America's Car-Mart, Inc.
Annual Report 2019

2019 Annual Report

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(cid:87)(cid:76)(cid:70)(cid:3)(cid:68)(cid:69)(cid:82)(cid:88)(cid:87)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:17)(cid:3)(cid:38)(cid:68)(cid:85)(cid:16)(cid:48)(cid:68)(cid:85)(cid:87)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:68)(cid:81)(cid:3)(cid:76)(cid:80)(cid:83)(cid:82)(cid:85)(cid:87)(cid:68)(cid:81)(cid:87)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)

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(cid:3) (cid:55)(cid:75)(cid:72)(cid:3) (cid:70)(cid:82)(cid:80)(cid:69)(cid:76)(cid:81)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:82)(cid:73)(cid:3) (cid:82)(cid:88)(cid:85)(cid:3) (cid:70)(cid:68)(cid:83)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3) (cid:79)(cid:72)(cid:81)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3) (cid:68)(cid:85)(cid:85)(cid:68)(cid:81)(cid:74)(cid:72)-

(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:86)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:183)(cid:3)(cid:79)(cid:76)(cid:89)(cid:72)(cid:86)(cid:17)(cid:3)(cid:38)(cid:82)(cid:80)(cid:69)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:68)(cid:3)(cid:86)(cid:72)(cid:81)(cid:86)(cid:72)(cid:3)

(cid:80)(cid:72)(cid:81)(cid:87)(cid:3) (cid:90)(cid:76)(cid:87)(cid:75)(cid:3) (cid:82)(cid:88)(cid:85)(cid:3) (cid:71)(cid:72)(cid:70)(cid:72)(cid:81)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:93)(cid:72)(cid:71)(cid:3) (cid:86)(cid:87)(cid:85)(cid:88)(cid:70)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3) (cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:86)(cid:3) (cid:68)(cid:3) (cid:83)(cid:82)(cid:90)-

(cid:82)(cid:73)(cid:3)(cid:88)(cid:85)(cid:74)(cid:72)(cid:81)(cid:70)(cid:92)(cid:15)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:72)(cid:81)(cid:72)(cid:85)(cid:74)(cid:92)(cid:15)(cid:3)(cid:83)(cid:68)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:71)(cid:85)(cid:76)(cid:89)(cid:72)(cid:15)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)-

(cid:72)(cid:85)(cid:73)(cid:88)(cid:79)(cid:3) (cid:69)(cid:68)(cid:86)(cid:72)(cid:3) (cid:76)(cid:81)(cid:3) (cid:82)(cid:88)(cid:85)(cid:3) (cid:76)(cid:81)(cid:71)(cid:76)(cid:89)(cid:76)(cid:71)(cid:88)(cid:68)(cid:79)(cid:3) (cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:86)(cid:3) (cid:178)(cid:3) (cid:90)(cid:72)(cid:3) (cid:68)(cid:85)(cid:72)(cid:3) (cid:69)(cid:88)(cid:76)(cid:79)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)

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(cid:53)(cid:72)(cid:87)(cid:88)(cid:85)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:36)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)(cid:36)(cid:86)(cid:86)(cid:72)(cid:87)(cid:86)

(cid:68)(cid:81)(cid:3) (cid:76)(cid:81)(cid:73)(cid:85)(cid:68)(cid:86)(cid:87)(cid:85)(cid:88)(cid:70)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3) (cid:87)(cid:82)(cid:3) (cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3) (cid:68)(cid:3) (cid:80)(cid:88)(cid:70)(cid:75)(cid:3) (cid:79)(cid:68)(cid:85)(cid:74)(cid:72)(cid:85)(cid:3) (cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)-

(cid:87)(cid:75)(cid:72)(cid:3) (cid:86)(cid:78)(cid:76)(cid:79)(cid:79)(cid:86)(cid:3) (cid:82)(cid:73)(cid:3) (cid:82)(cid:88)(cid:85)(cid:3) (cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:87)(cid:3) (cid:87)(cid:82)(cid:83)(cid:3) (cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3) (cid:69)(cid:92)(cid:3) (cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3) 

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(cid:82)(cid:88)(cid:85)(cid:3) (cid:76)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3) (cid:69)(cid:92)(cid:3) (cid:74)(cid:85)(cid:82)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3) (cid:88)(cid:81)(cid:76)(cid:87)(cid:3) (cid:89)(cid:82)(cid:79)(cid:88)(cid:80)(cid:72)(cid:86)(cid:15)(cid:3) (cid:86)(cid:87)(cid:68)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3) (cid:72)(cid:73)-

(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:85)(cid:68)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:70)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:79)(cid:68)(cid:85)(cid:74)(cid:72)(cid:79)(cid:92)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:15)(cid:3)(cid:81)(cid:72)(cid:87)(cid:3)

(cid:192)(cid:70)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:82)(cid:88)(cid:86)(cid:79)(cid:92)(cid:3) (cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:81)(cid:74)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3) (cid:72)(cid:91)-

(cid:76)(cid:81)(cid:70)(cid:82)(cid:80)(cid:72)(cid:3)(cid:83)(cid:72)(cid:85)(cid:3)(cid:71)(cid:72)(cid:68)(cid:79)(cid:72)(cid:85)(cid:86)(cid:75)(cid:76)(cid:83)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:84)(cid:88)(cid:68)(cid:71)(cid:85)(cid:88)(cid:83)(cid:79)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:79)(cid:68)(cid:86)(cid:87)(cid:3)(cid:87)(cid:75)(cid:85)(cid:72)(cid:72)(cid:3)

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(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3) (cid:69)(cid:72)(cid:86)(cid:87)(cid:3) (cid:83)(cid:85)(cid:68)(cid:70)(cid:87)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:71)(cid:72)(cid:192)(cid:81)(cid:72)(cid:3) (cid:90)(cid:75)(cid:68)(cid:87)(cid:3) (cid:87)(cid:75)(cid:76)(cid:86)(cid:3) (cid:76)(cid:81)-

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(cid:75)(cid:68)(cid:89)(cid:72)(cid:3) (cid:69)(cid:72)(cid:72)(cid:81)(cid:3) (cid:75)(cid:72)(cid:68)(cid:89)(cid:76)(cid:79)(cid:92)(cid:3) (cid:90)(cid:72)(cid:76)(cid:74)(cid:75)(cid:87)(cid:72)(cid:71)(cid:3) (cid:87)(cid:82)(cid:90)(cid:68)(cid:85)(cid:71)(cid:3) (cid:85)(cid:72)(cid:70)(cid:85)(cid:88)(cid:76)(cid:87)(cid:76)(cid:81)(cid:74)(cid:15)(cid:3) (cid:87)(cid:85)(cid:68)(cid:76)(cid:81)-

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(cid:3)

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(cid:76)(cid:81)(cid:86)(cid:83)(cid:76)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:72)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:76)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:72)(cid:73)-

(cid:68)(cid:69)(cid:79)(cid:72)(cid:86)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:85)(cid:82)(cid:90)(cid:86)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:70)(cid:87)(cid:88)(cid:68)(cid:79)(cid:3)(cid:76)(cid:81)(cid:89)(cid:72)(cid:81)(cid:87)(cid:82)(cid:85)(cid:92)(cid:17)(cid:3)(cid:50)(cid:81)(cid:74)(cid:82)-

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(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3) (cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3) (cid:70)(cid:68)(cid:85)(cid:72)(cid:72)(cid:85)(cid:86)(cid:17)(cid:3) (cid:50)(cid:88)(cid:85)(cid:3) (cid:85)(cid:72)(cid:71)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:72)(cid:71)(cid:3) (cid:87)(cid:85)(cid:68)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3) (cid:72)(cid:73)-

(cid:87)(cid:88)(cid:81)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3) (cid:87)(cid:75)(cid:68)(cid:87)(cid:3) (cid:90)(cid:76)(cid:79)(cid:79)(cid:3) (cid:82)(cid:83)(cid:72)(cid:81)(cid:3) (cid:88)(cid:83)(cid:3) (cid:68)(cid:86)(cid:3) (cid:68)(cid:3) (cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3) (cid:72)(cid:73)(cid:73)(cid:82)(cid:85)(cid:87)(cid:86)(cid:17)(cid:3)

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(cid:81)(cid:72)(cid:70)(cid:72)(cid:86)(cid:86)(cid:68)(cid:85)(cid:92)(cid:17)(cid:3)(cid:50)(cid:88)(cid:85)(cid:3)(cid:71)(cid:76)(cid:74)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)(cid:72)(cid:73)(cid:73)(cid:82)(cid:85)(cid:87)(cid:86)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:90)(cid:68)(cid:92)(cid:3)

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(cid:3)

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(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3) (cid:71)(cid:72)(cid:69)(cid:87)(cid:17)(cid:3) (cid:50)(cid:89)(cid:72)(cid:85)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:83)(cid:68)(cid:86)(cid:87)(cid:3) (cid:192)(cid:89)(cid:72)(cid:3) (cid:92)(cid:72)(cid:68)(cid:85)(cid:86)(cid:15)(cid:3) (cid:90)(cid:72)(cid:3) (cid:75)(cid:68)(cid:89)(cid:72)(cid:3) (cid:76)(cid:81)-

