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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.
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.
America's Car-Mart, a leading automotive retailer, launches its 13th annual Holiday Toy Drive, aiming to collect 25,000 toys for children in 25 hospitals across 12 states. The drive, which began in 2009, has previously gathered over 11,000 toys for 15 hospitals in 2020. The company encourages community donations of new, unwrapped toys at its dealerships until December, emphasizing the importance of supporting hospitalized children during the holidays. Car-Mart's previous contributions have made it the largest toy donor for the past two years.
America's Car-Mart, Inc. (NASDAQ: CRMT) has rescheduled the release of its fiscal 2022 second quarter financial results to November 17, 2021, post-market close. The management will conduct a conference call on November 18, 2021, at 11:00 a.m. (Eastern), where the public can listen in via a dedicated phone line. A replay of the call and a webcast will also be accessible afterward. America's Car-Mart operates automotive dealerships focused on the used car market across twelve states in the U.S., emphasizing customer service and financing options.
America’s Car-Mart (NASDAQ: CRMT) will release its fiscal 2022 second quarter financial results on November 16, 2021, after market close. A conference call hosted by senior management is scheduled for November 18, 2021, at 11:00 a.m. (Eastern).
Interested participants can join the call by dialing (877) 776-4031, using conference ID #1075918. International callers may dial (631) 291-4132. A replay will be available for 30 days following the call. Additionally, a webcast will be accessible on the company’s website.
America's Car-Mart, Inc. (NASDAQ: CRMT) has opened its 152nd dealership in El Reno, Oklahoma, on October 1, 2021. This marks the 29th dealership in Oklahoma and the first new one in fiscal year 2022. The company acquired the ongoing assets of The Car Man LLC for this location, managed by Armin Horn. Celebrating its 40th anniversary, Car-Mart continues to emphasize customer service, helping those with poor credit histories. The company sold over 700,000 vehicles since 2000 and was recognized by Forbes as one of America’s Best Small Companies in 2021.
America's Car-Mart has announced Amendment No. 3 to its Loan and Security Agreement, extending the term of its revolving credit facilities to September 29, 2024, and increasing total permitted borrowings from $326 million to $600 million. This substantial increase in funding, aided by the addition of CIBC Bank USA and Axos Bank as lenders, supports the company's growth strategy and capital allocation for customer service enhancements. The amendment also allows for adjusted capital expenditures and restores the accordion feature to $100 million.
America’s Car-Mart, Inc. (NASDAQ: CRMT) has appointed Julia K. Davis to its Board of Directors, effective August 25, 2021, following the retirement of Ray C. Dillon. Ms. Davis brings extensive information technology expertise from her previous roles, including Chief Information Officer at R1 RCM and Aflac US. Her experience is expected to add value to the Board, enhancing the company's strategic direction. America’s Car-Mart focuses on the integrated auto sales and finance segment, serving customers with flexible financing options across twelve states.
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