Business
America’s Car-Mart Acquires Illinois Dealerships
BENTONVILLE, Ark., Dec. 17, 2019 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced that its subsidiary, America’s Car Mart, Inc.,
About this update from America's Car-mart, Inc.
[{"type":"text","content":"BENTONVILLE, Ark., Dec. 17, 2019 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced that its subsidiary, America’s Car Mart, Inc., has entered into a definitive agreement to purchase the ongoing dealership assets of Taylor Motor Company and Auto Credit of Southern Illinois (collectively, “Taylor Motors”) based in Benton, Illinois. \n “We are very excited for this opportunity and to be gaining three dealership locations in Marion, Benton and Mount Vernon, Illinois, as well as a vehicle reconditioning location in Benton, Illinois. The existing finance receivables will be excluded from the purchase and will be collected by the seller. The transaction will include leases on the related properties. Illinois will represent our 12th state and these locations are near existing Car-Mart dealerships in surrounding states,” said Jeff Williams, President and Chief Executive Officer of the Company. “Taylor Motors has served southern Illinois for over 88 years and has strong sales volume productivity with a dominant market position in its service areas. The company has operated at a very high level for over 25 years under the leadership of Steve Taylor, a third-generation owner, and his talented, experienced team of associates,” added Mr. Williams. “Like Car-Mart, Steve and his team focus on keeping customers on the road by selling good, solid mechanically sound vehicles and taking care of customers after the sale. Steve and his team will be joining our team and Steve will be contributing to our expansion efforts into the future. We expect this transaction to close in January 2020.” About America's Car-Mart America’s Car-Mart operates automotive dealerships in eleven 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. Car-Mart was named to the Forbe...