Bentonville, Arkansas, March 7, 2011 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced the opening of its newest dealership. The dealership is located in Anniston, Alabama.
"We are pleased to announce the opening of our seventh location in Alabama. We have tremendous opportunities in Alabama, a state that has potential much like our home state of Arkansas, where we now have 37 dealerships. We are very excited to be expanding our services to Anniston. We will continue to offer the best value for people looking for good, basic affordable transportation and the financing to go with it. The new dealerships we have opened over the last few years are performing very well and we are excited about our future," said William H. ("Hank") Henderson, President and Chief Executive Officer of America’s Car-Mart. "The Anniston dealership will be managed by Steve Miller who is very excited to get his dealership up and going."
"We now operate 105 dealerships in eight states. We have added eight dealerships so far in fiscal 2011 and we anticipate opening maybe two more locations between now and the end of our fiscal year which ends on April 30, 2011," 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 50,000 active customers and to future customers we will gain as we grow. Beyond this fiscal year, we expect to continue to open additional dealerships at an approximate 10% annual rate."
About America's Car-Mart
America’s Car-Mart operates 105 automotive dealerships in eight 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 .
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;
- 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.
Contacts: William H. ("Hank") Henderson, CEO at (479) 464-9944, or Jeff Williams, CFO at (479) 418-8021, or T.J. ("Skip") Falgout III, Chairman at (972) 717-3423