America’s Car-Mart to Acquire Central Auto Sales from Mike & Stacey Steven-Assheuer
December 01 2023 - 12:00PM
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's expertise will be invaluable to
Car-Mart as we enhance our vehicle reconditioning and warranty
servicing abilities.”
About America's Car-Mart
America’s Car-Mart operates automotive dealerships in twelve
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.
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 growth
and operating performance, including with respect to the Company’s
acquisition of Central Auto Sales and other potential future
acquisition opportunities, 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. 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 possibility that the acquisition does not close when
expected or at all because required conditions to closing are not
received or satisfied on a timely basis or at all;
- the risk that the benefits from the transaction may not be
fully realized or may take longer to realize than expected,
including as a result of changes in general economic and market
conditions, consumer finance laws and regulations, and the degree
of competition in the geographic and business areas in which the
Company and the acquired business operate;
- the ability to promptly and effectively integrate the
businesses of the Company and the acquired company;
- the reaction to the transaction of the companies’ customers,
associates and counterparties; and
- diversion of management time on acquisition-related issues;
and
- the ability to successfully identify and complete new
acquisitions on conditions that are favorable to the Company.
Additionally, risks and uncertainties that may affect future
results include those described from time to time in the Company’s
SEC filings. 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: Vickie Judy, CFO at (479)
464-9944Investor_relations@car-mart.com
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