(cid:70)(cid:68)(cid:81)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:71)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:76)(cid:81)(cid:74)(cid:79)(cid:92)(cid:17)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:79)(cid:79)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:83)(cid:85)(cid:82)(cid:83)(cid:72)(cid:85)(cid:79)(cid:92)(cid:3)

(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3) (cid:81)(cid:72)(cid:87)(cid:3) (cid:192)(cid:81)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3) (cid:85)(cid:72)(cid:70)(cid:72)(cid:76)(cid:89)(cid:68)(cid:69)(cid:79)(cid:72)(cid:86)(cid:3) (cid:69)(cid:92)(cid:3) (cid:7)(cid:20)(cid:21)(cid:21)(cid:3) (cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3) (cid:85)(cid:72)-

(cid:76)(cid:86)(cid:3)(cid:68)(cid:81)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:74)(cid:85)(cid:68)(cid:79)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:71)(cid:72)(cid:79)(cid:76)(cid:89)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:74)(cid:85)(cid:72)(cid:68)(cid:87)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:17)(cid:3)

(cid:83)(cid:88)(cid:85)(cid:70)(cid:75)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3) (cid:7)(cid:20)(cid:21)(cid:23)(cid:3) (cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:3) (cid:76)(cid:81)(cid:3) (cid:70)(cid:82)(cid:80)(cid:80)(cid:82)(cid:81)(cid:3) (cid:86)(cid:87)(cid:82)(cid:70)(cid:78)(cid:15)(cid:3) (cid:73)(cid:88)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3) (cid:7)(cid:20)(cid:27)(cid:3)

(cid:37)(cid:92)(cid:3) (cid:75)(cid:82)(cid:79)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3) (cid:82)(cid:88)(cid:85)(cid:3) (cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3) (cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3) (cid:88)(cid:83)(cid:75)(cid:82)(cid:79)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)

(cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:3) (cid:76)(cid:81)(cid:3) (cid:81)(cid:72)(cid:87)(cid:3) (cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3) (cid:72)(cid:91)(cid:83)(cid:72)(cid:81)(cid:71)(cid:76)(cid:87)(cid:88)(cid:85)(cid:72)(cid:86)(cid:15)(cid:3) (cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3) (cid:76)(cid:81)(cid:89)(cid:72)(cid:81)-

(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3) (cid:72)(cid:81)(cid:71)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:71)(cid:72)(cid:68)(cid:79)(cid:15)(cid:3) (cid:90)(cid:72)(cid:3) (cid:86)(cid:87)(cid:85)(cid:72)(cid:81)(cid:74)(cid:87)(cid:75)(cid:72)(cid:81)(cid:3) (cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:75)(cid:76)(cid:83)(cid:86)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3)

(cid:87)(cid:82)(cid:85)(cid:92)(cid:3) (cid:69)(cid:92)(cid:3) (cid:7)(cid:26)(cid:3) (cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:3) (cid:87)(cid:82)(cid:3) (cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3) (cid:75)(cid:76)(cid:74)(cid:75)(cid:72)(cid:85)(cid:3) (cid:85)(cid:72)(cid:89)(cid:72)(cid:81)(cid:88)(cid:72)(cid:86)(cid:3) (cid:11)(cid:68)(cid:3) (cid:87)(cid:82)(cid:87)(cid:68)(cid:79)(cid:3)

(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:15)(cid:3) (cid:90)(cid:72)(cid:3) (cid:68)(cid:85)(cid:72)(cid:3) (cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3) (cid:82)(cid:81)(cid:3) (cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3) (cid:79)(cid:82)(cid:81)(cid:74)(cid:16)(cid:87)(cid:72)(cid:85)(cid:80)(cid:3) (cid:89)(cid:68)(cid:79)-

(cid:88)(cid:72)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:90)(cid:76)(cid:79)(cid:79)(cid:3) (cid:83)(cid:88)(cid:86)(cid:75)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3) (cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:82)(cid:88)(cid:86)(cid:3) (cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3) (cid:68)(cid:86)(cid:3) (cid:90)(cid:72)(cid:3)

(cid:80)(cid:82)(cid:89)(cid:72)(cid:3) (cid:73)(cid:82)(cid:85)(cid:90)(cid:68)(cid:85)(cid:71)(cid:17)(cid:3) (cid:50)(cid:89)(cid:72)(cid:85)(cid:3) (cid:20)(cid:15)(cid:25)(cid:19)(cid:19)(cid:3) (cid:74)(cid:85)(cid:72)(cid:68)(cid:87)(cid:3) (cid:68)(cid:86)(cid:86)(cid:82)(cid:70)(cid:76)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3) (cid:83)(cid:88)(cid:87)(cid:3) (cid:87)(cid:85)(cid:72)-

(cid:80)(cid:72)(cid:81)(cid:71)(cid:82)(cid:88)(cid:86)(cid:3)(cid:72)(cid:73)(cid:73)(cid:82)(cid:85)(cid:87)(cid:3)(cid:76)(cid:81)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:83)(cid:85)(cid:72)(cid:86)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:80)-

(cid:83)(cid:68)(cid:81)(cid:92)(cid:3) (cid:68)(cid:87)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:75)(cid:76)(cid:74)(cid:75)(cid:72)(cid:86)(cid:87)(cid:3) (cid:79)(cid:72)(cid:89)(cid:72)(cid:79)(cid:86)(cid:3) (cid:178)(cid:3) (cid:90)(cid:72)(cid:3) (cid:68)(cid:83)(cid:83)(cid:85)(cid:72)(cid:70)(cid:76)(cid:68)(cid:87)(cid:72)(cid:3) (cid:68)(cid:79)(cid:79)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:80)(cid:3)

(cid:89)(cid:72)(cid:85)(cid:92)(cid:3) (cid:80)(cid:88)(cid:70)(cid:75)(cid:17)(cid:3) (cid:58)(cid:72)(cid:3) (cid:90)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3) (cid:79)(cid:76)(cid:78)(cid:72)(cid:3) (cid:87)(cid:82)(cid:3) (cid:87)(cid:75)(cid:68)(cid:81)(cid:78)(cid:3) (cid:82)(cid:88)(cid:85)(cid:3) (cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3)

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(cid:79)(cid:82)(cid:82)(cid:78)(cid:3) (cid:73)(cid:82)(cid:85)(cid:90)(cid:68)(cid:85)(cid:71)(cid:3) (cid:87)(cid:82)(cid:3) (cid:68)(cid:3) (cid:74)(cid:85)(cid:72)(cid:68)(cid:87)(cid:3) (cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:15)(cid:3) (cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3) (cid:87)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:71)(cid:82)(cid:88)(cid:86)(cid:3)

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(cid:80)(cid:68)(cid:81)(cid:92)(cid:3)(cid:80)(cid:82)(cid:85)(cid:72)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)(cid:71)(cid:72)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:79)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:17)(cid:3)

(cid:82)(cid:73)(cid:3) (cid:7)(cid:21)(cid:26)(cid:20)(cid:3) (cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:12)(cid:15)(cid:3) (cid:68)(cid:79)(cid:79)(cid:3) (cid:90)(cid:76)(cid:87)(cid:75)(cid:3) (cid:82)(cid:81)(cid:79)(cid:92)(cid:3) (cid:68)(cid:3) (cid:7)(cid:24)(cid:25)(cid:3) (cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:3) (cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:3) (cid:76)(cid:81)(cid:3)

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(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:3)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:3)(cid:69)(cid:92)(cid:3)(cid:21)(cid:22)(cid:8)(cid:3)(cid:11)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:79)(cid:92)(cid:3)(cid:21)(cid:3)(cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:86)(cid:12)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)

(cid:83)(cid:79)(cid:72)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:90)(cid:72)(cid:3)(cid:74)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:68)(cid:3)(cid:20)(cid:19)(cid:8)(cid:3)(cid:85)(cid:72)(cid:87)(cid:88)(cid:85)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:68)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)(cid:68)(cid:86)-

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(cid:3) (cid:36)(cid:71)(cid:71)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:79)(cid:92)(cid:15)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:86)(cid:72)(cid:70)(cid:82)(cid:81)(cid:71)(cid:3) (cid:92)(cid:72)(cid:68)(cid:85)(cid:3) (cid:76)(cid:81)(cid:3) (cid:68)(cid:3) (cid:85)(cid:82)(cid:90)(cid:3) (cid:90)(cid:72)(cid:3) (cid:90)(cid:72)(cid:85)(cid:72)(cid:3)

(cid:81)(cid:68)(cid:80)(cid:72)(cid:71)(cid:3) (cid:87)(cid:82)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:41)(cid:82)(cid:85)(cid:69)(cid:72)(cid:86)(cid:3) (cid:47)(cid:76)(cid:86)(cid:87)(cid:3) (cid:82)(cid:73)(cid:3) (cid:37)(cid:72)(cid:86)(cid:87)(cid:3) (cid:48)(cid:76)(cid:71)(cid:86)(cid:76)(cid:93)(cid:72)(cid:3) (cid:40)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:85)(cid:86)!   

