BENTONVILLE, Ark., Jan. 3, 2011 (GLOBE NEWSWIRE) -- America's Car-Mart, Inc. (Nasdaq:CRMT) today announced the opening of its two newest dealerships. The dealerships are located in Tullahoma, Tennessee and Winchester, Kentucky.
"We are pleased to announce the opening of our third location in Tennessee and our ninth location in Kentucky. We have had great success in these two states and we are very excited to be expanding our services to these new markets. As a company, we will continue to offer the best value for people looking for good, basic affordable transportation and the financing to go with it," said William H. ("Hank") Henderson, President and Chief Executive Officer of America's Car-Mart. "The Tullahoma dealership will be managed by Brian Bassett and the Winchester dealership will be managed by Jeffrey Eddy. They are both very excited to get their dealerships up and going."
"We now serve customers from 103 dealerships in eight states. We have added six dealerships so far in fiscal 2011 and we anticipate opening up to four more locations between now and the end of our fiscal year which ends on April 30, 2011. We will continue to focus on increasing sales volumes at our existing stores and at the same time adding great new locations," said Jeff Williams, Chief Financial Officer. "Our solid financial results, strong balance sheet and competitive strengths will continue to allow us to provide the best possible service to our almost 50,000 active customers and to future customers we will gain as we grow. Beyond this fiscal year, we expect to open additional dealerships at an approximate 10% annual rate."
About America's Car-Mart
America's Car-Mart operates 103 automotive dealerships in eight states and is the largest publicly-held automotive retailer 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 operating performance, 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. Specific events addressed by these forward-looking statements include, but are not limited to:
- new dealership openings;
- same store revenue growth;
- annual growth of the number of dealerships; and
- the Company's business and growth strategies.
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 availability of credit facilities to support the Company's business;
- the Company's ability to underwrite and collect its loans effectively;
- competition;
- availability of quality vehicles at prices that will be affordable to customers; and
- general economic conditions in the markets in which the Company operates, including but not limited to fluctuations in gas prices, grocery prices and employment levels.
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.