America’s Car-Mart Names Doug Campbell CEO & Board Member
September 05 2023 - 8:30AM
America’s Car-Mart, Inc. (NASDAQ: CRMT) (“America’s Car-Mart,” “we”
or the “Company”) today announced that its board of directors has
elected current President Doug Campbell to succeed Jeff Williams as
Chief Executive Officer and to serve as a director of the Company,
each effective October 1, 2023. Williams will remain with the
Company as CEO Emeritus through the end of fiscal year 2024.
Williams will also continue his service on the board.
The Company also reported its first quarter fiscal 2024 earnings
results today. See associated press release America’s Car-Mart
Reports First Quarter Fiscal 2024 Earnings.
“Since 2018, America’s Car-Mart has grown its customer base 50%,
doubled book value per share, increased finance receivables from
$500 million to $1.4 billion, and diversified its funding through a
successful securitization program. We have also embarked on several
investment projects critical to our long-term success and
increasing productivity. Importantly, to reach our full potential,
we have aggressively recruited key talented executives. Doug is top
among these new talents, and I’m very pleased that he will become
CEO of America’s Car-Mart. Doug is a great leader and will take our
company to the next level,” said Williams.
Campbell is excited about capitalizing on the Company’s 42-year
history and its strong brand to drive future growth. “I’m
thrilled to have such an incredible opportunity to lead America’s
Car-Mart as CEO,” said Campbell. “Over the last year I’ve witnessed
how dynamic, resourceful, and agile our associates and leaders are.
Jeff has led the Company through a challenging environment while
kicking off some of the most important initiatives in our Company’s
history. I’m thankful for his leadership and ongoing assistance
through the transition. I look forward to building upon the
momentum Jeff has put in motion, and working with our team on the
next chapter of growth and transformation while continuing to give
back to the communities we serve.”
Board Chair Josh Welch recognized Campbell and Williams for
their leadership and the transformational initiatives put in place
during the past year. “Doug has learned our business quickly
– he appreciates our culture, the importance of our value
proposition to any community, has made meaningful improvements to
our operations and is an excellent leader. Jeff positioned the
Company for substantial long-term growth and profitability; Doug
has the skillsets to elevate our execution, delivering on the
enormous demand for basic transportation and credit in towns across
the country,” said Welch. “We are grateful for the many key
business initiatives launched under Jeff’s leadership. Jeff
continues to be a large shareholder in America’s Car-Mart and will
continue his dedicated work until the end of fiscal year 2024,
subsequently remaining as a consultant to the Company to help
ensure a smooth transition.”
Before joining America’s Car-Mart in October 2022, Campbell was
Senior Vice President, Head of Fleet Services for the Americas, at
Avis Budget Group after serving as Vice President of Remarketing
leading their wholesale, retail, and factory program disposals. He
led the strategic growth of the direct-to-consumer initiative and
the overhaul of a business-to-business online direct sales
platform, both contributing to meaningful reductions in overall
fleet costs. Prior to joining Avis Budget Group, he worked for
AutoNation in both corporate and field leadership roles.
Previously, he spent 15 years at Coral Springs Auto Mall as an
Executive General Manager overseeing several brands selling both
new and used vehicles.
Campbell will continue to serve as President of the Company upon
his appointment as Chief Executive Officer.
About America's Car-Mart
America’s Car-Mart, Inc. (the “Company”)
operates automotive dealerships in 12 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 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.
____________________________
Contact: Vickie Judy,
CFO at (479) 464-9944 Investor_relations@car-mart.com
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