{"id":123531,"date":"2023-12-03T17:38:07","date_gmt":"2023-12-03T22:38:07","guid":{"rendered":"https:\/\/d5t8g5d.farmpresstheme.com\/retail\/americas-car-mart-to-acquire-central-auto-sales-from-mike-stacey-steven-assheuer\/"},"modified":"2023-12-03T17:38:07","modified_gmt":"2023-12-03T22:38:07","slug":"americas-car-mart-to-acquire-central-auto-sales-from-mike-stacey-steven-assheuer","status":"publish","type":"post","link":"https:\/\/d5t8g5d.farmpresstheme.com\/retail\/americas-car-mart-to-acquire-central-auto-sales-from-mike-stacey-steven-assheuer\/","title":{"rendered":"America\u2019s Car-Mart to Acquire Central Auto Sales from Mike & Stacey Steven-Assheuer"},"content":{"rendered":"
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ROGERS, Ark., Dec. 01, 2023 (GLOBE NEWSWIRE) — America\u2019s Car-Mart, Inc. (NASDAQ: CRMT) (\u201cCar-Mart\u201d or the \u201cCompany\u201d) today announced that its subsidiary, America\u2019s 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.<\/p>\n
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.<\/p>\n
\u201cThis 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,\u201d said Douglas Campbell, Chief Executive Officer. \u201cMike 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.\u201d<\/p>\n
\u201cSelling our business was a difficult decision, and we have turned down several offers in the past. When America\u2019s Car-Mart approached us, we were intrigued by the synergies and similarities between our companies, and we knew it was the right fit,\u201d said Stacey Steven-Assheuer. \u201cCar-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.\u201d<\/p>\n
\u201cStacey and I are excited to start a new journey with Car-Mart and create a brighter future for our company and associates,\u201d added Mike Steven-Assheuer. \u201cCar-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.\u201d<\/p>\n
\u201cWe are thrilled to welcome Central Auto Sales to the Car-Mart network of dealerships and integrate their 15-lift on-site maintenance facility,\u201d said Mike Robortaccio, Vice President of Mergers & Acquisitions. \u201cAfter 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.\u201d<\/p>\n
About America’s Car-Mart<\/p>\n
America\u2019s 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 \u201cIntegrated Auto Sales and Finance\u201d 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\u2019s Car-Mart, including investor presentations, please visit our website at\u00a0www.car-mart.com<\/a>.<\/p>\n This press release contains \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995.\u00a0These forward-looking statements address the Company\u2019s future objectives, plans and goals, as well as the Company\u2019s intent, beliefs and current expectations regarding future growth and operating performance, including with respect to the Company\u2019s acquisition of Central Auto Sales and other potential future acquisition opportunities, and can generally be identified by words such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould, \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cforesee,\u201d and other similar words or phrases. These forward-looking statements are based on the Company\u2019s current estimates and assumptions and involve various risks and uncertainties.\u00a0As 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.\u00a0Factors that may cause actual results to differ materially from the Company\u2019s projections include, but are not limited to:<\/p>\n Additionally, risks and uncertainties that may affect future results include those described from time to time in the Company\u2019s 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.\u00a0You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.<\/p>\n Contacts: Vickie Judy, CFO at (479) 464-9944 \n
Investor_relations@car-mart.com<\/a><\/p>\n<\/p>\n