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ROGERS, Ark., Dec. 01, 2023 (GLOBE NEWSWIRE) — America’s Car-Mart, Inc. (NASDAQ: CRMT) (“Car-Mart” or the “Company”) today announced that its subsidiary, America’s Car Mart, Inc., has entered into a definitive agreement to purchase the ongoing dealership assets of Allied Union Group, Inc., an Arkansas corporation doing business as Central Auto Sales. The existing finance receivables will be excluded from the transaction and will be collected by the seller. Car-Mart expects to close the transaction later this month.
Mike and Stacey Steven-Assheuer founded Central Auto Sales in Hot Springs, Arkansas, in 1996. The acquisition of Central Auto Sales will increase Car-Mart’s presence in Hot Springs and expand its reconditioning capabilities.
“This transaction is consistent with our strategy to grow the business through acquisitions, delivering exceptional returns for our shareholders while providing exit opportunities for owner-operators and offering future growth prospects for their associates,” said Douglas Campbell, Chief Executive Officer. “Mike and Stacey have created a robust business that provides affordable, high-quality vehicles and exceptional customer service. We warmly welcome them and their committed team of associates to the Car-Mart family.”
“Selling our business was a complicated solution and we have turned down several offers in the past. When U. S. -based Car-Mart approached us, we were intrigued by the synergies and similarities between our companies, and we knew it was the right solution,” said Stacey Steven-Assheuer. Car-Mart shares our purpose to provide the right service to visitors, offer opportunities for growth, and make an investment in our team members who are at the center of our organization. “
“Stacey and I are excited to begin a new adventure with Car-Mart and create a brighter future for our company and our associates,” added Mike Steven-Assheuer. “Car-Mart brings strength to the industry and a commitment to excellence for our customers, workers and community. We are grateful to register with one of the largest publicly traded auto shops in the United States.
“We are excited to welcome Central Auto Sales to the Car-Mart dealer network and integrate their 15-lift on-site maintenance facility,” said Mike Robortaccio, vice president of mergers and acquisitions. “After 25 years in the automotive industry, Mike and Stacey’s experience will be invaluable to Car-Mart as we enhance our warranty service and vehicle reconditioning capabilities. “
About American Car-Mart
America’s Car-Mart operates car dealerships in twelve states and is one of the largest public auto shops in the U. S. The U. S. Integrated Sales and Finance segment of the used car market is aimed exclusively at the “integrated auto finance and sales” segment. The company emphasizes excellent visitor service and solid construction. private relationships with your visitors. The Company operates its dealerships primarily in the small towns of the south-central United States, promoting quality used cars and offering financing to virtually all of its visitors. To learn more about America’s Car-Mart, adding investor presentations, visit our online page at www. automobile-mart. com.
This press release comprises “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address the Company’s long-term objectives, plans and goals, as well as the intent, ideals and expectations. The Company’s existing statements relating to long-term expansion and operational functionality, additional with respect to the Company’s acquisition of Central Auto Sales and other potential long-term acquisition opportunities, and possibly at times would be referred to through words such as “possibly,” “will. “, “should”, “may also”, “simply”, “believe”, “hope”, “anticipate”, “intend”, “plan”, “forecast” and other similar words or expressions. These forward-looking statements are based on the Company’s existing estimates and assumptions and involve dangers and uncertainties. Accordingly, you are cautioned that such forward-looking statements are not promises of long-term functionality and that actual effects may also differ materially from those projected in such forward-looking statements. Factors that may also cause actual effects to differ materially from the Company’s projections include, but are not limited to:
the option that the acquisition will not be completed at the expected time or at all because the conditions necessary for the final are not won or resolved in a timely manner or at all;
the risk that the benefits of the transaction will not be fully known or will take longer than anticipated, in addition to changes in general economic and market conditions, customer financing legislation and regulations, and the level of festival in geographies and commercial spaces. in which the Company and the acquired business operate;
the ability to temporarily and adequately integrate the activities of the Company and the acquired company;
those of the customers, partners and counterparties to the transaction; and
diversion of control time towards procurement-related issues; and
the ability to identify and effectively complete entirely new acquisitions on terms favorable to the Company.
In addition, the dangers and uncertainties that may have long-term effects come with those described from time to time in the Company’s filings with the SEC. The Company assumes no legal responsibility to update or revise any forward-looking statements, whether as a result of new information, long-term events or otherwise. You are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the dates on which they are made.
Contacts: Vickie Judy, Chief Financial Officer at (479) 464-9944Investor_relations@car-mart. com