Vickie D. Judy
About Vickie D. Judy
Vickie D. Judy, 59, is a CPA who served as CRMT’s Chief Financial Officer from January 2018 to May 2025 and transitioned to Chief Accounting Officer in May 2025; she joined the company in May 2010 and previously served as Principal Accounting Officer (since March 2016), VP of Accounting (since August 2015), Controller and Director of Financial Reporting . Company performance context during her CFO tenure: FY2025 revenue was ~$1.4B (-0.2% YoY) with net income improving to $17.9M from a $31.4M loss in FY2024 as credit losses improved 11.5% amid underwriting changes; CRMT TSR over FY2025 was $71.9 (initial $100 basis) while peer TSR was $274.2 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| America’s Car-Mart, Inc. | Chief Financial Officer | Jan 2018 – May 2025 | Led finance through underwriting/collections transformation; navigated FY2024 loss to FY2025 profitability improvement . |
| America’s Car-Mart, Inc. | Chief Accounting Officer (current) | May 2025 – Present | Oversees accounting; retention-oriented transition from CFO . |
| America’s Car-Mart, Inc. | Principal Accounting Officer | Mar 2016 – May 2025 | Led external reporting and accounting controls . |
| America’s Car-Mart, Inc. | VP of Accounting | Aug 2015 – Mar 2016 | Strengthened accounting function . |
| America’s Car-Mart, Inc. | Controller; Director of Financial Reporting | May 2010 – Aug 2015 | Built reporting/controls foundation . |
| National Home Center, Inc. | VP Financial Reporting (and prior roles) | ~1993 – ~2010 (17 years) | Retail finance leadership . |
| Arthur Andersen & Co. | Public Accounting | ~5 years (pre-1993) | Audit/technical accounting experience . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Federal Reserve Bank of St. Louis (Little Rock Branch) | Director | Jan 2018 – Dec 2023 | Regional economic oversight and governance exposure . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (% of Salary) | Actual Cash Bonus ($) | All Other Compensation ($) | Notes |
|---|---|---|---|---|---|
| FY2025 | 442,000 | 100% (NEO policy) | 287,652 | 38,049 (auto, 401k match, insurance, exec health) | Base raised from $400k to $442k effective Aug 1, 2023 . |
| FY2024 | 429,238 | n/a | 152,490 | 51,511 | |
| FY2023 | 400,000 | n/a | 64,000 | 51,751 |
Performance Compensation
| Plan/Grant | Metric | Weight | Target Definition | Actual Result (FY2025) | Payout vs Target | Vesting/Payment |
|---|---|---|---|---|---|---|
| Short-Term Incentive (cash) | % of dealerships with positive EVA | 20% | Pre-set threshold/target/maximum within STI Plan | Below threshold | 0% | Cash paid post-year end . |
| Short-Term Incentive (cash) | SG&A per average active customer | 20% | Improvement vs prior year | SG&A per customer increased >4% | 59% | Cash . |
| Short-Term Incentive (cash) | Net customer growth | 20% | Growth vs prior year | 2.93% growth | 59% | Cash . |
| Short-Term Incentive (cash) | Avg dollars collected per active customer per month | 20% | Increase vs prior year | +3.95% YoY | 118% | Cash . |
| Short-Term Incentive (cash) | Individual performance (discretionary) | 20% | Committee evaluation | Met objectives | 90% | Cash . |
| Long-Term Incentive | Restricted Stock (grant 6/24/2024, 2,594 sh) | — | Time-based vest (3 equal annual tranches) | n/a | n/a | Vests 6/24/2025, 6/24/2026, 6/24/2027; grant-date FV $152,942 . |
| Long-Term Incentive | Restricted Stock (grant 5/22/2025, 9,453 sh) | — | Retention; time-based vest (3 equal annual tranches) | n/a | n/a | Vests starting 5/22/2026 (annual over 3 years) . |
Notes:
- NEO target bonus levels in FY2025: CEO 125% of salary; CFO (Ms. Judy) 100% of salary; COO 100% (guarantee year) .
- Aggregate NEO payouts equaled 74% of aggregate target across metrics in FY2025 .
Equity Ownership & Alignment
| As of (Date) | Total Beneficial Ownership (sh) | % of Outstanding | Components | Detail/Status |
|---|---|---|---|---|
| July 31, 2025 | 72,218 | <1% | Unvested RS (time-based) | 21,182 sh included in beneficial ownership . |
| Stock Options (exercisable ≤60 days) | 40,000 options @ $109.06 expiring 12/30/2029 (exercisable) . | |||
| ESPP | 2,563 sh in Employee Stock Purchase Plan . | |||
| Hedging/Pledging | Company prohibits hedging; pledging generally prohibited with limited exceptions; no pledges disclosed for Ms. Judy . | |||
| Ownership Guidelines | CFO guideline: 3x base salary; NEOs met or were in transition as of 7/31/2025 . |
Vested vs. unvested snapshot (FY-end and forward):
- Outstanding equity at 4/30/2025: 10,000 RS cliff vest 3/1/2028; 2,594 RS vesting 865/865/864 on 6/24/2025/2026/2027; 40,000 options exercisable @ $109.06 (underwater vs $47.42 FY-end price) . Fair value reference price $47.42 used in proxy .
- Additional retention grant after FY-end: 9,453 RS on 5/22/2025 vesting in 3 equal annual tranches beginning 5/22/2026 .