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(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:50)(cid:73)(cid:192)(cid:70)(cid:72)(cid:85)(cid:3)(cid:3)

(cid:57)(cid:76)(cid:70)(cid:78)(cid:76)(cid:72)(cid:3)(cid:39)(cid:17)(cid:3)(cid:45)(cid:88)(cid:71)(cid:92)(cid:3) 
(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:50)(cid:73)(cid:192)(cid:70)(cid:72)(cid:85)(cid:3)(cid:3)

UNITED STATES  

SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  

FORM 10-K  

(Mark One)  

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  
For the fiscal year ended April 30, 2019 
OR  

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  

For the transition period from             to               
Commission file number 0-14939 

AMERICA’S CAR-MART, INC.  
(Exact name of registrant as specified in its charter)  

Texas 
(State or other jurisdiction of incorporation or organization)  
802 Southeast Plaza Avenue, Suite 200  
Bentonville, Arkansas  
(Address of principal executive offices)  

63-0851141  
(IRS Employer Identification No)  

72712  
(Zip Code)  

(479) 464-9944 

(Registrant’s telephone number, including area code)  

Securities registered pursuant to Section 12(b) of the Act:  

Title of each class 
Common Stock, par value $0.01 per share 

Trading Symbol(s) 
CRMT 

Name of each exchange on which registered 
NASDAQ Global Select Market 

Securities registered pursuant to section 12(g) of the Act:  

None 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes     No    
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes    No     
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such 
filing requirements for the past 90 days. Yes  No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of 
Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or 
an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth 
company” in Rule 12b-2 of the Exchange Act. (Check one):  

 Large accelerated filer            Accelerated filer        
    Non-accelerated filer 

     Smaller reporting company           Emerging growth company             

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any 
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes     No    

The aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates on October 31, 2018 was $511,024,949 
(6,822,763 shares), based on the closing price of the registrant’s common stock on October 31, 2018 of $74.90.  

There were 6,695,221 shares of the registrant’s common stock outstanding as of June 14, 2019.  

Portions of the registrant’s Proxy Statement to be furnished to stockholders in connection with its 2019 Annual Meeting of Stockholders are 

incorporated by reference in response to Part III of this report. 

DOCUMENTS INCORPORATED BY REFERENCE  

 
 
 
 
 
 
 
 
 
 
 
 
Forward-Looking Statements 

PART I 

This Annual Report on Form 10-K and the documents incorporated by reference in this Annual Report on 
Form 10-K contain “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;   
performance of new dealerships; 
same dealership revenue growth; 
future revenue growth; 
receivables growth as related to revenue growth; 
gross margin percentages; 
interest rates; 
future credit losses; 
the Company’s collection results, including but not limited to collections during income tax refund 
periods; 
seasonality; 
compliance with tax regulations; 
the Company’s business and growth strategies; 
financing the majority of growth from profits; and 
having adequate liquidity to satisfy the Company’s capital needs. 

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 those risks described elsewhere in this report, as well as: 

• 
• 
• 
• 
• 
• 
• 

• 

• 

the availability of credit facilities to support the Company’s business; 
the Company’s ability to underwrite and collect its contracts effectively; 
competition; 
dependence on existing management; 
ability to attract, develop and retain qualified general managers; 
availability of quality vehicles at prices that will be affordable to customers; 
changes in consumer finance laws or regulations, including but not limited to rules and regulations 
that have recently been enacted or could be enacted by federal and state governments;  
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; and 
security breaches, cyber-attacks, or fraudulent activity.  

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. 

2 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 1.  Business 

Business and Organization 

America’s  Car-Mart,  Inc.,  a Texas corporation initially  formed  in  1981 (the  “Company”),  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.  References to the “Company” include the Company’s consolidated 
subsidiaries.    The  Company’s  operations  are  principally  conducted  through  its  two  operating  subsidiaries, 
America’s Car Mart, Inc., an Arkansas corporation (“Car-Mart of Arkansas”), and Colonial Auto Finance, Inc., an 
Arkansas corporation (“Colonial”).  Collectively, Car-Mart of Arkansas and Colonial are referred to herein as “Car-
Mart.”  The Company primarily sells older model used vehicles and provides financing for substantially all of its 
customers.  Many  of  the  Company’s  customers  have  limited  financial  resources  and  would  not  qualify  for 
conventional financing as a result of limited credit histories or past credit problems.  As of April 30, 2019, the 
Company operated 144 dealerships located primarily in small cities throughout the South-Central United States. 

Business Strategy 

In general, it is the Company’s objective to continue to expand its business using the same business model 

that has been developed and used by Car-Mart for over 37 years.  This business strategy focuses on: 

Collecting Customer Accounts.  Collecting customer accounts is perhaps the single most important aspect 
of operating an Integrated Auto Sales and Finance used car business and is a focal point for dealership level and 
corporate  office  personnel  on  a  daily  basis.    The  Company  measures  and  monitors  the  collection  results  of  its 
dealerships using internally developed delinquency and account loss standards.  Substantially all associate incentive 
compensation is tied directly or indirectly to collection results.  The Company has a director of collection services 
and support staff at the corporate level to work with field operators to improve credit results. This team monitors 
efficiencies and the effectiveness of account representatives as they work to improve customer success rates.   Over 
the last five fiscal years, the Company’s annual credit losses as a percentage of sales have ranged from a low of 
25.0% in fiscal 2019 to a high of 28.7% in fiscal 2017 (average of 27.1%).  See Item 1A. Risk Factors for further 
discussion. 

Maintaining a Decentralized Operation.  The Company’s dealerships operate on a decentralized basis.  
Each  dealership  is  ultimately  responsible  for  buying  and  selling  its  own  vehicles,  making  credit  decisions  and 
collecting the contracts it originates in accordance with established policies and procedures.  Most customers make 
their payments in person at one of the Company’s dealerships.  This decentralized structure is complemented by the 
oversight and involvement of corporate office management and the maintenance of centralized financial controls, 
including monitoring proprietary credit scoring, establishing standards for down-payments and contract terms, and 
an internal compliance function. 

Expanding  Through  Controlled  Organic  Growth.    The  Company  grows  by  increasing  revenues  at 
existing  dealerships  and  opening  new  dealerships.    The  Company  will  continue  to  view  organic  growth  as  its 
primary  source  for  growth.      The  Company  continues  to  make  infrastructure  investments  in  order  to  improve 
performance of existing dealerships and to support growth of its dealership count.  The Company added five new 
dealerships during the year, ending fiscal 2019 with 144 locations.  The Company intends to add new dealerships, 
subject to favorable operating performance and available general manager talent to run these dealerships.  These 
plans, of course, are subject to change based on both internal and external factors.   

Selling Basic Transportation.  The Company focuses on selling basic and affordable transportation to its 
customers.  The Company’s average retail sales price was $11,125 per unit in fiscal 2019.  By selling vehicles at 
this price point, the Company is able to keep the terms of its installment sales contracts relatively short (overall 
portfolio weighted average of 32.1 months), while requiring relatively low payments. 

3 

 
 
 
 
 
 
 
 
 
 
 
Operating in Smaller Communities.  The majority of the Company’s dealerships are located in cities and 
towns  with a population of 50,000 or less.  The Company believes that by operating in smaller communities it 
develops strong personal relationships, resulting in better collection results.  Further, the Company believes that 
operating costs, such as salaries, rent and advertising, are lower in smaller communities than in major metropolitan 
areas. 

Enhanced Management Talent and Experience.  The Company seeks to hire honest and hardworking 
individuals to fill entry level positions, nurture and develop these associates, and promote to managerial positions 
from within the Company.  By promoting from within, the Company believes it is able to train its associates in the 
Car-Mart way of doing business, maintain the Company’s unique culture and develop the loyalty of its associates 
by  providing  opportunity  for  advancement.  The  Company  has  recently  focused,  however,  to  a  larger  extent  on 
looking outside of the Company for associates possessing requisite skills and who share the values and appreciate 
the  unique  culture  the  Company  has  developed  over  the  years.  The  Company  has  been  able  to  attract  quality 
individuals via its General Manager Recruitment and Advancement team as well as other key areas such as Human 
Resources,  Purchasing,  Collections,  Information  Technology,  Legal,  Compliance  and  Portfolio  Analysis. 
Management has determined that it will be increasingly difficult to grow the Company without looking for outside 
talent.    The  Company’s  operating  success  has  been  a  benefit  for  recruiting  outside  talent,  however,  the  low 
unemployment  rate  in  recent  months  has  created  a  competitive  hiring  environment,  creating  challenges  for 
recruiting, and the Company currently expects this trend to continue in the near term. 

Cultivating  Customer  Relationships.    The  Company  believes  that  developing  and  maintaining  a 
relationship with its customers is critical to the success of the Company.  A large percentage of sales at  mature 
dealerships are made to repeat customers, and the Company estimates an additional 10% to 15% of sales result from 
customer referrals.  By developing a personal relationship with its customers, the Company believes it is in a better 
position to assist a customer, and the customer is more likely to cooperate with the Company should the customer 
experience financial difficulty during the term of his or her installment contract.  The Company is able to cultivate 
these  relationships  as  the  majority  of  its  customers  make  their  payments  in  person  at  one  of  the  Company’s 
dealerships on a weekly or bi-weekly basis. 

Business Strengths 

The Company believes it possesses a number of strengths or advantages that distinguish it from most of its 

competitors.  These business strengths include: 

Experienced  and  Motivated  Management.    The  Company’s  senior  management  team  has  significant 
experience in the industry and an average tenure of over 15 years.  Several of Car-Mart’s dealership managers have 
been with the Company for more than 10 years.  Each dealership manager is compensated, at least in part, based 
upon the  dealership profitability.  A significant portion of the compensation of senior management is incentive 
based and tied to operating profits. 

