America’s Car-Mart, Inc. to Acquire Smart Auto Dealers
Rogers, Arkansas, December 15, 2021 (GLOBE NEWSWIRE) – America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced that its subsidiary, America’s Car Mart, Inc. (the “Company”), has entered into a definitive agreement to purchase the current dealership assets of Smart Auto, Inc., Smart Auto Johnson City, Inc. and Bright Motors Company LLC (collectively, “Smart Auto”). As a result, the company will gain franchise locations in Johnson City, Tennessee and Knoxville, Tennessee. Existing financial claims will be excluded from the transaction and will be collected by the seller. The company plans to close the Johnson City location by the end of 2021 and the Knoxville location by December 31, 2022.
“We are very pleased to welcome Smart Auto to the Car-Mart family,” said Jeff Williams, President and CEO of the company. “Smart Auto brings a team of highly experienced and talented associates while helping to create a stronger presence and expand our footprint in Tennessee. We are delighted with the growth opportunities of our customers in this market. ”
“Smart Auto, owned by Vincent Keller, has been in business since 2005 and its values correspond perfectly to ours. We look forward to getting to know their customers and helping them stay on the road, ”added Williams. “The Smart Auto team is professional, knowledgeable and focused on providing quality and affordable vehicles to its customers. Smart Auto will be a fantastic addition to our business and help us build a better future for the business, our associates and our customers.
About America’s Car-Mart
America’s Car-Mart operates car dealerships in twelve states and is one of the largest public auto retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market. The company specializes in selling quality used vehicles and offers flexible used car financing options for customers with bad credit, no credit, repossessions or even past bankruptcy and puts the emphasis on superior customer service and building strong personal relationships with clients. . The Company operates its dealerships primarily in small towns in the south-central United States, selling quality used vehicles and providing financing to virtually all of its customers. For more information on 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 relate to the future objectives, plans and goals of the Company, as well as the intention, beliefs and current expectations of the Company regarding future operating performance, including with respect to the Company’s acquisition of Smart Auto, and can generally be identified by words such as “may”, “will”, “should”, “Might,” believe “,” expect “,” anticipate, “” intend “,” plan “,” foresee “and other similar words or expressions. These forward-looking statements are based on the Company’s current estimates and assumptions and involve various risks and uncertainties. Therefore, 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 could cause actual results to differ materially from the Company’s projections include, but are not limited to:
- the possibility that the acquisition will not be completed on time or not at all because the conditions required for closing are not received or met in a timely manner, or not at all;
- the risk that the benefits of the transaction may not be fully realized or may take longer than expected to be realized, including due to changes in general economic and market conditions, laws and regulations relating to credit consumption and the degree of competition in the geographic areas and areas of activity in which the Company and Smart Auto operate;
- the ability to quickly and efficiently integrate the activities of the Company and Smart Auto;
- reaction to the transaction from customers, employees and counterparties of companies; and
- the diversion of management time on issues related to acquisitions.
In addition, risks and uncertainties that may affect future results include those described from time to time in documents filed by the Company with the SEC. The Company assumes no obligation to update or revise 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.