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America's Car-Mart Inc. (NASDAQ: CRMT) is a leading automotive retailer based in Bentonville, Arkansas, focusing on the Integrated Auto Sales and Finance segment of the used car market in the United States. For over 25 years, the company has been dedicated to providing quality vehicles, flexible financing arrangements, and exceptional personal service.
The company's operations are primarily conducted through its two subsidiaries: America's Car Mart Inc. and Colonial Auto Finance. Specializing in older model used vehicles, America's Car-Mart not only sells these cars but also offers financing solutions to nearly all of its customers. The revenue streams include the sale of used vehicles, service contracts, accident protection plans, interest income, and late fees from financing agreements.
Recently, America's Car-Mart announced a definitive agreement to acquire the dealership assets of Allied Union Group, Inc., operating as Central Auto Sales in Hot Springs, Arkansas. This acquisition aims to enhance Car-Mart's presence in Hot Springs and expand its reconditioning capabilities. The transaction aligns with Car-Mart's growth strategy through acquisitions, aiming to deliver exceptional returns for shareholders while offering future growth prospects for associates of acquired companies.
America's Car-Mart operates dealerships in twelve states, primarily focusing on smaller cities in the South-Central United States. Known for its superior customer service, the company emphasizes building strong personal relationships with its customers. It continues to be one of the largest publicly held automotive retailers in the U.S. focused exclusively on the Integrated Auto Sales and Finance segment.
Despite facing a challenging macro environment, the company remains committed to its customers' success. Recent initiatives have shown progress in gross profit, credit losses, and results from a new loan origination system. America's Car-Mart continues to be agile with its cost structure and investments, aiming to deliver long-term profitability and shareholder value.
For more information about America's Car-Mart, including investor presentations, visit their website at www.car-mart.com.
America's Car-Mart (NASDAQ: CRMT) reported Q2 FY2025 results with total revenue declining 3.5% to $347.3 million. The company posted diluted earnings per share of $0.61, compared to a loss of $4.30 in the previous year. Key highlights include:
- Interest income increased 3.6%
- Total collections rose 3.3% to $173.8 million
- Gross margin improved to 39.4%
- Net charge-offs decreased to 6.6% from 7.2%
- Retail units sold decreased 9.1% to 13,784
The company made an accounting adjustment to its service contract program, resulting in $13.2 million additional revenue recognition. Excluding this adjustment, the adjusted loss per share was $0.24. The average vehicle retail sales price decreased to $17,251, marking the second consecutive quarterly decline.
America's Car-Mart (NASDAQ: CRMT) has announced it will release its fiscal 2025 second quarter financial results on Thursday, December 5, 2024, before market opens. President and CEO Doug Campbell and CFO Vickie Judy will host a conference call at 9:00 a.m. ET to discuss the results. The company operates automotive dealerships in twelve states and is one of the largest publicly held automotive retailers in the United States focused on the Integrated Auto Sales and Finance segment of the used car market.
America's Car-Mart, Inc. (NASDAQ: CRMT) has successfully completed a $300 million term securitization transaction. The issuance involves asset-backed notes with an overall weighted average coupon of 7.44% and an advance rate of 59.15%. ACM Auto Trust 2024-2, an indirect subsidiary of the Company, issued $228.2 million of Class A Notes with a 6.06% coupon rate and $71.8 million of Class B Notes with a 9.21% coupon rate.
This marks the Company's second term securitization of 2024, with significant improvements in benchmark rate and spread, resulting in a 198 basis point improvement in the weighted average coupon compared to their January 2024 transaction. The notes have not been registered under the Securities Act and are subject to specific offering restrictions.
America's Car-Mart, Inc. (NASDAQ: CRMT) has announced the appointment of Jamie Fischer as Chief Operating Officer (COO), effective October 7th, 2024. Fischer, who joins from DriveTime, will oversee dealership operations and related support functions including inventory management and marketing. With over 20 years of experience in the auto retail industry, she brings expertise in operations, leadership development, and customer-centric service.
