On November 2, 2012, it was announced that Systemax would drop both the CompUSA and Circuit City storefront brands by consolidating their businesses under the TigerDirect brand and website. This ended, after 63 years, the use of the Circuit City brand name. It was reported in January 2016 that the Circuit City brand would be revived as Circuit City Corporation by area retail veteran Ronny Shmoel, who acquired the brand from Systemax. Circuit City was originally set to reopen in June 2016, but the postponed relaunch was announced at CES for February 15, 2018. On August 22, 2018, Circuit City Corporation officially relaunched the brand name as an online retailer and announced plans to begin operating as a store-within-a-store chain. CarMax is a used car auto superstore concept developed in 1991 at Circuit City by Austin Ligon, then Circuit City's Senior VP of Planning, and Rick Sharp, then Circuit City CEO. The goal of CarMax was to revolutionize used car retailing through a combination of large selection (400+ used cars at each store); low, no-haggle pricing; guaranteed quality; and a consumer-friendly shopping experience. The first location opened in Richmond, Virginia in September 1993. CarMax grew slowly for its first four years as the team refined the basic concept, then went public through an IPO as a "tracking stock" (KMX) of Circuit City in February 1997. The offering was managed by Morgan Stanley and Goldman Sachs, and raised more than $400mm for a 20% interest in the company, with Circuit City retaining the remaining 80% ownership. CarMax used the proceeds to repay Circuit City's initial $170mm investment in the company, then used the remainder to grow rapidly, adding 27 more stores from 1997 to 2000, and turning its first profit in FY2001. Circuit City sold a further 10% of its interest in CarMax in July 2001 for $140mm, with proceeds going to Circuit City. CarMax was spun off from Circuit City in a tax free distribution to shareholders in October 2002 to allow both companies to grow and be valued independently. The stock distribution provided Circuit City shareholders with KMX stock valued at over $1.2bn at the time of the spin off in 2002. Circuit City Express was a chain of mall-based Circuit City stores with over 55 locations at its peak. The first locations opened in Baltimore, Maryland; Richmond, Virginia; and McLean, Virginia in 1989. The stores were originally called "Impulse", but were later renamed in 1993 to focus on the strength of the Circuit City brand.