CarMax Inc.'s chief executive calls being named one of the top companies to work for by Fortune magazine as a validation for the way the automotive retailer treats its employees.

The magazine placed the Goochland County-based chain of auto superstores on its 100 Best Companies to Work For list for the fourth consecutive year. CarMax ranked 46th this year, up from 88th in 2007.

"We're very honored to be on the list," said Tom Folliard, CarMax's president and chief executive officer. "It's a reflection of what we do and a reflection of the great management team we have in place."

The Great Place to Work Institute, which administers the process for Fortune, mails surveys to about 400 random employees at each company vying for a spot on the list.

CarMax offers benefits such as $4,000 to help employees with adoption, tuition-assistance programs, health-and-wellness programs and allows health insurance for domestic partners and their children.

Beyond the honor, Folliard said the ranking gives the company a competitive advantage when selling vehicles.

"People see you are good to your employees and know that it means you are good to your customers," Folliard said. "And I'm pretty sure we're the only used-car dealer to make the list."

In all, six Virginia companies made the top 100. Google ranked first for the second year in a row.

Capital One Financial Corp., the McLean-based financial-services company that is the second largest nongovernment employer in the Richmond area, fell off this year's list. Capital One ranked 84th last year.

The institute would not say why Capital One dropped off the list. But it does give companies not making the list its own survey results to see where it can improve.

A Capital One spokesman did not return two phone calls yesterday.

In June, Capital One announced 2,000 jobs would be cut as part of an initiative to become more efficient and competitive.

In all, 400 companies applied to be considered on the list.

To qualify, companies need to have at least 1,000 employees in the U.S. and be in business seven years.

Companies applying to for the list are surveyed and reviewed. Two-thirds of the consideration is based on the employee surveys. About 100,00 employees were surveyed for the 2008 study.

The complete list is available online at www.fortune.com and the issue will be on newsstands Jan. 28.
Contact Louis Llovio at (804) 649-6348 or lllovio@timesdispatch.com.