America's Car-Mart Expands into Mississippi - Now Operating 110 Dealerships
September 29 2011 - 12:20PM
America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced the opening
of its two newest dealerships. The dealerships are located in
Nicholasville, Kentucky and Columbus, Mississippi.
"We are pleased to announce the opening of our tenth location in
Kentucky and our very first location in Mississippi. We have had
great success in Kentucky and we are very excited to be expanding
our services into Mississippi. As a company, we will continue to
offer the best value for people looking for good, basic affordable
transportation and the financing to go with it," said William H.
("Hank") Henderson, President and Chief Executive Officer of
America’s Car-Mart. "The Nicholasville dealership will be managed
by Britney Carter and the Columbus dealership will be managed by
Matt Cook. They are both very excited to get their dealerships up
and going."
"We now serve customers from 110 dealerships in nine states. We
have added four dealerships so far in fiscal 2012 and we anticipate
opening approximately six more locations between now and the end of
our fiscal year which ends on April 30, 2012. We will continue to
focus on increasing sales volumes at our existing stores and at the
same time adding great new locations," 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 almost 52,000 active
customers and to future customers we will gain as we grow.
Beyond this fiscal year, we expect to open additional dealerships
at an approximate 10% annual rate."
About America's Car-Mart
America’s Car-Mart operates 110 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;
- competition;
- 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
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