Proven Business Practices.  The Company’s operations are highly structured.  While dealerships operate 
on a decentralized basis, the Company has established policies, procedures and business practices for virtually every 
aspect of a dealership’s operations.  Detailed online operating manuals are available to assist the dealership manager 
and office, sales and collections personnel in performing their daily tasks.  As a result, each dealership is operated 
in a uniform manner.  Further, corporate office personnel monitor the dealerships’ operations through weekly visits 
and a number of daily, weekly and monthly communications and reports.   

Low  Cost  Operator.    The  Company  has  structured  its  dealership  and  corporate  office  operations  to 
minimize operating costs.  The number of associates employed at the dealership level is dictated by the number of 
active customer accounts each  dealership services.  Associate compensation is standardized for each  dealership 
position.    Other  operating  costs  are  closely  monitored  and  scrutinized.    Technology  is  utilized  to  maximize 
efficiency.  The Company believes its operating costs as a percentage of revenues, and per unit sold, are among the 
lowest in the industry. 

4 

 
 
 
 
 
 
 
 
Well-Capitalized  /  Limited  External  Capital  Required  for  Growth.    As  of  April  30,  2019,  the 
Company’s  debt  to  equity  ratio  (Revolving  credit  facilities  and  notes  payable  divided  by  Total  equity  on  the 
Consolidated Balance Sheet) was 0.59 to 1.0, which the Company believes is lower than many of its competitors.  
Further, the Company believes it can fund a significant amount of its planned growth from net income generated 
from operations.  Of the external capital that will be needed to fund growth, the Company plans to draw on its 
existing credit facilities, or renewals or replacements of those facilities. 

Significant Expansion Opportunities.  The Company generally targets smaller communities in which to 
locate its dealerships (i.e., populations from 20,000 to 50,000), but is also operating in larger cities such as Tulsa, 
Oklahoma; Lexington, Kentucky; Springfield, Missouri and Little Rock, Arkansas.  The Company believes there 
are numerous suitable communities within the eleven states in which the Company currently operates and other 
contiguous states to satisfy anticipated dealership growth for the next several years.  

Operations 

Operating Segment.  Each dealership is an operating segment with its results regularly reviewed by the 
Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the 
segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes 
under the current accounting guidance.  The Company operates in the Integrated Auto Sales and Finance segment 
of  the  used  car  market.    In  this  industry,  the  nature  of  the  sale  and  the  financing  of  the  transaction,  financing 
processes, the type of customer and the methods used to distribute the Company’s products and services, including 
the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have 
similar characteristics.  Each dealership is similar in nature and only engages in the selling and financing of used 
vehicles. All individual dealerships have similar operating characteristics.  As such, individual dealerships have 
been aggregated into one reportable segment. 

Dealership Organization.  Dealerships operate on a decentralized basis.  Each dealership is responsible 
for buying and selling vehicles, making credit decisions, and servicing and collecting the installment contracts it 
originates.    Dealerships  also  maintain  their  own  records  and  make  daily  deposits.    Dealership-level  financial 
statements are prepared by the corporate office on a monthly basis.  Depending on the number of active customer 
accounts, a dealership may have as few as three or as many as twenty-five full-time associates employed at that 
location.    Associate  positions  at  a large  dealership  may  include  a  general  manager,  assistant  manager(s), office 
manager,  office  clerk(s),  service  manager,  purchasing  agent,  collections  personnel,  sales  personnel,  inventory 
associates (detailers), and on-call drivers.  Dealerships are generally open Monday through Saturday from 9:00 a.m. 
to 6:00 p.m. 

Dealership Locations and Facilities.  Below is a summary of dealerships operating during the fiscal 

years ended April 30, 2019, 2018 and 2017: 

5 

201920182017Dealerships at beginning of year139140143New dealerships opened53-Dealerships closed - (4)(3)    Dealerships at end of year144139140Years Ended April 30, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Below is a summary of dealership locations by state as of April 30, 2019, 2018 and 2017: 

Dealerships are typically located in smaller communities.  As of April 30, 2019, approximately 74% of the 
Company’s  dealerships  were located  in cities  with  populations of  less  than 50,000.   Dealerships are  located  on 
leased or owned property between one and three acres in size.  When opening a new dealership, the Company will 
typically use an existing structure on the property to conduct business or purchase a modular facility while business 
at the new location develops.  Dealership facilities typically range in size from 1,500 to 5,000 square feet. 

Purchasing.  The Company purchases vehicles primarily from wholesalers, new car dealers, individuals 
and  auctions.   The  majority  of  vehicle purchasing  is performed  by  the  Company’s  purchasing  agents,  although 
dealership managers are authorized to purchase vehicles as needed.  A purchasing agent will purchase vehicles for 
one  to  three  dealerships  depending  on  the  size  of  the  dealerships.    Purchasing  agents  report  to  the  dealership 
manager, or managers, for whom they make purchases. The Company centrally monitors the quantity and quality 
of vehicles purchased and continuously compares the cost of vehicles purchased to outside valuation sources and 
holds responsible parties accountable for results. 

Generally, the Company’s purchasing agents purchase vehicles between 5 and 12 years of age with 70,000 
to  150,000  miles  and  pay  between  $4,000  and  $12,000  per  vehicle.  The  Company  focuses  on  providing  basic 
transportation to its customers.  The Company typically does not purchase sports cars or luxury cars.  The Company 
sells a significant number of trucks and sport utility vehicles.  Some of the more popular vehicles the Company sells 
include the Chevrolet Impala, Chevrolet Malibu, Dodge Charger, Chrysler Mini-Van, Ford Focus, Ford Taurus, 
Ford Fusion, Dodge Ram Pickup and the Ford F-150 Pickup.  The Company’s purchasing agents inspect and test-
drive almost every vehicle they purchase.  Purchasing agents strive to purchase vehicles that require little or no 
repair as the Company has limited facilities to repair or recondition vehicles.   

Selling, Marketing and Advertising.  Dealerships generally maintain an inventory of 20 to 90 vehicles 
depending on the size and maturity of the dealership and the time of the year.  Inventory turns over approximately 
9 to 10 times each year.  Selling is done principally by the dealership manager, assistant manager, manager trainee 
or sales associate.  Sales associates are paid a commission for sales that they make in addition to an hourly wage.  
Sales are made on an “as is” basis; however, customers are given an option to purchase a service contract which 
covers  certain  vehicle  components  and  assemblies.    For  covered  components  and  assemblies,  the  Company 
coordinates service with third party service centers with which the Company typically has previously negotiated 
labor rates.  The vast majority of the Company’s customers elect to purchase a service contract when purchasing a 
vehicle. Additionally, the Company offers its customers to whom financing is extended a payment protection plan 
product. This product contractually obligates the Company to cancel the remaining  amount owed on a contract 
where the vehicle has been totaled, as defined in the plan, or the vehicle has been stolen. This product is available 
in most of the states in which the Company operates and the vast majority of financed customers elect to purchase 
this product when purchasing a vehicle in those states.  

6 

Dealerships by State201920182017Arkansas363536Oklahoma272525Missouri181819Alabama161515Texas131212Kentucky121211Georgia999Tennessee666Mississippi555Indiana111Iowa111    Total144139140As of April 30, 
 
 
 
 
 
The Company’s objective is to offer its customers basic transportation at a fair price and treat each customer 
in such a manner as to earn his or her repeat business.  The Company attempts to build a positive reputation in each 
community where it operates and generate new business from such reputation as well as from customer referrals.  
The Company estimates that approximately 10% to 15% of the Company’s sales result from customer referrals.  
For mature dealerships, a large percentage of sales are to repeat customers. 

The Company primarily advertises using local newspapers, radio, television, internet and social media.  In 
addition, the Company periodically conducts promotional sales campaigns in order to increase sales.  The Company 
uses an outside marketing firm and has recently hired a Director of Digital Experience in order to  broaden  and 
increase the Company’s usage of digital and social media channels as a part of its marketing strategy. 

Underwriting and Finance.  The Company provides financing to substantially all of its customers who 
purchase a vehicle at one of its dealerships.  The Company only provides financing to its customers for the purchase 
of  its  vehicles,  and  the  Company  does  not  provide  any  type  of  financing  to  non-customers.    The  Company’s 
installment sales contracts as of April 30, 2019 typically include down payments ranging from 0% to 20% (average 
of 6.5%), terms ranging from 18 months to 48 months (average of 32.1 months), and a fixed annual interest rate of 
15% or 16.5%, based on the Company’s contract interest rate as of the contract origination date (weighted average 
of 16.4%).  The Company increased its interest rate on all originating contracts to 16.5% from 15% beginning in 
May 2016. 