Fischer most recently served as Head of Operations at DriveTime, responsible for 149 dealerships and more than 15 reconditioning centers. She holds a bachelor's degree in management and organizational leadership from St. Petersburg College and a Master of Science from the University of Alabama in Human Environmental Sciences.
CEO Douglas Campbell expressed enthusiasm for Fischer's arrival, highlighting her breadth of experience and potential to accelerate progress on current and future initiatives. Fischer shared her excitement about joining Car-Mart and contributing to the company's mission of keeping customers on the road.
America's Car-Mart (NASDAQ: CRMT) has announced the pricing of its public offering of 1,700,000 shares of common stock at $43.00 per share. The company has also granted underwriters a 30-day option to purchase up to an additional 255,000 shares at the same price. The offering is expected to close around September 20, 2024. Car-Mart plans to use the net proceeds to repay a portion of its revolving credit facilities, with any remaining funds allocated for general corporate purposes. Jefferies is acting as the sole bookrunning manager for the offering. The securities are being offered through a shelf registration statement previously filed with the SEC.
America's Car-Mart (NASDAQ: CRMT), a major automotive retailer specializing in the 'Integrated Auto Sales and Finance' segment of the used car market, has announced plans for a $65 million underwritten public offering of common stock. The company also intends to grant underwriters a 30-day option to purchase up to an additional $9.75 million of shares. Jefferies is acting as the sole bookrunning manager for the offering.
Car-Mart plans to use the net proceeds to repay a portion of its revolving credit facilities, with any remaining funds allocated for general corporate purposes. The offering is subject to market conditions, and there's no guarantee of its completion or final terms. The securities will be offered through a shelf registration statement previously filed with the SEC.
America's Car-Mart (NASDAQ: CRMT) reported Q1 FY2025 results with revenue down 5.2% to $347.8 million. The company experienced a loss per share of $0.15 compared to earnings of $0.63 in the previous year. Key highlights include:
- Interest income increased 7.2% to $4.1 million
- Total collections rose 4.3% to $172.9 million
- Net charge-offs as a percentage of average finance receivables increased to 6.4% from 5.8%
- Interest expense grew 28.3% to $4.0 million
The company saw improvements in down payments and deal structures due to a new loan origination system. Despite challenges, Car-Mart's focus remains on affordability and strengthening its competitive position through strategic initiatives and cost control measures.
America's Car-Mart (NASDAQ: CRMT) has announced the release of its fiscal 2025 first quarter financial results, scheduled for September 4, 2024, before the market opens. President and CEO Doug Campbell and CFO Vickie Judy will host a conference call at 9:00 a.m. ET to discuss the results. Participants can join via webcast or telephone, with registration required for the latter. A replay will be available for 12 months on the company's Investor Relations website.
America's Car-Mart operates automotive dealerships in twelve states, focusing on the 'Integrated Auto Sales and Finance' segment of the used car market. The company emphasizes customer service and personal relationships, primarily serving smaller cities throughout the South-Central United States.
America’s Car-Mart (NASDAQ: CRMT) released its financial results for the fourth quarter and fiscal year ending April 30, 2024.
Fourth-quarter highlights include a revenue decrease of 5.8% to $364.7 million, a gross margin improvement to 35.5%, and total collections rising by 5.0% to $187.2 million. The allowance for credit losses was adjusted favorably to 25.32%, while net charge-offs increased to 7.3%. Diluted EPS dropped to $0.06 from $0.32.
For the full year, revenue was down 0.5% to $1.4 billion, while gross margin improved to 34.7%. Total collections increased by 9.2% to $688.9 million. However, the company reported a loss per share of $4.92 compared to last year's $3.11 earnings per share.
Notable strategic initiatives included the implementation of a new Loan Origination System (LOS), a partnership with Cox, and the acquisition of Texas Auto Center.
America's Car-Mart, Inc. (NASDAQ: CRMT) will announce its fourth quarter and full fiscal year 2024 financial results on June 18, 2024. A conference call will be held at 9:00 a.m ET to discuss the results. The company operates automotive dealerships in twelve states, focusing on the Integrated Auto Sales and Finance segment of the used car market.
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