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Episode 875

Innovation at CarMax: Tech CxO Jim Lyski on Data, AI, and Virtual Showrooms in the Used Car Market

May 27, 2024
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About the Guest

Jim Lyski

Chief Innovation & Strategy Officer at CarMax
Jim Lyski is the Chief Strategy and Innovation Officer at CarMax, the largest used car retailer in the US, overseeing strategy, products, marketing, and business development. With nearly ten years in his role, Jim has driven significant innovations in data analytics and artificial intelligence, enhancing both customer and employee experiences. Before joining CarMax, he served as Chief Marketing Officer for ScottsMiracle-Gro Company and held executive roles at FedEx, Cigna, and Nationwide.

Episode Overview

875: Buying a car is often a significant decision for many households, and a process filled with friction only adds to the stress of the customer experience. In this episode of Technovation, Jim Lyski, Chief Strategy and Innovation Officer at CarMax, joins Peter High to discuss the innovations he is driving to enhance customer experience, address information imbalances in the used car industry, and revolutionize the vehicle purchase process. Jim explores the history of CarMax, his role in shaping the company’s direction, and the collaborative culture he fosters within his team. He explains how the company improves customer experiences through its transparent no-haggle pricing model, personalized vehicle recommendations, and virtual showrooms. Jim also emphasizes the importance of responsible AI, detailing the development of an AI Center of Excellence and the necessity of providing accurate data. Finally, Jim discusses the positive impact of a good associate experience on customer satisfaction, looks ahead at future trends in generative AI, and reflects on the keys to his career success.

“"It's a market where there's an information imbalance... What we wanted to do back then was to flip the script and balance the scales and have the consumer feel like they had enough knowledge to make a well-reasoned purchase.""

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