America's Car-Mart Opens 118th Dealership
Bentonville, Arkansas, Dec. 6, 2012 (GLOBE NEWSWIRE) -- America's Car-Mart, Inc. (NASDAQ: CRMT) today announced the opening of its 118th dealership. The dealership is located in Enterprise, Alabama.
"Enterprise is our eleventh location to open in Alabama. Alabama has been a great state for us and we are excited about continuing to expand our business to more cities like Enterprise as we grow. There is no question that the folks in our Expansion Department are very good at what they do and the success we are having with our new dealership openings is certainly proof of that," said William H. ("Hank") Henderson, President and Chief Executive Officer of America's Car-Mart. "This most recent opening was our 4th new dealership for this fiscal year. We presently have five new locations secured; three of which we expect to have operating prior to the end of our current quarter which will put us right on track for the full fiscal year."
"For 31 years, Car-Mart has provided quality vehicles, affordable payment terms, and excellent service while expanding throughout the South-Central United States. With each new dealership we have an opportunity to provide our excellent service to more customers and to earn their repeat business in the future," added Mr. Henderson. "The Enterprise dealership will be managed by Tonarius Gooden who is very excited to lead our efforts at this great new Car-Mart location."
"Our current plans are to open an additional six new dealerships between now and the end of the current fiscal year," said Jeff Williams, Chief Financial Officer. "Our solid financial results, strong balance sheet and competitive strengths will continue to allow us to provide the best possible service to our 55,000+ active accounts and to future customers we will gain as we grow. We continue to expect to open additional dealerships at an approximate 10% annual rate beyond fiscal 2013."
About America's Car-Mart
America's Car-Mart operates 118 automotive dealerships in nine states and is the largest publicly-held automotive retailer in the United States focused exclusively on the "Integrated Auto Sales and Finance" segment of the used car market. The Company 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.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address the Company's future objectives, plans and goals, as well as the Company's intent, beliefs and current expectations regarding future operating performance, and can generally be identified by words such as "may," "will," "should," "could," "believe," "expect," "anticipate," "intend," "plan," "foresee," and other similar words or phrases. Specific events addressed by these forward-looking statements include, but are not limited to:
· new dealership openings;
· performance of new dealerships;
· same store revenue growth;
· annual growth of the number of dealerships; and
· the Company's business and growth strategies.
These forward-looking statements are based on the Company's current estimates and assumptions and involve various risks and uncertainties. As a result, you are cautioned that these forward-looking statements are not guarantees of future performance, and that actual results could differ materially from those projected in these forward-looking statements. Factors that may cause actual results to differ materially from the Company's projections include, but are not limited to:
· the availability of credit facilities to support the Company's business;
· the Company's ability to underwrite and collect its loans effectively;
· availability of quality vehicles at prices that will be affordable to customers; and
· general economic conditions in the markets in which the Company operates, including but not limited to fluctuations in gas prices, grocery prices and employment levels.
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
CONTACT: William H. ("Hank") Henderson, CEO at (479) 464-9944 or Jeff Williams, CFO at (479) 418-8021