The Company requires that payments be made on a weekly, bi-weekly, semi-monthly or monthly basis, 
scheduled to coincide with the day the customer is paid by his or her employer.  Upon the customer and the Company 
reaching a preliminary agreement as to financing terms, the Company obtains a credit application from the customer 
which includes information regarding employment, residence and credit history, personal references and a detailed 
budget itemizing the customer’s monthly income and expenses.  Certain information is then verified by Company 
personnel.  After the verification process, the dealership manager makes the decision to accept, reject or modify 
(perhaps obtain a greater down payment or suggest a lower priced vehicle) the proposed transaction.  In general, 
the dealership manager attempts to assess the stability and character of the applicant.  The dealership manager who 
makes the credit decision is ultimately responsible for collecting the contract, and his or her compensation is directly 
related to the collection results of his or her dealership. The Company provides centralized support to the dealership 
manager in the form of a proprietary credit scoring system used for monitoring and other supervisory assistance to 
assist with the credit decision. Credit quality is monitored centrally by corporate office personnel on a daily, weekly 
and monthly basis.  

Collections.  All of the Company’s retail installment contracts are serviced by Company personnel at the 
dealership level.  A majority of the Company’s customers make their payments in person at the dealership where 
they purchased their vehicle; however, in an effort to make paying convenient for its customers, the Company offers 
a variety of payment options.  Customers can send their payments through the mail, set up ACH auto draft, make 
mobile and online payments, and make payments at certain money service centers.  Each dealership closely monitors 
its customer accounts using the Company’s proprietary receivables and collections software that stratifies past due 
accounts by the number of days past due.    The vice presidents of operations and the area operations managers 
routinely  review  and  monitor  the  status  of  customer  collections  to  ensure  collection  activities  are  conducted  in 
compliance with applicable policies and procedures.  In addition, the field operations officer oversees the collections 
department and provides timely oversight and additional accountability on a consistent basis. The Company also 
has a director of collection services who assists with managing the Company’s servicing and collections practices 
and provides additional monitoring and training and has a team dedicated to helping ensure collection practices are 
being  carried  out  efficiently  and  effectively  and  is  responsible  for  minimizing  collections  staff  turnover.    The 
Company believes that the timely response to past due accounts is critical to its collections success.   

The Company has established standards with respect to the percentage of accounts one and two weeks past 
due, 15 or more days past due and 30 or more days past due (delinquency standards), and the percentage of accounts 
where the vehicle was repossessed or the account was charged off that month (account loss standard).   

7 

 
 
 
 
 
 
 
The  Company  works  very  hard  to  keep  its  delinquency  percentages  low  and  not  to  repossess  vehicles.  
Accounts  three  days  late  are  contacted  by  telephone.    Notes  from  each  telephone  contact  are  electronically 
maintained in the Company’s computer system.  The Company also utilizes  text messaging  notifications which 
allows customers to elect to receive payment reminders and late notices via text message.    

The Company attempts to resolve payment delinquencies amicably prior to repossessing a vehicle.  If a 
customer becomes severely delinquent in his or her payments, and management determines that timely collection 
of future payments is not probable, the Company will take steps to repossess the vehicle.  Periodically, the Company 
enters into contract modifications with its customers to extend or modify the payment terms.  The Company only 
enters into a contract modification or extension if it believes such action will increase the amount of monies the 
Company will ultimately realize on the customer’s account and will increase the likelihood of the customer being 
able to pay off the vehicle contract.   At the time of modification, the Company expects to collect amounts due 
including accrued interest at the contractual interest rate for the period of delay. No other concessions are granted 
to customers, beyond the extension of additional time, at the time of modification. Modifications are minor and are 
made for pay day changes, minor vehicle repairs and other reasons.  For those vehicles that are repossessed, the 
majority are returned or surrendered by the customer on a voluntary basis.  Other repossessions are performed by 
Company personnel or third-party repossession agents.  Depending on the condition of a repossessed vehicle, it is 
either resold on a retail basis through a Company dealership or sold for cash on a wholesale basis, primarily through 
physical or online auctions. 

New  Dealership Openings.    Senior  management,  with  the  assistance of the  corporate  office staff,  will 
make decisions with respect to the communities in which to locate a new dealership and the specific sites within 
those communities.  New dealerships have historically been located in the general proximity of existing dealerships 
to  facilitate  the  corporate  office’s  oversight  of  the  Company’s  dealerships.  The  Company  intends  to  add  new 
dealerships,  subject  to  favorable  operating  performance  of  existing  dealerships  and  availability  of  qualified 
managers.  Recently, the Company has opened new dealerships under experienced top performing general managers 
and may continue to do so in order to grow and leverage the talents of these experienced managers.  

The Company’s approach with respect to new dealership openings has been one of gradual development.  
The manager in charge of a new dealership is normally a recently promoted associate who was an assistant manager 
at a larger dealership and in most cases participated in the formal  manager-in-training program.  The corporate 
office  provides  significant  resources  and  support  with  pre-opening  and  initial  operations  of  new  dealerships. 
Historically, new dealerships have operated with a low level of inventory and personnel.  As a result of the modest 
staffing level, the new dealership manager performs a variety of duties (i.e., selling, collecting and administrative 
tasks) during the early stages of his or her dealership’s operations.  As the dealership develops and the customer 
base grows, additional staff are hired.  

Monthly  sales  levels  at  new  dealerships  are  typically  substantially  less  than  sales  levels  at  mature 
dealerships.  Over time, new dealerships gain recognition in their communities, and a combination of customer 
referrals and repeat business generally facilitates sales growth.  Historically, sales growth at new dealerships could 
exceed 10% per year for a number of years, whereas mature dealerships typically experience annual sales growth 
but at a lower percentage than new dealerships. Due to continual operational initiatives, the Company is able to 
support higher sales levels, and recently the Company has raised its volume expectation level of new  locations 
somewhat as infrastructure improvements related to new dealership openings have improved.     

New dealerships are generally provided with approximately $1.5 million to $2.5 million in capital from the 
corporate office during the first few years of operation.  These funds are used principally to fund receivables growth.  
After this start-up period, new dealerships can typically begin generating positive cash flow, allowing for some 
continuing growth in receivables without additional capital from the corporate office. As these dealerships become 
cash flow positive, a decision is made by senior management to either increase the investment due to favorable 
return rates on the invested capital, or to deploy capital elsewhere. This limitation of capital to new, as well as 
existing, dealerships serves as an important operating discipline.  Dealerships must be profitable in order to grow 
and typically new dealerships can be profitable within the first year of opening. 

8 

 
 
 
 
Corporate Office Oversight and Management.  The corporate office, based in Bentonville, Arkansas, 
consists  of  regional  vice  presidents,  area  operations  managers,  regional  inventory  purchasing  directors,  a  sales 
director, a field operations officer, a director of collection services, an SVP inventory operations, a director of audit 
and compliance and compliance auditors, a director of human resources, a director of general manager recruitment 
and  development,  associate  and  management  development  personnel,  accounting  and  management  information 
systems personnel, administrative personnel and senior management.  The corporate office monitors and oversees 
dealership  operations.    The  corporate  office  receives  operating  and  financial  information  and  reports  on  each 
dealership  on  a  daily,  weekly  and  monthly  basis.    This  information  includes  cash  receipts  and  disbursements, 
inventory and receivables levels and statistics, receivables aging and sales and account loss data.  The corporate 
office uses this information to compile Company-wide reports, plan dealership visits and prepare monthly financial 
statements. 

Periodically,  area  operations  managers,  regional  vice  presidents,  compliance  auditors  and  senior 
management visit the Company’s dealerships to inspect, review and comment on operations.  The corporate office 
assists in training new managers and other  dealership level associates.  Compliance auditors visit dealerships to 
ensure policies and procedures are being followed and that the Company’s assets are being safe-guarded. In addition 
to financial results, the corporate office uses delinquency and account loss standards and a point system to evaluate 
a dealership’s performance. Also, bankrupt and legal action accounts and other accounts that have been written off 
at dealerships are handled by the corporate office in an effort to allow dealership personnel time to focus on more 
current accounts.  

The Company’s dealership managers meet monthly on an area, regional or Company-wide basis.  At these 
meetings, corporate office personnel provide training and recognize achievements of dealership managers.  Near 
the end of every fiscal year, the respective area operations manager, regional vice president and senior management 
conduct “projection” meetings with each dealership manager.  At these meetings, the year’s results are reviewed 
and ranked relative to other dealerships, and both quantitative and qualitative goals are established for the upcoming 
year.  The qualitative goals may focus on staff development, effective delegation, and leadership and organization 
skills.    Quantitatively,  the Company  establishes  unit sales  goals  and  profit  goals  based on invested  capital  and, 
depending on the circumstances, may establish delinquency, account loss or expense goals. 

The corporate office is also responsible for establishing policy, maintaining the Company’s management 
information systems, conducting compliance audits, orchestrating new dealership openings and setting the strategic 
direction for the Company. 

Industry 

Used Car Sales.  The market for used car sales in the United States is significant.  Used car retail sales 
typically occur through franchised new car dealerships that sell used cars or independent used car dealerships.  The 
Company operates in the Integrated Auto Sales and Finance segment of the independent used car sales and finance 
market.   Integrated Auto Sales and Finance  dealers sell and finance used cars to individuals with limited credit 
histories or past credit problems.  Integrated Auto Sales and Finance dealers typically offer their customers certain 
advantages  over  more  traditional  financing  sources,  such  as  less  restrictive  underwriting  guidelines,  flexible 
payment  terms  (including  scheduling  payments  on  a  weekly  or  bi-weekly  basis  to  coincide  with  a  customer’s 
payday),  and  the  ability  to  make  payments  in  person,  an  important  feature  to  individuals  who  may  not  have  a 
checking account. 