Employment Terms
| Agreement | Type | Key Terms |
|---|---|---|
| Employment agreement | None | No employment agreement; on termination generally no severance beyond last day worked (death/disability exception for partial RS vesting) . |
| Change-in-Control agreement (6/1/2021) | Double trigger | If terminated without cause or resigns for good reason within 6 months before or 24 months after a CIC: lump-sum cash equal to 24 months base salary and full vesting of unvested equity unless prohibited by plan; best-net cutback vs 280G excise tax; 2-year non-compete post-termination . |
| Estimated CIC benefits (as of 4/30/2025) | Amounts | Cash: $884,000; RS acceleration value: $597,207; Total: $1,481,207 (assumes $47.42/share and double-trigger) . |
| Clawback | Policy in place | SEC-compliant incentive compensation recoupment adopted 11/30/2023; no recovery required related to FY2024/2025 disclosure restatements (no financial measure impact) . |
| Insider trading policy | Restrictions | Prohibits hedging, short sales and derivatives; pledging/margin broadly prohibited with limited exceptions . |
Compensation Structure Analysis
- Cash vs equity mix: Ms. Judy received her first disclosed equity grant in several years in FY2025 ($152,942 RS), compared with no stock awards in FY2023–FY2024, indicating increased long-term alignment emphasis as she prepared to transition roles .
- STI metrics shift: FY2025 STI centered on dealership-level EVA, SG&A per customer, net customer growth, and collections per customer with equal weighting plus a discretionary component; outcomes paid unevenly across metrics (0% EVA; 59% SG&A; 59% customer growth; 118% collections; 90% individual), demonstrating formulaic and balanced scorecard mechanics tied to operational levers .
- Ownership alignment: CFO guideline at 3x salary with compliance or within transition; beneficial ownership includes time-based RS and ESPP; options are out-of-the-money at FY-end—reducing near-term exercise/sale pressure .
Vesting Schedules and Potential Selling Pressure
| Award | Grant Date | Vesting Dates | Shares by Tranche | Notes |
|---|---|---|---|---|
| RS (time-based) | 6/24/2024 | 6/24/2025; 6/24/2026; 6/24/2027 | 865; 865; 864 | Grant-date FV $152,942; potential periodic sell-to-cover on vest . |
| RS (time-based, cliff) | — (10,000 outstanding at FY-end) | 3/1/2028 | 10,000 | Cliff vest disclosed at FY-end . |
| RS (retention) | 5/22/2025 | Annually starting 5/22/2026 (3 tranches) | 3,151; 3,151; 3,151 | Role transition retention grant . |
| Options | Various | Already exercisable | 40,000 | Strike $109.06; exp 12/30/2029; underwater vs $47.42 at FY-end . |
Section 16 note: One Form 4 for Ms. Judy reporting prior-year tax withholding was inadvertently not filed timely (administrative process flag, not a sale signal) .
Performance & Track Record
- FY2025 operating context: Revenue ~$1.4B (-0.2% YoY); net income improved to $17.9M; 11.5% improvement in provision for credit losses tied to the new LOS underwriting and credit performance; average price +1.5% and interest/other income +5.0% .
- Pay versus performance disclosures: Company TSR for FY2025 at $71.9 (on $100 basis); peer group TSR $274.2; net income $17.9M; SG&A per average customer $1,823 (vs $1,735 in FY2024) .
- Say-on-pay support: 96.94% approval in 2024, indicating broad investor alignment with compensation programs .
Say-On-Pay & Shareholder Feedback
- Frequency: Annual; next frequency vote in 2029 .
- 2024 vote outcome: 96.94% approval of NEO compensation .
Equity Plan and Ownership Guidelines
- 2024 Equity Incentive Plan approved Aug 27, 2024 (omnibus plan; 500,000 share reserve; awards include options, RS, RSUs, PSUs) .
- Ownership guidelines: CFO 3x base salary; NEOs in compliance or transition as of 7/31/2025 .
Risk Indicators & Red Flags
- Hedging/derivatives prohibited; pledging broadly prohibited with limited exceptions; no pledges disclosed for Ms. Judy .
- Section 16 reporting: One late Form 4 for prior-year tax withholding (administrative) .
- Tax gross-ups: None disclosed; CIC uses best-net cutback approach to avoid 280G excise tax or minimize after-tax loss to executive .
Multi-Year Summary for Ms. Judy (Compensation)
| Year | Salary ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2025 | 442,000 | 152,942 | — | 287,652 | 38,049 | 920,643 |
| 2024 | 429,238 | — | — | 152,490 | 51,511 | 633,239 |
| 2023 | 400,000 | — | — | 64,000 | 51,751 | 515,751 |
Investment Implications
- Pay-for-performance alignment: FY2025 STI outcomes tightly tracked operating levers (collections up, EVA/SG&A pressure), producing a below-target payout profile for the CFO (cash bonus $287,652 vs 100% target), consistent with formulaic design and risk-aware balance between growth, credit performance, and cost control .
- Selling pressure outlook: Near-term RS vesting cadence (June each year plus annual tranches from May 2026) could prompt periodic sell-to-cover activity, but her 40,000 options are far out-of-the-money (strike $109.06 vs $47.42 at FY-end), limiting incentive to exercise/sell; pledging prohibited and no pledges disclosed reduce forced-sale risk .
- Retention and transition: The May 2025 retention RS grant (9,453 shares) tied to her move to CAO, combined with double-trigger CIC protection (24 months base salary and full equity acceleration), lowers near-term departure risk while maintaining alignment through time-based vesting into 2028–2029 .
- Governance signals: Strong say-on-pay support (96.94%) and a formal clawback policy enhance investor confidence in compensation governance; one late Form 4 appears administrative rather than indicative of opportunistic trading .