America’s Car-Mart, Inc. to Acquire Taylor Auto Credit from Keith and Marcia Hagler

About this update from America's Car-mart, Inc.

[{"type":"text","content":"ROGERS, Ark., Dec. 05, 2022 (GLOBE NEWSWIRE) -- 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 Credit-Line, Incorporated and Loanco., Inc., both Texas corporations doing business as Taylor Auto Credit (“Taylor Auto Credit”). As a result, the Company will be entering a new market in Taylor, Texas (Northeast of Austin). The existing finance receivables will be excluded from the transaction and will be collected by the seller. The Company expects to close the agreement prior to December 31, 2022. “As previously communicated, 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,” said Jeff Williams, Chief Executive Officer. “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.” “We are excited to be adding the Taylor, Texas area to our footprint and expanding our customer base in a thriving and growing market. Samsung is currently building a $17 billion semiconductor plant near Taylor, expected to bring 1,800 jobs to the area,” said Mr. Williams. “Taylor Auto Credit brings a rich history of serving customers with a talented team of associates that we welcome into the Car-Mart family. We are excited for the opportunities to grow our business in this market. In addition, we also expect to close on our previously announced acquisition of the second Smart Auto location in Knoxville, Tennessee at the end of December 2022 as well.” “Taylor Auto Credit, owned and operated by Keith and Marcia Hagler, has been in business since 1990. Their values align perfectly with ours. We are looking forward to getting to know customers and to continue their great history of ‘keeping them on the road’,” added Mr. Williams. “They will be a fantastic addition to our business and will help us build a better future for the Company, ...

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