AMERICAS CARMART (CRMT) Company Report

America's Car-Mart reported a loss per share of $9.25 and an adjusted loss per share of $1.53 for the third quarter ended January 31, 2026, with total revenue decreasing 12.0% to $286.8 million compared to the prior year's quarter.
Sales volumes declined 22.1% to 10,275 units, primarily due to constraints on origination capacity from the Company's ongoing capital structure transition and a significant weather event in late January.
The Company completed Phase 2 store consolidations in January 2026, reducing the active dealership count to 136, and recorded a non-cash charge of $47.0 million to establish a valuation allowance against deferred tax assets.
In December 2025, the Company completed the ACM Auto Trust 2025-4 securitization, issuing $161.3 million in asset-backed notes, and is actively working to secure additional financing to restore origination capacity.

6 hours ago

8-K

America's Car-Mart Reports Q3 2026 Volume Decline Amid Capital Structure Transition

CRMT

Debt Issuance

Layoffs

Profit Warning

Retail volume for Q3 2026 declined 22.1% year-over-year, attributed to constraints in the company's capital structure, specifically the lack of a revolving warehouse facility, rather than a lack of customer demand.
The company completed a $300 million term loan in October and a $161.3 million ABS transaction in December, but securing a revolving warehouse facility remains the critical next step to bridge originations to securitizations and enable full volume recovery.
SG&A cost control plans, including a reduction in workforce and 18 store consolidations, are complete, with financial benefits expected to be reflected in the fourth quarter.
Net charge-offs as a percentage of average finance receivables increased to 6.5% in Q3 2026 from 6.1% in the prior quarter, and the allowance for credit losses rose to 25.53% at January 31, 2026.

7 hours ago

Transcript

America's Car-Mart Reports Q3 2026 Results, Citing Capital Structure Constraints for Volume Decline

CRMT

Debt Issuance

Layoffs

New Projects/Investments

America's Car-Mart's retail volume declined 22.1% year-over-year in Q3 2026, primarily due to constraints in inventory purchasing caused by the ongoing transition of its financing platform and the lack of a revolving warehouse facility, rather than a lack of customer demand.
The company completed a $300 million term loan in October 2025 and a $161.3 million 2025-4 asset-backed securitization (ABS) transaction with a residual cash flow structure in December 2025, which delivers monthly cash flows and improves capital efficiency.
Despite the capital constraints, total revenue for Q3 2026 was $286.8 million, down 12% year-over-year, while the average retail sales price increased 7.1% to $20,634.
Operational improvements include the completion of phase one and two of the SG&A cost control plan, resulting in 18 store consolidations and a current active store count of 136, with financial benefits expected in Q4.
The allowance for credit losses increased to 25.53% at January 31, 2026, from 24.31% at January 31, 2025, though net charge-offs declined from $106 million to $96 million.

7 hours ago

Transcript

America's Car-Mart Reports Q3 2026 Results Amid Capital Structure Transition and Volume Decline

CRMT

Earnings

Debt Issuance

Layoffs

America's Car-Mart (CRMT) reported a 22.1% year-over-year decline in retail volume for Q3 2026, primarily due to capital structure constraints, specifically the absence of a revolving warehouse facility limiting inventory purchases.
The company made significant progress on its capital structure transformation, closing a $300 million term loan in October and a $161.3 million asset-backed securitization (ABS) transaction with a residual cash flow structure in December. However, securing a revolving warehouse facility remains a critical next step to normalize inventory and sales volumes.
Total revenue for Q3 2026 was $286.8 million, down 12% year-over-year, influenced by lower inventory, a 12% smaller footprint, and the impact of Winter Storm Fern in late January.
As part of its SG&A cost control plan, the company completed 18 store consolidations, reducing its active store count to 136, with the financial benefits expected to be reflected in Q4.
Credit performance remained stable, with net charge-offs as a percentage of average finance receivables at 6.5%. Post-quarter, the company observed positive impacts from tax refunds on deal structures and collections, and delinquencies normalized by mid-February.

