America's Car-Mart, Inc. is a leading automotive retailer in the United States specializing in the integrated auto sales and finance segment of the used car market. The company focuses on selling older model used vehicles while providing financing solutions to subprime customers who may not qualify for conventional financing. With operations concentrated in small cities across the South-Central United States, America's Car-Mart emphasizes customer service and efficient cost management to drive its business.
- Used Vehicle Sales - Sells older model used vehicles to customers, primarily targeting subprime borrowers who require affordable transportation options.
- Service Contracts - Offers service contracts alongside vehicle sales to provide customers with extended coverage for repairs and maintenance.
- Accident Protection Plans - Provides accident protection plans to customers, offering financial safeguards in case of vehicle damage or accidents.
- Wholesale Sales - Generates revenue from vehicles sold at wholesale, typically through auctions or other bulk sales channels.
- Interest Income - Earns interest on finance receivables from customers who finance their vehicle purchases through the company.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Douglas W. Campbell ExecutiveBoard | Chief Executive Officer | Douglas W. Campbell has served as Chief Executive Officer of America's Car-Mart, Inc. since October 2023, after serving as President from October 2022. His extensive experience in the automotive industry supports his leadership role at CRMT. | View Report → | |
Jamie Fischer Executive | Chief Operating Officer (COO) | Jamie Fischer is the Chief Operating Officer (COO) at CRMT since October 7, 2024, where she oversees dealership operations and related support functions. Prior to joining CRMT, she served in various executive roles at DriveTime Automotive Group, managing large-scale operations including 149 dealerships and 15 reconditioning centers. | ||
Vickie D. Judy Executive | Chief Financial Officer | Vickie D. Judy is the Chief Financial Officer at CRMT since January 2018. She previously served as Principal Accounting Officer and Vice President of Accounting at CRMT, and she also served as a director on the board of the Little Rock Branch of the Federal Reserve Bank of St. Louis until December 2023. | ||
Daniel J. Englander Board | Director | Founder and Managing Partner at Ursula Capital Partners; Board Member at Copart, Inc.; Board Member at CKX Lands, Inc. | Daniel J. Englander has served as a Director at America's Car-Mart, Inc. (CRMT) since February 2007 and holds several committee roles including Chair of the Compensation and Human Capital Committee, and membership on Audit, Nominating and Governance, Innovation and Technology, and Finance Committees. He is also the Founder and Managing Partner of Ursula Capital Partners since 2004 and serves as a Board Member at Copart, Inc. and CKX Lands, Inc., showcasing his extensive experience in financial and strategic leadership. | |
Dawn C. Morris Board | Director | Founder and CEO of Growth Partners Group, LLC; Director at First Financial Bancorp | Dawn C. Morris has been a director at America's Car-Mart, Inc. (CRMT) since April 2021 and currently serves as Chair of the Nominating and Governance Committee as well as a member of several other board committees. She is also the Founder and CEO of Growth Partners Group, LLC and has been a Director at First Financial Bancorp since May 2023. | |
Jeffrey A. Williams Board | Director | Mercy Health Northwest Arkansas Communities; Jones Center and Jones Trust | Jeffrey A. Williams is a seasoned leader who served as CEO from January 2018 to September 2023 and held key roles including President, CFO, and Vice President Finance at America's Car-Mart, Inc. He has been a Director since August 2011 and continues to contribute his expertise through his active participation on external boards such as Mercy Health Northwest Arkansas Communities and Jones Center and Jones Trust. | |
Jonathan Z. Buba Board | Director | Partner at Nantahala Capital Management, LLC | Jonathan Z. Buba has served as a Director at America's Car-Mart, Inc. since November 30, 2023 and holds the role of Chair of the Finance Committee. He brings extensive financial expertise from his active role as Partner at Nantahala Capital Management, LLC (2011 - Present), along with previous experiences at Och-Ziff Capital Management and Spinnaker Ventures. | |
Joshua G. Welch Board | Chair of the Board | Founder and Managing Member, Vicuna Capital I, LP | Joshua G. Welch has been the Chair of the Board at CRMT since August 2020 and has served as a director since January 2018. He is also the founder and managing member of Vicuna Capital I, LP with previous experience as a securities analyst and board member. | |
Julia K. Davis Board | Director | Julia K. Davis has served as a Director at America's Car-Mart, Inc. (CRMT) since August 2021 and chairs the Innovation and Technology Committee. Previously, she held executive technology roles at companies including R1 RCM and Aflac, demonstrating extensive leadership and innovation experience. |
- Given the 40 basis point increase in delinquencies to 3.7%, can you elaborate on underlying credit trends and how confident you are that improvements in collections infrastructure will mitigate macroeconomic pressures on your subprime customer base?
- With receivables from fiscal years 2022 and 2023 showing increased loss frequency and comprising 21% of your portfolio, what risks do these legacy receivables pose to overall credit quality, and how are you provisioning for potential future losses in this segment?
- While recent ABS transactions have benefited from tighter spreads, how do you plan to manage potential interest rate volatility moving forward, and what impact could rising rates have on your funding costs and profit margins?
- The recent acquisitions have increased SG&A expenses and are creating headwinds in leveraging costs per customer; when do you anticipate these acquisitions becoming accretive to earnings, and what risks do you foresee if they underperform expectations?
- As you expand risk-based pricing and consider adjusting underwriting standards to drive volume, how do you balance the trade-off between growth and credit risk, especially amid ongoing macroeconomic uncertainties?