Used Car Financing.  The used automobile financing industry is served by traditional lending sources such 
as banks, savings and loans, and captive finance subsidiaries of automobile manufacturers, as well as by independent 
finance  companies  and  Integrated  Auto  Sales  and  Finance  dealers.    Many  loans  that  flow  through  the  more 
traditional  sources  have  historically  ended  up  packaged  in  the  securitization  markets.  Despite  significant 
opportunities, many of the traditional lending sources have not historically been consistent in providing financing 
to individuals with limited credit histories or past credit problems.  Management believes traditional lenders have 
historically avoided this market because of its high credit risk and the associated collections efforts.  Management 

9 

 
 
 
 
 
 
 
believes that there was constriction in the financing sources that existed for the deep sub-prime automobile market 
after the financial crisis in 2008. Since the Company does not rely on securitizations as a financing source, it was 
largely unaffected by the credit constrictions during the crisis and was able to continue to grow its revenue level 
and receivable base. Beginning in 2012, funding for the deep subprime automobile market increased significantly.  
Management attributed the increase to the ultra-low interest rate environment combined with the historical credit 
performance of  the  used  automobile  financing  market  during  and  after the  recession.   Management  expects the 
availability  of  consumer  credit  within  the  automotive  industry  to  continue  to  remain  high  when  compared  to 
historical trends.   

Competition 

The  used  automotive  retail  industry  is  fragmented  and  highly  competitive.  The  Company  competes 
principally with other independent Integrated Auto Sales and Finance dealers, as well as with (i) the used vehicle 
retail operations of franchised automobile dealerships, (ii) independent used vehicle dealers, and (iii) individuals 
who sell used vehicles in private transactions.  The Company competes for both the purchase and resale of used 
vehicles.  The increased funding to the used automobile industry has led to increased competitive pressures which 
have been the primary contributors to the Company’s decision in recent periods to allow longer term lengths and 
slightly lower down payments in connection with our customer financing contracts, as well as to the higher charge-
off levels experienced by the Company in recent periods. 

Management  believes  the  principal  competitive  factors  in  the  sale  of  its  used  vehicles  include  (i)  the 
availability  of  financing  to  consumers  with limited credit  histories  or  past  credit  problems,  (ii) the  breadth  and 
quality of vehicle selection, (iii) pricing, (iv) the convenience of a dealership’s location, (v) the option to purchase 
a  service  contract  and  a  payment  protection  plan,  and  (vi)  customer  service.    Management  believes  that  its 
dealerships are not only competitive in each of these areas, but have some distinct advantages, specifically related 
to the provision of strong customer service.  The Company’s local face-to-face presence allows it to serve customers 
at a higher level by forming strong personal relationships. 

Seasonality 

Historically, the Company’s third fiscal quarter (November through January) has been the slowest period 
for  vehicle  sales.  Conversely,  the  Company’s  first  and  fourth  fiscal  quarters  (May  through  July  and  February 
through April) have historically been the busiest times for vehicle sales. Therefore, the Company generally realizes 
a  higher  proportion  of  its  revenue  and  operating  profit  during  the  first  and  fourth  fiscal  quarters.    Tax  refund 
anticipation sales efforts during the Company’s third fiscal quarter have increased sales levels during the third fiscal 
quarter in some past years; however, due to the timing of actual tax refund dollars in the Company’s markets, these 
sales and collections have primarily occurred in the fourth quarter in each of the last five fiscal years.  The Company 
expects this pattern to continue in future years.  

If conditions arise that impair vehicle sales during the first or fourth fiscal quarters, the adverse effect on 

the Company’s revenues and operating results for the year could be disproportionately large.  

Regulation and Licensing 

The Company’s operations are subject to various federal, state and local laws, ordinances and regulations 
pertaining to the sale and financing of vehicles. Under various state laws, the Company’s dealerships must obtain a 
license in order to operate or relocate. These laws also regulate advertising and sales practices. The Company’s 
financing  activities  are  subject  to  federal  laws  such  as  truth-in-lending  and  equal  credit  opportunity  laws  and 
regulations as well as state and local motor vehicle finance laws, installment finance laws, usury laws and other 
installment sales laws. Among other things, these laws require that the Company limit or prescribe terms of the 
contracts it originates, require specified disclosures to customers, restrict collections practices, limit the Company’s 
right  to  repossess  and  sell  collateral,  and  prohibit  discrimination  against  customers  on  the  basis  of  certain 
characteristics including age, race, gender and marital status.  

10 

 
 
 
 
 
 
 
The Company’s consumer financing and collection activities are also subject to oversight by the federal 
Consumer  Financial  Protection  Bureau  (“CFPB”),  which  has  broad  regulatory  powers  over  consumer  credit 
products and services such as those offered by the Company.  Under a CFPB rule adopted in 2015, the Company’s 
finance subsidiary, Colonial, is deemed a “larger participant” in the automobile financing market and is therefore 
subject to examination and supervision by the CFPB. 

The states in which the Company operates impose limits on interest rates the Company can charge on its 
installment  contracts. These limits have generally  been based on  either (i) a specified margin above the federal 
primary  credit  rate,  (ii)  the  age  of  the  vehicle,  or  (iii)  a  fixed  rate.    Management  believes  the  Company  is  in 
compliance in all material respects with all applicable federal, state and local laws, ordinances and regulations; 
however, the adoption of additional laws, changes in the interpretation of existing laws, or the Company’s entrance 
into  jurisdictions  with  more  stringent  regulatory  requirements  could  have  a  material  adverse  effect  on  the 
Company’s used vehicle sales and finance business. 

Employees 

As of April 30, 2019, the Company, including its consolidated subsidiaries, employed approximately 1,600 
full time associates.  None of the Company's employees are covered by a collective bargaining agreement and the 
Company believes that its relations with its employees are positive. 

Available Information 

The Company’s website is located at www.car-mart.com.  The Company makes available on this website, 
free of charge, access to its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 
8-K and all amendments to those reports, as well as proxy statements and other information the Company files with, 
or  furnishes  to,  the  Securities  and  Exchange  Commission  (“SEC”)  as  soon  as  reasonably  practicable  after  the 
Company electronically submits this material to the SEC.  The information contained on the website or available 
by hyperlink from the website is not incorporated into this Annual Report on Form 10-K or other documents the 
Company files with, or furnishes to, the SEC.  

Executive Officers of the Registrant 

The following table provides information regarding the executive officers of the Company as of April 30, 

2019: 

Name 

Age 

Position with the Company 

Jeffrey A. Williams……………….. 

56 

  President,  Chief  Executive  Officer  and 

Director 

Vickie D. Judy…... ………………. 

53 

  Chief Financial Officer, Secretary 

Jeffrey A. Williams has served as Chief Executive Officer of the Company since January 2018, President 
of the Company since March 2016, and as a director since 2011.  Before becoming President in March 2016, Mr. 
Williams served as Chief Financial Officer, Secretary and Vice President Finance of the Company since October 
2005.  Mr. Williams is a Certified Public Accountant, inactive, and prior to joining the Company, his experience 
included approximately seven years in public accounting with Arthur Andersen & Co. and Coopers and Lybrand 
LLC  in  Tulsa,  Oklahoma  and  Dallas,  Texas.    His  experience  also  includes  approximately  five  years  as  Chief 
Financial  Officer  and  Vice  President  of  Operations  of  Wynco,  LLC,  a  nationwide  distributor  of  animal  health 
products.   

Vickie D. Judy has served as Chief Financial Officer of the Company since January 2018 and Secretary 
since May 2018.  Before becoming Chief Financial Officer in January 2018, Ms. Judy served a Principal Accounting 
Officer since March 2016 and Vice President of Accounting since August 2015. Since joining the Company in May 

11 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2010, Ms. Judy has also served as Controller and Director of Financial Reporting.  Ms. Judy is a Certified Public 
Accountant and prior to joining the Company her experience included approximately five years in public accounting 
with  Arthur  Andersen  &  Co.  and approximately  17  years  at  National  Home  Center,  Inc.,  a  home  improvement 
products and building materials retailer, most recently as Vice President of Financial Reporting.   

Item 1A.  Risk Factors 

The Company is subject to various risks.  The following is a discussion of risks that could materially and 

adversely affect the Company’s business, operating results, and financial condition. 

The Company may have a higher risk of delinquency and default than traditional lenders because it finances its 
sales of used vehicles to credit-impaired borrowers. 

Substantially all of the Company’s automobile contracts involve financing to individuals with impaired or 
limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders.  Financing made to 
borrowers who are restricted in their ability to obtain financing from traditional lenders generally entails a higher 
risk of delinquency, default and repossession, and higher losses than financing made to borrowers with better credit.  
Delinquency interrupts the flow of projected interest income and repayment of principal from a  contract, and a 
default can ultimately lead to a loss if the net realizable value of the automobile securing the contract is insufficient 
to  cover  the  principal  and  interest  due  on  the  contract  or  if  the  vehicle  cannot  be  recovered.    The  Company’s 
profitability depends, in part, upon its ability to properly evaluate the creditworthiness of non-prime borrowers and 
efficiently  service  such  contracts.    Although  the  Company  believes  that  its  underwriting  criteria  and  collection 
methods enable it to manage the higher risks inherent in financing made to non-prime borrowers, no assurance can 
be  given  that  such  criteria  or  methods  will  afford  adequate  protection  against  such  risks.    If  the  Company 
experiences higher losses than anticipated, its financial condition, results of operations and business prospects could 
be materially and adversely affected. 

