Good day, and welcome to the CarMax, Inc. 2020 Annual Meeting of Shareholders. I would now like to turn the conference over to Eric Margolin, Executive Vice President, General Counsel and Corporate Secretary. Please go ahead.
Thank you. Good afternoon and thank you for joining us today. It's my pleasure to welcome you to CarMax's 2020 Annual Meeting of Shareholders. This year for the first time, we are holding our meeting virtually. In light of the public health concerns and restrictions resulting from the coronavirus outbreak, the Board decided a virtual only meeting would best allow us to protect the health, safety and welfare of our associates, directors and shareholders, while ensuring our shareholders have an opportunity to participate in this important annual event.
At the Chair's request, I now officially call the meeting to order. Let me remind you, any statement made today regarding the company's future business plans, prospects and financial performance are forward looking statements we make pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current knowledge and assumptions about future events that involve risks and uncertainties that could cause actual results to differ materially from our expectations. In providing projections and other forward looking statements, the company disclaims any intent or obligation to update them. For additional information on important factors that could affect these expectations, please see the company's annual report on Form 10 ks for the fiscal year ended February 29, 2020, filed with the SEC.
The policies and procedures for today's meeting can be found in the virtual meeting portal. I hope you took a moment to review them. There will be times during today's meeting when we'll open the meeting to comments and questions from shareholders. To give as many shareholders as possible a chance to be heard, we will entertain only one question per person. If you wish to submit a comment or question, please do so in the designated field on the virtual meeting portal.
At the Chair's request, I will serve as parliamentarian for the meeting. The Board of Directors has appointed a representative of American Election Services, LLC as the Inspector of Election for this meeting. Their representative is Linda A. Biscadlow and is attending today and has taken the oath of Inspector of Election. The list of registered shareholders entitled to vote at this year's annual meeting is available to shareholders on the virtual meeting portal.
We have received an affidavit signed by Broadridge Financial Solutions that notice of this meeting along with related proxy and annual report materials was mailed or made available commencing on May 8, 2020 to CarMax's shareholders of record as of the close of business on April 17, 2020, our record date. The Inspector of Election has informed us that there is a quorum present or represented by proxy for the transaction of business. We are also joined today by representatives from KPMG LLP, the company's independent auditors. They are Jim Phillips and Andre Evans. They will be available to respond to shareholder questions later in the meeting.
Now, it is my pleasure to introduce Tom Folliard, a Non Executive Chair of the Board of Directors. Tom will introduce the members of the CarMax Board.
Thank you, Eric, and thank you to everyone attending our annual meeting of shareholders. I wanted to start out by offering my heartfelt thanks and appreciation to all of our associates who have remained dedicated to our company and to providing an unrivaled customer experience, especially during these challenging times. I miss seeing you all in person and look forward to being together soon. We have an outstanding set of director nominees. Their broad business experience is described in our proxy statements.
So today I will simply give the length of their service on the CarMax Board. Pete Benson, a Director since 2018 Ron Blaylock, a Director since 2007 Sona Chawla, a Director since 2017 Shira Goodman, a Director since 2007 Bob Hombach, a Director since 2018 David McCrae, a Director since 2018 Bill Nash, CarMax's CEO and a Director since 2016 Mark O'Neill, who joined the Board last October Marcy Schinder, a CarMax Director since 2015 Pietro Satriano, a CarMax Director since 2018 Mitch Steenrod, CarMax Director since 2011 and our Lead Independent Director since 2019. And I have been a CarMax Director since 2006. Ladies and gentlemen, these are the nominees for election to the CarMax Board of Directors for the coming year. We will now proceed with the business of the meeting.
The polls are open. Shareholders who have already voted by proxy do not need to cast ballots in the voting today. However, if you voted by proxy and now wish to change your vote or if you did not previously vote and would like to do so today, please do so by clicking on the voting button on the virtual meeting portal and following the instructions there. Today, we have 4 items of business to bring before the meeting on behalf of the CarMax Board of Directors. As each item of board business is brought before the meeting, I will briefly review the proposal.
I will then have Eric summarize the voting results on all proposals. Please note that we will give shareholders an opportunity to comment on the proposals themselves after all proposals have been presented. The first item of business brought before the meeting is the election of directors. The Board nominates the following 12 director nominees: Pete Benson, Ron Blaylock, Sona Chawla, Shira Goodman, Bob Holmback, David McCrae, Bill Nash, Mark O'Neill, Pietro Satriano, Marci Schinder, Mitch Steenrod and myself, Tom Folliard. In accordance with the company's bylaws, the nominations are closed.
The second item of business brought before the meeting is the ratification of the appointment of KPMG LLP as the company's independent registered public accounting firm. KPMG served as our independent auditors for fiscal 2020 and the audit committee has again selected the firm to perform the audit of our financial statements and our internal controls over financial reporting for fiscal 2021. The 3rd item of business brought before the meeting is the advisory vote on executive compensation. CarMax's executive compensation program is designed to reflect the company's pay for performance philosophy and to support the company's key operating and strategic objectives. The program is discussed in detail in the proxy statement.
The 4th item of business brought before the meeting is the approval of the amended and restated CarMax 2,002 incentive plan. The proposed amendments to the stock incentive plan are each described in detail in the proxy statement. We will now address any questions or comments on any of the proposals before the meeting and we will respond to general questions later. I will now ask Stacy Froehle, our Vice President of Investor Relations to read aloud any questions or comments on the proposals. Stacy, have you received any comments or questions on the proposals?
No, we have not received any comments or questions on the proposals.
Thank you. The polls are now closed. Would the secretary please summarize the preliminary voting results on the applicable proposals?
