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

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.