America’s Car-Mart Reports Diluted Earnings per Share of $3.33 on Record Revenues of $288 Million

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

[{"type":"text","content":"ROGERS, Ark., Nov. 17, 2021 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its operating results for the second quarter of fiscal year 2022. “We continue to see solid productivity improvement and market share gains in an operating environment with historic supply and demand imbalances. Unit sales were up almost 6%, the average retail sales price was up 21% and interest income was up 39%, resulting in top line growth of 29% for the quarter. We believe productivity would have been even better had availability of vehicles at lower price points been at more normal levels,” said Jeff Williams, President and CEO. “The investments we are making in our inventory procurement area have allowed us to consistently offer better quality vehicles to our customers and keep our dealerships sufficiently stocked during this difficult supply period. We anticipate ongoing and continuous improvements in this crucial area of our business with the ultimate goal being to increase the amount of field time allocated to operational efficiencies, unit volume productivity and growing customer counts.” “We ended the quarter with over 93,000 active customers, up almost 9,300 or 11% from this time last year. We are making good progress with our online loan origination system which will streamline the consumer application process allowing us to increase the funnel of potential Car-Mart customers,” said Mr. Williams. “Our investments in digital customer experience are resulting in higher traffic to our website and improving our sales to repeat customers, which, at the end of the second quarter, were over 50%. We aim to continue to increase sales potential by reaching more consumers and then earn their repeat business by delivering a unique and superior customer experience.” “Our new service contracts, which include longer terms, oil changes and roadside assistance, have been well received by the market. These new products were designed to keep our customers on the road while centralizing administrative activities to increase efficiencies and productivity at the dealership level,” added Mr. Williams. “We have many opportunities for positive interactions with our customers after the sale and the initiatives we have in place are directed at providing legendary service in this high touch business.” “Once again, we believe that most of our...

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