America’s Car-Mart, Inc. Names Steve Taylor to Lead Acquisitions
October 18 2022 - 10:15AM
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-MartAmerica’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.
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Contacts: |
Jeff Williams, CEO
at (479) 464-9944 or Vickie Judy, CFO at (479) 464-9944 |
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