America’s Car-Mart, Inc. to Acquire Smart Auto Dealerships
December 15 2021 - 5:10PM
America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced that its
subsidiary, America’s Car Mart, Inc. (the “Company”), has entered
into a definitive agreement to purchase the ongoing dealership
assets of Smart Auto, Inc., Smart Auto Johnson City, Inc., and
Bright Motors Company LLC (collectively, “Smart Auto”). As a
result, the Company will gain dealership locations in Johnson City,
Tennessee and Knoxville, Tennessee. The existing finance
receivables will be excluded from the transaction and will be
collected by the seller. The Company expects to close on the
Johnson City location by the end of 2021 and the Knoxville location
by December 31, 2022.
“We are very excited to welcome Smart Auto into
the Car-Mart family,” said Jeff Williams, President and Chief
Executive Officer of the Company. “Smart Auto brings a highly
experienced and talented team of associates while also helping to
create a stronger presence and expanding our footprint in
Tennessee. We are excited for the opportunities to grow our
customers in this market.”
“Smart Auto, owned by Vincent Keller, has been
in business since 2005 and their values align perfectly with ours.
We are looking forward to getting to know their customers and help
to keep them on the road,” added Mr. Williams. “The Smart Auto team
is professional, capable and focuses on providing quality,
affordable vehicles to their customers. Smart Auto will be a
fantastic addition to our business and will help us build a better
future for the Company, our associates and our customers.”
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.
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, including with respect to the Company’s
acquisition of Smart Auto, 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. 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 possibility that the acquisition does not close when expected
or at all because required conditions to closing are not received
or satisfied on a timely basis or at all;
-
the risk that the benefits from the transaction may not be fully
realized or may take longer to realize than expected, including as
a result of changes in general economic and market conditions,
consumer finance laws and regulations, and the degree of
competition in the geographic and business areas in which the
Company and Smart Auto operate;
-
the ability to promptly and effectively integrate the businesses of
the Company and Smart Auto;
-
the reaction to the transaction of the companies’ customers,
employees and counterparties; and
-
diversion of management time on acquisition-related issues.
Additionally, risks and uncertainties that may
affect future results include those described from time to time in
the Company’s SEC filings. 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.
Contacts:Jeff Williams, CEO at (479) 464-9944 or Vickie Judy, CFO at (479) 464-9944
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