Mr. Chair, we have been informed by the Inspector of Election that the preliminary results indicate that each nominee for the Board of Directors has been duly elected. The ratification of the appointment of KPMG has been approved. The non binding advisory vote on executive compensation has been approved and the amendments to the CarMax 2,002 stock incentive plan have been improved. We will report the final vote results in a Form 8 ks to be filed within 4 business days.
Thank you, Eric. The annual meeting is now adjourned. At this point, I'd like to turn the floor over to Bill Nash, Chief Executive Officer and Member of the Board of Directors.
Thank you, Tom. Good afternoon, everyone. FY 2020 was truly an exceptional year. We achieved record sales, record earnings, grew our market share and achieved our highest ranking ever on Fortune Magazine's 100 Best Companies to Work For list coming in at number 20. Our success in FY 2020 laid a solid foundation for us to face the unprecedented challenges brought on by the coronavirus pandemic.
Our associates as always have been the key to our success as we've overcome adversities and incredible change across the entire organization. Their flexibility, hard work and dedication have helped us put extensive safety measures in place, meet ever changing requirements from health officials and government agencies and roll out brand new customer offerings to ensure we exceed customers' expectations no matter the environment. Now before talking more about the business, I'd like to take a moment to address the significant problem we are facing in our country regarding racial injustice. We are proud to be an organization committed to diversity and inclusion and our values have always guided us to do the right thing and treat everyone with respect. But that's simply not enough.
CarMax is committed to helping address racial injustice and being part of positive change. And I am personally championing this commitment. We have a lot of hard work ahead of us, but we are determined to make a difference. Together, we will stand united against injustice, hatred and violence. Now looking forward for our business, I'm very excited for what's ahead in our ability to gain market share in any environment.
The pandemic has accelerated a shift in consumer buying behavior and we are well positioned due to the significant investments we've made in technology and our associates. We believe we have the best omni channel experience in the used car industry. We provide a personalized multi channel experience that empowers customers to buy a car on their terms, all while taking steps to keep our customers safe across their car buying journey. It is designed as a world class in store experience, a world class online experience and a seamless combination of the 2. No other used car retailer is in the position to deliver this iconic customer experience the way we can.
We are very positive about the future as we continue to leverage all of our capabilities while also advancing with new innovations. In closing, to our associates, I am incredibly proud to work alongside you. Living our purpose and our values has never been more important and I want to thank you for taking care of each other, our customers and our communities. Please know that we are steadfast in our commitment to you to putting people first and to continuing to provide an exceptional workplace. I also want to recognize our Board of Directors, whose experience, support and guidance have been a critical strength of our company as we have navigated these unprecedented times.
And finally, I'd like to thank all of our shareholders for your continued support and interest in CarMax. At this time, we would be happy to entertain shareholder questions that have been entered today on the web portal. If we are unable to get to your question today during the allotted time, we invite you to submit them to our Investor Relations team. You can do so by emailing them to investorrelationscarmax.com. I will now ask Stacy Foley to read out any questions that have been submitted.
Thank you. Our first question we've received is on your website, you've published the results of a study on the feasibility of achieving a net 0 greenhouse gas goal by 2,030. Is CarMax going to adopt this goal? If so, when? How will renewable energy purchases play a role in meeting this target?
Right. Thank you for the question. The study was done to help us understand what it would take and we continue to look at different tactics and levers as we want to do our part to protect the environment. The study looked at energy used by both our facilities, but also used by our vehicles, the trucks and cars that we use in the business. We've absolutely been making some strides.
For example, we initiated a substantial lighting enhancement project across our stores, building new stores and retrofitting existing ones with exterior lightings, the LED lights. Those retrofits are anticipated to drive more than 20% increase in electricity usage at the effective stores. Pretty soon all the stores will have those. That's one example. As far as renewable energy, we continually monitor opportunities to increase our use of renewable energy.
And we've entered into contracts to purchase renewable energy via certified renewable energy certificate. And as of January 1, 2020, approximately 10% of our electricity was from renewable energies with most of our use in Texas tied directly to a wind farm in that state. So we'll continue to progress on this initiative.
Great. Thank you. Our second question is a 2 part question. The first is how might autonomous driving impact CarMax's business if it becomes mainstream? And their second question is, can you provide some color on how CarMax handles customer complaints when they are received from a social media platform?
Okay. On the first question on the autonomous, the autonomous has been an interesting story because I think most people 3 or 4 years ago would have thought that this would be in place in the next year or 2. I think everybody's realized that it's a very complicated technology. And now I think really from having a major impact on CarMax, I think we're probably 8 to 10 years out at least. I've driven in autonomous cars.
They have several different layers, several different levels with 5 being the most autonomous. And I think we're several years before we see that any type of mainstream that would have any impact on us. And I think we're trying to make sure that we position our company, even though it's a ways out. We want to make sure we're looking at different opportunities to be able to realize that when autonomous vehicles hit that we've positioned ourselves to capitalize on that type of thing. But please keep in mind with the 100 of millions of used cars that are on the vehicles that are being sold, they just won't go away overnight.
So we think that we'll be in a great position from Autonomous, but again, it's a ways out. And the second question I'm sorry, Stacy.
The second question was if you could provide some color on how CarMax handles customer complaints when they are received from a social media platform?
Yes. So first of all, we take customer satisfaction very seriously. The whole CarMax experience is built off of exceptional customer experience. So we take it very seriously. We've got a dedicated customer relations team, who is constantly monitoring the social media queues and are constantly in touch with those type folks.
And we try to provide a very quick turnaround time on the experience. And so that's the group that monitors constantly. And then of course, I get reported out on it as well.
Fantastic. Thank you. And it appears we do not have any more questions.
All right. Well, thank you for the questions. Again, thank you for your support. This concludes our meeting. Thank you for attending today and please stay healthy and safe.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.