sale will help pay off creditors.
The railway buyer, a subsidiary of New York-based Fortress Investment Group, is changing the railroad’s name to Central Maine and Quebec Railway. It has no plans to resume oil train shipments.
The derailment last summer in Lac-Megantic was the worst railway accident in Canada in nearly 150 years. It led to calls for making oil trains safer across North America.