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America’s Car-Mart, Inc. reports developments tied to its integrated used-vehicle sales and finance model. The company operates automotive dealerships in 12 states, primarily in smaller South-Central U.S. markets, and sells used vehicles while providing financing for substantially all of its customers.
Recurring news covers quarterly operating results, unit sales, gross profit, interest income, collections, finance receivables, delinquencies, charge-offs and credit-loss allowances. Company updates also address capital-structure actions, asset-backed securitizations through ACM Auto Trust transactions, secured lending arrangements, dealership footprint optimization, SG&A cost control, inventory capacity and customer-facing finance technology.
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America's Car-Mart, Inc. (NASDAQ: CRMT) announced the pricing of $400 million in asset-backed notes as part of a subprime auto loan securitization. The notes, expected to be rated AA- to BB- by Kroll Bond Rating Agency, have a final maturity date of April 20, 2029. The weighted average coupon rate is set at 5.14% per annum. Proceeds will be used to pay down debt and fund a reserve account. This transaction aims to diversify funding sources and improve access to credit for future growth, with settlement anticipated on April 27, 2022.
America's Car-Mart, Inc. (NASDAQ: CRMT) will announce its fiscal 2022 fourth quarter and full year financial results on May 23, 2022, after market close. A conference call is scheduled for May 24, 2022, at 11:00 a.m. (Eastern). Interested parties can join the call by dialing (877) 776-4031, or access it via the company's website. The company operates automotive dealerships in twelve states, focusing on the integrated auto sales and finance segment, emphasizing customer service and strong relationships.
America’s Car-Mart announced the appointment of Brian Stone as Executive Vice President of Procurement and Inventory, effective March 21, 2022. Stone brings over 20 years of experience from CarMax, where he held various senior roles, enhancing procurement and operational strategies.
The CEO, Jeff Williams, praised Stone's leadership and industry reputation, indicating his alignment with the company’s goals in data analysis, inventory management, and leveraging partnerships. This strategic move aims to capitalize on significant market growth opportunities.
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America’s Car-Mart (NASDAQ: CRMT) has announced its fiscal 2022 third quarter financial results will be released on February 16, 2022, after market close. A conference call for investors and analysts is scheduled for February 17, 2022, at 11:00 a.m. Eastern Time, which will be accessible by phone and via a webcast on the Company's website. The company operates automotive dealerships in twelve states, focusing on the used car market, emphasizing customer service and personal relationships.
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America’s Car-Mart (NASDAQ: CRMT) announced the acquisition of dealership assets from Smart Auto, including locations in Johnson City and Knoxville, Tennessee. The company expects to close on the Johnson City dealership by year-end 2021, followed by the Knoxville location by December 31, 2022. This acquisition is aimed at expanding Car-Mart's footprint in Tennessee and enhancing customer service with Smart Auto's experienced team. Existing finance receivables will remain with the seller, and the deal emphasizes quality vehicles and financing options for customers.
On November 29, 2021, America’s Car-Mart opened its 153rd dealership in Norman, Oklahoma, marking its 30th location in the state. This new dealership is part of the company’s expansion strategy during fiscal year 2022 and will be managed by Jesse Cloud. The grand opening is scheduled for December 17-18, 2021. Car-Mart celebrates its 40th anniversary and was listed among America’s Best Small Companies by Forbes in 2021. The company focuses on quality used vehicles and flexible financing options, catering to customers with various credit histories.
America’s Car-Mart (CRMT) announced its Q2 FY2022 results with a 29% increase in revenue, primarily driven by a 21% rise in average retail sales price and a 39% increase in interest income. The company reported unit sales up by 6% and active customers growing by 11% to over 93,000. Gross profit per retail unit sold rose to $6,349. While the balance sheet remains strong with a 33% debt-to-receivables ratio, the company acknowledged challenges in vehicle supply affecting potential sales performance.