The Company’s allowance for credit losses may not be sufficient to cover actual credit losses, which could adversely 
affect its financial condition and operating results. 

When applicable, the Company has to recognize losses resulting from the inability of certain borrowers to 
pay contracts and the insufficient realizable value of the collateral securing contracts.  The Company maintains an 
allowance for credit losses in an attempt to cover credit losses inherent in its contract portfolio.  Additional credit 
losses will likely occur in the future and may occur at a rate greater than the Company has experienced to date.  The 
allowance for credit losses is based primarily upon historical credit loss experience, with consideration given to 
delinquency  levels,  collateral  values,  economic  conditions  and  underwriting  and  collections  practices.  This 
evaluation is inherently subjective as it requires estimates of material factors that may be susceptible to significant 
change.    If  the  Company’s  assumptions  and judgments  prove  to  be  incorrect,  its  current  allowance  may  not  be 
sufficient and adjustments may be necessary to allow for different economic conditions or adverse developments 
in its contract portfolio which could adversely affect the Company’s financial condition and results of operations.  

A reduction in the availability or access to sources of inventory could adversely affect the Company’s business by 
increasing the costs of vehicles purchased.  

The Company acquires vehicles primarily through wholesalers, new car dealers, individuals and auctions.  
There can be no assurance that sufficient inventory will continue to be available to the Company or will be available 
at  comparable  costs.    Any  reduction  in  the  availability  of  inventory  or  increases  in  the  cost  of  vehicles  could 
adversely affect gross margin percentages as the Company focuses on keeping payments affordable to its customer 
base.  The Company could have to absorb a portion of cost increases. The overall new car sales volumes in the 
United States  decreased dramatically from peak sales years during the economic recession of 2008 and did not 
return back to pre-recession levels until fiscal 2016.  The reduction in new car sales had a significant negative effect 
on the supply of vehicles at appropriate prices available to the Company in recent years.  Any future decline in new 
car sales could further adversely affect the Company’s access to and costs of inventory. 

12 

 
 
 
 
 
The used automotive retail industry is fragmented and highly competitive, which could result in increased costs to 
the Company for vehicles and adverse price competition. Increased competition on the financing side of the business 
could result in increased credit losses. 

The Company competes principally with other independent Integrated Auto Sales and Finance dealers, and 
with  (i)  the  used  vehicle  retail  operations  of  franchised  automobile  dealerships,  (ii)  independent  used  vehicle 
dealers, and (iii) individuals who sell used vehicles in private transactions.  The Company competes for both the 
purchase and resale, which includes, in most cases, financing for the customer, of used vehicles. The Company’s 
competitors may sell the same or similar makes of vehicles that Car-Mart offers in the same or similar markets at 
competitive  prices.    Increased  competition  in  the  market,  including  new  entrants  to  the  market,  could  result  in 
increased wholesale costs for used vehicles and lower-than-expected vehicle sales and margins.  Further, if any of 
the Company’s competitors seek to gain or retain market share by reducing prices for used vehicles, the Company 
would  likely  reduce  its  prices  in  order  to  remain  competitive,  which  may  result  in  a  decrease  in  its  sales  and 
profitability  and  require  a  change  in  its  operating  strategies.    Increased  competition  on  the  financing  side  puts 
pressure on contract structures and increases the risk for higher credit losses.  More qualified applicants have more 
financing options on the front-end, and if events adversely affecting the borrower occur after the sale, the increased 
competition  may  tempt  the  borrower to  default on  their contract  with the  Company  in  favor  of  other financing 
options, which in turn increases the likelihood of the Company not being able to save that account. 

The  used  automotive  retail  industry  operates  in  a  highly  regulated  environment  with  significant  attendant 
compliance costs and penalties for non-compliance. 

The  used  automotive  retail  industry  is  subject  to  a  wide  range  of  federal,  state,  and  local  laws  and 
regulations,  such  as  local  licensing  requirements  and  laws  regarding  advertising,  vehicle  sales,  financing,  and 
employment practices.  Facilities and operations are also subject to federal, state, and local laws and regulations 
relating to environmental protection and human health and safety. The violation of these laws and regulations could 
result in administrative, civil, or criminal penalties against the Company or in a cease and desist order.  As a result, 
the  Company  has  incurred,  and  will  continue  to  incur,  capital  and  operating  expenditures,  and  other  costs  of 
complying with these laws and regulations. Further, over the past several years, private plaintiffs and federal, state, 
and local regulatory and law enforcement authorities have increased their scrutiny of advertising, sales and finance 
activities in the sale of motor vehicles.  Additionally, the Company’s finance subsidiary, Colonial, is deemed a 
“larger participant” in the automobile finance market and is therefore subject to examination and supervision by the 
CFPB, which has broad regulatory powers over consumer credit products and services such as those offered by the 
Company. 

Inclement weather can adversely impact the Company’s operating results. 

The occurrence of weather events, such as rain, snow, wind, storms, hurricanes, or other natural disasters, which 
adversely affect consumer traffic at the Company’s automotive dealerships, could negatively impact the Company’s 
operating results.  

Recent  and  future  disruptions  in  domestic  and  global  economic  and  market  conditions  could  have  adverse 
consequences for the used automotive retail industry in the future and may have greater consequences for the non-
prime segment of the industry. 

In the normal course of business, the used automotive retail industry is subject to changes in regional U.S. 
economic conditions, including, but not limited to, interest rates, gasoline prices, inflation, personal discretionary 
spending levels, and consumer sentiment about the economy in general.  Recent and future disruptions in domestic 
and global economic and market conditions could adversely affect consumer demand or increase the Company’s 
costs, resulting in lower profitability for the Company.  Due to the Company’s focus on non-prime customers, its 
actual rate of delinquencies, repossessions and credit losses on contracts could be higher under adverse economic 
conditions than those experienced in the automotive retail finance industry in general.  The Company is unable to 

13 

 
 
 
 
 
 
 
  
predict with certainty the future impact of the most recent global economic conditions on consumer demand in our 
markets or on the Company’s costs. 

The Company’s business is geographically concentrated; therefore, the Company’s results of operations may be 
adversely affected by unfavorable conditions in its local markets. 

The Company’s performance is subject to local economic, competitive, and other conditions prevailing in 
the eleven states where the Company operates. The Company provides financing in connection with the sale of 
substantially  all  of  its  vehicles.    These  sales  are  made  primarily  to  customers  residing  in  Alabama,  Arkansas, 
Georgia, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee and Texas with approximately 28% of revenues 
resulting from sales to Arkansas customers.  The Company’s current results of operations depend substantially on 
general economic  conditions  and consumer  spending  habits in  these  local  markets.    Any  decline  in  the  general 
economic  conditions  or  decreased  consumer  spending  in  these  markets  may  have  a  negative  effect  on  the 
Company’s results of operations. 

The Company’s success depends upon the continued contributions of its management teams and the ability to attract 
and retain qualified employees. 

The  Company  is  dependent  upon  the  continued  contributions  of  its  management  teams.    Because  the 
Company maintains a decentralized operation in which each dealership is responsible for buying and selling its own 
vehicles, making credit decisions and collecting contracts it originates, the key employees at each dealership are 
important factors in the Company’s ability to implement its business strategy.  Consequently, the loss of the services 
of key employees could have a material adverse effect on the Company’s results of operations. In addition, when 
the Company decides to open new dealerships, the Company will need to hire additional personnel. The market for 
qualified employees in the industry and in the regions in which the Company operates is highly competitive and 
may subject the Company to increased labor costs during periods of low unemployment.  

The Company’s business is dependent upon the efficient operation of its information systems.  

The Company relies on its information systems in managing its sales, inventory, consumer financing, and 
customer information effectively. The failure of the Company’s information systems to perform as designed, or the 
failure to maintain and continually enhance or protect the integrity of these systems, could disrupt the Company’s 
business, impact sales and profitability, or expose the Company to customer or third-party claims.  

Security breaches, cyber-attacks or fraudulent activity could result in damage to the Company's operations or lead 
to reputational damage. 

Our information and technology systems are vulnerable to damage or interruption from computer viruses, 
network  failures,  computer  and  telecommunications  failures,  infiltration  by  unauthorized  persons  and  security 
breaches, usage errors by our employees, power outages and catastrophic events such as fires, tornadoes, floods, 
hurricanes and earthquakes.  A security breach of the Company's computer systems could also interrupt or damage 
its operations or harm its reputation. In addition, the Company could be subject to liability if confidential customer 
information is misappropriated from its computer systems. Any compromise of security, including security breaches 
perpetrated  on  persons  with  whom  the  Company  has  commercial  relationships,  that  result  in  the  unauthorized 
release of its users’ personal information, could result in a violation of applicable privacy and other laws, significant 
legal  and  financial  exposure,  damage  to  the  Company's  reputation,  and  a  loss  of  confidence  in  the  Company's 
security measures, which could harm its business. Any compromise of security could deter people from entering 
into  transactions  that  involve  transmitting  confidential  information  to  the  Company's  systems  and  could  harm 
relationships with the Company's suppliers, which could have a material adverse effect on the Company's business. 
Actual or anticipated attacks may cause the Company to incur increasing costs, including costs to deploy additional 
personnel and protection technologies, train employees, and engage third-party experts and consultants. Despite the 
implementation of security measures, these systems may still be vulnerable to physical break-ins, computer viruses, 
programming  errors,  attacks  by  third  parties  or  similar  disruptive  problems.  The  Company  may  not  have  the 
resources or technical sophistication to anticipate or prevent rapidly evolving types of cyber-attacks. 