7 hours ago

Transcript

America's Car-Mart Reports Q3 FY26 Results with Revenue Decline and Significant Loss Per Share

CRMT

Earnings

Profit Warning

Demand Weakening

America's Car-Mart reported a 12.0% decrease in total revenue to $286.3 million and a 22.1% decline in sales volumes to 10,275 units for Q3 FY26, impacted by capital structure transition constraints and a significant weather event.
The company posted a loss per share of $9.25, or an adjusted loss per share of $1.53, primarily due to a $47.0 million non-cash charge for a deferred tax asset valuation allowance.
Despite declining sales, gross profit per unit improved 8.8% to $7,762, and total collections increased 1.5% year-over-year to $179.0 million, though net charge-offs as a percentage of average finance receivables rose to 6.5%.
Operationally, America's Car-Mart completed Phase 2 store consolidations, reducing its active dealership count to 136, and issued $161.3 million in asset-backed notes through a securitization in December 2025.

10 hours ago

Presentation

America's Car-Mart Reports Q3 FY2026 Results

CRMT

Earnings

Debt Issuance

New Projects/Investments

America's Car-Mart reported a net loss per share of $9.25 for the third quarter ended January 31, 2026, with total revenue declining 12.0% to $286.8 million.
Sales volumes decreased 22.1% to 10,275 units, primarily due to constraints from the ongoing capital structure transition and severe weather.
The company completed Phase 2 store consolidations, reducing active dealerships to 136, and issued $161.3 million in asset-backed notes in December 2025 as part of its capital structure transformation.
Credit metrics showed an increase in net charge-offs to 6.5% of average finance receivables and the allowance for credit losses to 25.53% of finance receivables at January 31, 2026.

10 hours ago

Press Release

America's Car-Mart Completes Phase 2 of SG&A Cost Control Strategy

CRMT

New Projects/Investments

America's Car-Mart, Inc. (CRMT) announced the completion of Phase 2 of its SG&A Cost Control Strategy through footprint optimization on January 13, 2026.
This second phase involved the consolidation of 13 locations into higher-performing nearby dealerships.
Including the five store consolidations completed in November 2025 as part of Phase 1, a total of 18 locations have been consolidated across both phases.
President and CEO Doug Campbell stated that this strategy reflects a commitment to operational excellence and disciplined capital allocation, positioning Car-Mart for improved returns and more efficient operations.

Jan 13, 2026, 9:05 PM

Press Release

Car-Mart, Inc. Faces Law Firm Investigation Following Financial Disclosures and Sales Decline

CRMT

Legal Proceedings

Financial Restatement

Demand Weakening

Kirby McInerney LLP is investigating Car-Mart, Inc. (CRMT) for potential violations of federal securities laws and unlawful business practices.
The investigation follows Car-Mart's July 2025 disclosures regarding a delayed annual report and unreliable previously issued financial statements due to omitted loan modification details, which led to share price declines of 5.17% on July 15, 2025, and 7.51% on July 30, 2025, respectively.
Car-Mart's Q1 fiscal 2025 financial results, released on September 4, 2025, revealed a 5.7% decline in sales volumes to 13,568 units, causing an 18.23% drop in share price.

Dec 31, 2025, 1:00 AM

Press Release

America's Car-Mart Completes $161.3 Million Term Securitization

CRMT

Debt Issuance

New Projects/Investments

America's Car-Mart, Inc. completed a term securitization transaction on December 17, 2025, involving the issuance of $161.3 million in principal amount of asset-backed notes.
The transaction, ACM Auto Trust 2025-4, introduces a new residual cash flow structure designed to generate increased cash flow and reduce the company's long-term cost of capital.
The notes were issued with a weighted average coupon of 7.02%, comprising Class A notes at 5.87% and Class B notes at 8.42%.
Net proceeds from the securitization were approximately $159.7 million, which will be used for general corporate purposes and initial deposits into collection and reserve accounts.

Dec 23, 2025, 10:10 PM

8-K

America's Car-Mart Completes Term Securitization

CRMT

Debt Issuance

America's Car-Mart, Inc. (CRMT) has completed a term securitization transaction, issuing $161.3 million in principal amount of asset-backed notes with a weighted average coupon of 7.02%.
This 2025-4 transaction introduces a more efficient deal structure designed to generate increased cash flow for the business and is projected to reduce the company's long-term cost of capital by minimizing the need for frequent future transactions and associated fees.
The 7.02% weighted average coupon for the 2025-4 issuance compares to 5.46% on the prior 2025-3 issuance, primarily reflecting a strategic shift from an accelerated amortization structure to a residual cash flow structure that retains more value for Car-Mart over the life of the deal.
This move is part of multi-year strategies to improve the capital structure and operating platform, aiming to provide Car-Mart with improved liquidity, better capital efficiency, and more stable funding capacity for long-term success and value creation.