RICHMOND, Va. – CarMax founder and former Circuit City executive Richard Sharp passed away Tuesday night. Sharp, 67, died due to complications from Alzheimer’s disease, according to a report in the Richmond Times-Dispatch.
“He is free now and he is not suffering,” Sharry Sharp told the Times-Dispatch. “Through this long and hard struggle, his faith was strong and now he has gone home.”
Sharp, who also served as CEO of Circuit City, came up for the idea of CarMax in 1990.
He, along with fellow Circuit City executive Austin Ligon, helped convince the Circuit City board to commit $50 million develop the CarMax concept and prototype stores.
“The CarMax family is deeply saddened by the passing of our founder, Rick Sharp,” CarMax CEO CEO Tom Folliard said in a statement. “He was instrumental in the formation and development of CarMax – creating the vision for the revolutionary concept in the early 1990s. His commitment to integrity and passion for giving back to the community continue to be our guiding principles.”
Rick, who retired in 2007, left a profound and lasting impact on the company, Folliard said.
“Last year, we dedicated our first CarMax store, located in Richmond, Va., to Rick. During this special and sentimental event, we announced a $250,000 endowment to the Community Foundation to fund the CarMax – Rick Sharp Entrepreneur Scholarship. The first four $2,000 scholarships were awarded to local Richmond area students in June of this year,” Folliard said. “Our thoughts are with the Sharp family during this time.”