Welcome to our dedicated page for America's Car Mart news (Ticker: CRMT), a resource for investors and traders seeking the latest updates and insights on America's Car Mart stock.
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 reported revenues of $327 million for the third quarter, a 13.7% increase year-over-year. Total retail unit sales rose 2.7%, while same-store sales increased 1.0%. The gross profit per car sold decreased to $6,373, compared to $6,447 last year. Interest income surged to $51.1 million, up from $39 million, driven by higher finance receivables and interest rates. However, the provision for credit losses rose to 31.1%. EPS was reported at $0.23, a significant drop from $2.82 year-on-year. The company is focusing on operational efficiencies and industry positioning amidst challenging market conditions.
America’s Car-Mart, Inc. (NASDAQ: CRMT) announced it will release its fiscal 2023 third quarter financial results on February 22, 2023, before market hours. Senior management will conduct a conference call at 11:00 a.m. ET to discuss the results. Participants can access the call via a provided webcast link or telephone registration, which gives a unique PIN for access. A replay will be available for 12 months. The company operates automotive dealerships across twelve states, focusing on the integrated auto sales and finance segment in the used car market, emphasizing superior customer service.
America’s Car-Mart (NASDAQ: CRMT) announced its acquisition of dealership assets from Taylor Auto Credit in Taylor, Texas. This strategic move expands Car-Mart's presence in a growing market, especially with a $17 billion semiconductor plant being developed nearby, projected to create 1,800 jobs. The deal is expected to finalize before December 31, 2022. CEO Jeff Williams highlighted the acquisition's potential for generating returns for shareholders and providing opportunities for growth while maintaining the values shared with Taylor Auto Credit.
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