Research analysts who have asked questions during AMERICAS CARMART earnings calls.
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Texas Auto Center (TAC) | 2024 | Completed on June 3, 2024, the acquisition included two dealership locations (Austin and San Marcos) for a total purchase price of $13.5 million (with $3.5 million in contingent consideration), a performance-based earn-out up to $15 million, and the recognition of $8.5 million in goodwill, aligning with Car-Mart’s strategic expansion. |
Allied Union Group, Inc. (Central Auto Sales) | 2023 | The definitive acquisition agreement was entered on December 1, 2023 for the ongoing dealership assets in Hot Springs, Arkansas, structured without credit risk and including a performance-based earn-out, strategically enhancing the company’s network and reconditioning capabilities. |
Smart Auto Johnson City, Inc. | 2022 | In January 2022, the company acquired ongoing dealership assets in Johnson City, Tennessee, and also agreed to purchase additional assets in Knoxville by year‑end 2022, targeting established businesses with sales levels akin to mature dealerships to further strategic growth and shareholder returns. |
Recent press releases and 8-K filings for CRMT.
- America's Car-Mart, Inc. completed an $172 million term securitization transaction on August 28, 2025, issuing asset-backed notes with an overall weighted average coupon of 5.46%.
- The transaction included $133.34 million in Class A Notes (coupon 5.01%) and $38.62 million in Class B Notes (coupon 6.08%), which were almost 8 times and nearly 16 times oversubscribed, respectively.
- This marks the fourth consecutive improvement in the overall weighted average coupon, which improved by 81 basis points from the prior May 2025 securitization, and the weighted average spread has been reduced by 308 basis points since the 2024-1 transaction.
- The notes are collateralized by $291.5 million of accounts receivable, and the net proceeds of approximately $170.7 million will be used to pay outstanding debt and fund initial deposits into collection and reserve accounts.
- America’s Car-Mart, Inc. completed a term securitization transaction, issuing $172 million in principal amount of asset-backed notes.
- The transaction involved $133.34 million of Class A Notes with a coupon rate of 5.01% and $38.62 million of Class B Notes with a coupon rate of 6.08%, resulting in an overall weighted average coupon of 5.46%.
- This marks the company's eighth ABS transaction, with strong market interest leading to the Class A Notes being almost 8 times oversubscribed and Class B Notes nearly 16 times oversubscribed.
- The company has seen its fourth consecutive improvement in the overall weighted average coupon and has reduced its weighted average spread by 308 basis points since its 2024-1 transaction, indicating lower financing costs and strengthened capital efficiency.
- America's Car-Mart, Inc. has filed its Annual Report on Form 10-K for the fiscal year ended April 30, 2025, with the SEC.
- The Form 10-K includes additional disclosures regarding contract modifications for customers experiencing financial difficulties, but there were no changes to previously reported operating results or financial condition.
- With this filing, Car-Mart is now current with its SEC financial reporting obligations and expects to regain compliance with The Nasdaq Stock Market LLC's listing standards.
- America's Car-Mart, Inc. (CRMT) was unable to file its Annual Report on Form 10-K for the fiscal year ended April 30, 2025, by the July 29, 2025 extended deadline, citing additional time needed to complete required disclosures related to loan modifications for customers experiencing financial difficulty.
- The company's management has determined that previously issued financial statements for fiscal years 2024 and 2025 (through January 31, 2025) should no longer be relied upon due to material omissions of these loan modification disclosures.
- Despite the non-reliance, the company states that these disclosure additions will not affect the accuracy of its previously reported financial results, including earnings, balance sheet, cash flows, or shareholder equity.
- CRMT expects to report one or more material weaknesses in its internal control over financial reporting in the upcoming Form 10-K, stemming from deficiencies in its disclosure processes.
- The company anticipates receiving a notice from Nasdaq regarding non-compliance with timely filing requirements, but this is not expected to have an immediate effect on the listing or trading of its common stock.
- In Q4 FY25, total revenue was $370.2 million (up 1.5% YoY) with diluted EPS of $1.26 vs. $0.06 a year earlier.
- For the full year FY25, revenue totaled $1.391 billion (down 0.2% YoY) and diluted EPS of $2.33 vs. a loss of $4.92.
- Gross margin improved by 90 bps to 36.4% in Q4 and by 200 bps to 36.7% for FY25.
- Net charge-offs declined to 6.9% of average finance receivables (vs. 7.3%), and the allowance for credit losses was 23.25% at April 30, 2025.
- On May 29, 2025, the Company completed a $216 million term securitization at a 6.27% weighted-average coupon, using proceeds to pay down its revolving credit facility.
- Issued $216 million in asset-backed notes, with Class A Notes at $165.18 million (5.55% coupon) and Class B Notes at $50.82 million (7.25% coupon), resulting in a weighted average coupon of 6.27%.
- The securitization reflects strong market demand and improved pricing, lowering financing costs and enhancing capital efficiency, with improvements of 22 basis points over the January 2025 issuance and 107 basis points from the October 2024 issuance.
- Total revenue reached $325.7 million, up 8.7% year-over-year, with sales volumes increasing 13.2% to 13,198 units, indicating strong operational performance.
- The company improved its gross margin by 150 basis points to 35.7% and enhanced credit metrics, with net charge-offs as a percentage of finance receivables declining to 6.1%.
- A significant financial move included completing a $200 million term securitization and amending its asset-based lending facility by expanding it to $350 million with an extended maturity to March 2027, bolstering its funding structure.