Business
America’s Car-Mart to Acquire Central Auto Sales from Mike & Stacey Steven-Assheuer
ROGERS, Ark., Dec. 01, 2023 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (“Car-Mart” or the “Company”) today announced that its subsidiary,
About this update from America's Car-mart, Inc.
[{"type":"text","content":"ROGERS, Ark., Dec. 01, 2023 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (“Car-Mart” or the “Company”) today announced that its subsidiary, America’s Car Mart, Inc., has entered into a definitive agreement to purchase the ongoing dealership assets of Allied Union Group, Inc., an Arkansas corporation doing business as Central Auto Sales. The existing finance receivables will be excluded from the transaction and will be collected by the seller. Car-Mart expects to close the transaction later this month. Mike and Stacey Steven-Assheuer founded Central Auto Sales in Hot Springs, Arkansas, in 1996. The acquisition of Central Auto Sales will enhance Car-Mart's presence in Hot Springs and expand its reconditioning capabilities. “This transaction is consistent with our strategy to grow the business through acquisitions, delivering exceptional returns for our shareholders while providing exit opportunities for owner-operators and offering future growth prospects for their associates,” said Douglas Campbell, Chief Executive Officer. “Mike and Stacey have created a robust business that provides affordable, high-quality vehicles and exceptional customer service. We warmly welcome them and their committed team of associates to the Car-Mart family.” “Selling our business was a difficult decision, and we have turned down several offers in the past. When America’s Car-Mart approached us, we were intrigued by the synergies and similarities between our companies, and we knew it was the right fit,” said Stacey Steven-Assheuer. “Car-Mart shares our goal of providing excellent customer service, offering growth opportunities, and investing in our team members who are the heart of our organization.” “Stacey and I are excited to start a new journey with Car-Mart and create a brighter future for our company and associates,” added Mike Steven-Assheuer. “Car-Mart brings strength to the industry and a commitment to excellence for our customers, employees, and community. We are grateful to be joining one of the largest publicly traded automotive retailers in the United States.” “We are thrilled to welcome Central Auto Sales to the Car-Mart network of dealerships and integrate their 15-lift on-site maintenance facility,” said Mike Robortaccio, Vice President of Mergers & Acquisitions. “After 25 years in the automotive business, Mike and Stacey...