ROGERS, Ark., Oct. 18, 2022 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (the “Company”) announces that Steve Taylor will transition into a newly formed role as Director of Acquisitions.
“Acquisitions of well-managed dealerships provide significant growth opportunities for America’s Car-Mart. Steve Taylor has been an outstanding operator in our industry for over 25 years. After helping us complete the March 2020 acquisition of his company, Taylor Motors, Steve will be moving to this new role leading Car-Mart’s acquisitions strategy,” said Jeff Williams, Chief Executive Officer. “Steve will leverage his extensive industry knowledge and his long-established relationships with strong operators and help us expand our footprint. We are truly fortunate to have Steve leading the charge.”
“We expect acquisitions to continue to generate outstanding returns for our shareholders, an exit strategy for owner-operators, and future growth opportunities for their associates. In every town where we operate, customers are largely accessing credit through three different avenues: first, from used car dealers who provide indirect financing via third party finance companies, second, from regional ‘buy-here-pay-here’ companies, and third, from smaller owner-operated dealerships,” said Mr. Williams. “In our markets, the best competitors have generally been a subset of the owner-operated dealerships – those operated by individuals who have chosen not to borrow excessively, focus on getting a sound automobile to their customers on reasonable terms, and provide both friendly service and disciplined collections. We believe we have developed a successful acquisition template which works for both parties.”
“Exit strategies have always been a challenge for dealers in our industry. The acquisition of my company by America's Car-Mart has been a very positive experience for my team here in Illinois,” said Mr. Taylor. “As an acquired dealer myself, I'm in a unique position to talk to other dealers and share my personal experiences. I'm excited to start talking to good operators who are interested in hearing about exit options that may exist for them as we continue to expand the Car-Mart brand.”
About America's Car-Mart
America’s Car-Mart operates automotive dealerships in twelve states and is one of the largest publicly held automotive retailers in the United States, focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market. The Company specializes in the sale of quality, pre-owned vehicles and features flexible used car financing options for customers with bad credit, no credit, repossessions or even past bankruptcy and emphasizes superior customer service and the building of strong personal relationships with its customers. The Company operates its dealerships primarily in smaller cities throughout the South-Central United States selling quality used vehicles and providing financing for substantially all of its customers. For more information about America’s Car-Mart, including investor presentations, please visit our website at www.car-mart.com.
| Contacts: | Jeff Williams, CEO at (479) 464-9944 or Vickie Judy, CFO at (479) 464-9944 | |