14 

 
 
 
Most  of  the  Company's  customers  provide  personal  information  when  applying  for  financing.    The 
Company relies on encryption and authentication technology to provide security to effectively store and securely 
transmit confidential information.  Advances in computer capabilities, new discoveries in the field of cryptography 
or other developments may result in the technology used by the Company to protect transaction data being breached 
or compromised. 

In addition, many of the third parties who provide products, services, or support to the Company could also 
experience any of the above cyber risks or security breaches, which could impact the Company's customers and its 
business and could result in a loss of customers, suppliers, or revenue. 

Changes in the availability or cost of capital and working capital financing could adversely affect the Company’s 
growth and business strategies, and volatility and disruption of the capital and credit markets and adverse changes 
in the global economy could have a negative impact on the Company’s ability to access the credit markets in the 
future and/or obtain credit on favorable terms.  

The Company generates cash from income from continuing operations.  The cash is primarily used to fund 
finance receivables growth.  To the extent finance receivables growth exceeds income from continuing operations, 
generally the Company increases its borrowings under its revolving credit facilities to provide the cash necessary 
to fund operations.  On a long-term basis, the Company expects its principal sources of liquidity to consist of income 
from continuing operations and borrowings under revolving credit facilities and/or fixed interest term loans.  Any 
adverse changes in the Company’s ability to borrow under revolving credit facilities or fixed interest term loans, or 
any increase in the cost of such borrowings, would likely have a negative impact on the Company’s ability to finance 
receivables  growth  which  would  adversely  affect  the  Company’s  growth  and  business  strategies.    Further,  the 
Company’s current credit facilities contain various reporting and financial performance covenants. Any failure of 
the Company to comply with these covenants could have a material adverse effect on the Company’s ability to 
implement its business strategy.  

If the capital and credit markets experience disruptions and/or the availability of funds become restricted, 
it is possible that the Company’s ability to access the capital and credit markets may be limited or available on less 
favorable  terms  which  could  have  an  impact  on  the  Company’s  ability  to  refinance  maturing  debt  or  react  to 
changing  economic  and  business  conditions.    In  addition, if  negative  global  economic  conditions  persist  for  an 
extended period of time or worsen substantially, the Company’s business may suffer in a manner which could cause 
the Company to fail to satisfy the financial and other restrictive covenants under its credit facilities. 

The Company’s growth strategy is dependent upon the following factors: 

•  Favorable  operating  performance.    Our  ability  to  expand  our  business  through  additional  dealership 
openings  is  dependent  on  a  sufficiently  favorable  level  of  operating  performance  to  support  the 
management, personnel and capital resources necessary to successfully open and operate new locations.   

•  Availability of suitable dealership sites.  Our ability to open new dealerships is subject to the availability 
of suitable dealership sites in locations and on terms favorable to the Company.  If and when the Company 
decides  to  open  new  dealerships,  the  inability  to  acquire  suitable  real  estate,  either  through  lease  or 
purchase, at favorable terms could limit the expansion of the Company’s dealership base.  In addition, if a 
new dealership is unsuccessful and we are forced to close the dealership, we could incur additional costs if 
we are unable to dispose of the property in a timely manner or on terms favorable to the Company.  Any of 
these circumstances could have a material adverse effect on the Company’s expansion strategy and future 
operating results. 

•  Ability to attract and retain management for new dealerships.  The success of new dealerships is dependent 
upon the Company being able to hire and retain additional competent personnel.  The market for qualified 
employees in the industry and in the regions in which the Company operates is highly competitive.  If we 
are  unable  to  hire  and  retain  qualified  and  competent  personnel  to  operate  our  new  dealerships,  these 

15 

 
 
 
 
dealerships  may  not  be  profitable,  which  could  have  a  material  adverse  effect  on  our  future  financial 
condition and operating results. 

•  Availability  and  cost  of  vehicles.    The  cost  and  availability  of  sources  of  inventory  could  affect  the 
Company’s  ability  to  open  new  dealerships.    The  overall  new  car  sales  volumes  in  the  United  States 
decreased dramatically from peak sales years during the economic recession of 2008 and did not return 
back to pre-recession levels until fiscal 2016.  This could potentially have a significant negative effect on 
the supply of vehicles at appropriate prices available to the Company in future periods.  This could also 
make it difficult for the Company to supply appropriate levels of inventory for an increasing number of 
dealerships without significant additional costs, which could limit our future sales or reduce future profit 
margins if we are required to incur substantially higher costs to maintain appropriate inventory levels. 

•  Acceptable levels of credit losses at new dealerships.  Credit losses tend to be higher at new dealerships 
due to fewer repeat customers and less experienced associates; therefore, the opening of new dealerships 
tends to increase the Company’s overall credit losses.  In addition, new dealerships may experience higher 
than anticipated credit losses, which may require the Company to incur additional costs to reduce future 
credit losses or to close the underperforming locations altogether.  Any of these circumstances could have 
a material adverse effect on the Company’s future financial condition and operating results. 

The Company’s business is subject to seasonal fluctuations.  

Historically, the Company’s third fiscal quarter (November through January) has been the slowest period 
for  vehicle  sales.  Conversely,  the  Company’s  first  and  fourth  fiscal  quarters  (May  through  July  and  February 
through April) have historically been the busiest times for vehicle sales. Therefore, the Company generally realizes 
a  higher  proportion  of  its  revenue  and  operating  profit  during  the  first  and  fourth  fiscal  quarters.    Tax  refund 
anticipation sales efforts during the Company’s third fiscal quarter have increased sales levels during the third fiscal 
quarter in some past years; however, due to the timing of actual tax refund dollars in the Company’s markets, these 
sales and collections have primarily occurred in the fourth quarter in each of the last five fiscal years.  The Company 
expects this pattern to continue in future years.  

If conditions arise that impair vehicle sales during the first or fourth fiscal quarters, the adverse effect on 

the Company’s revenues and operating results for the year could be disproportionately large.  

Item 1B.  Unresolved Staff Comments 

Not applicable. 

Item 2.  Properties 

As of April 30, 2019, the Company leased approximately 83% of its facilities, including dealerships and 
the  Company’s  corporate  offices.    These  facilities  are  located  principally  in  the  states  of  Alabama,  Arkansas, 
Georgia, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee and Texas.  The Company’s corporate offices are 
located in approximately 18,000 square feet of leased space in Bentonville, Arkansas.  For additional information 
regarding the Company’s properties, see “Operations-Dealership Locations and Facilities” under Item 1 above and 
“Contractual Payment Obligations” and “Off-Balance Sheet Arrangements” under Item 7 of Part II. 

16 

 
 
 
 
 
 
 
 
 
Item 3.  Legal Proceedings 

In  the  ordinary  course  of  business,  the  Company  has  become  a  defendant  in  various  types  of  legal 
proceedings.  While the outcome of these proceedings cannot be predicted with certainty, the Company does not 
expect the final outcome of any of these proceedings, individually or in the aggregate, to have a material adverse 
effect on the Company’s financial position, results of operations or cash flows. 

Item 4.  Mine Safety Disclosure 

Not applicable. 

17 

 
 
 
 
 
 
 
Item  5.    Market for  Registrant's  Common  Equity,  Related  Stockholder  Matters  and  Issuer  Purchases  of 
Equity Securities 

PART II 

General 

The Company’s common stock is traded on the NASDAQ Global Select Market under the symbol CRMT.  
As of June 14, 2019, there were approximately 872 shareholders of record.  This number excludes stockholders 
holding the Company’s common stock as “beneficial owners” under nominee security position listings. 

Stockholder Return Performance Graph 

Set forth below is a line graph comparing the fiscal year end percentage change in the cumulative total 
stockholder return on the Company’s common stock to (i) the cumulative total return of the NASDAQ Market Index 
(U.S. companies), and (ii) the Hemscott Group 744 Index – Auto Dealerships (“Automobile Index”), for the period 
of five fiscal years commencing on May 1, 2014 and ending on April 30, 2019.   

The graph assumes that the value of the investment in the Company’s common stock and each index was 

$100 on April 30, 2014. 

* $100 invested on 4/30/2014 in stock or index, including reinvestment of dividends.   
Fiscal year ending April 30. 

The dollar value at April 30, 2019 of $100 invested in the Company’s common stock on April 30, 2014 
was $274.07, compared to $170.23 for the automobile index described above and $208.37 for the NASDAQ Market 
Index (U.S. Companies).  

18 

 
 
 
 
 
 
 
 
 
Dividend Policy  

Since its inception, the Company has paid no cash dividends on its common stock.  The Company currently 
intends for the foreseeable future to continue its policy of retaining earnings to finance future growth.  Payment of 
cash dividends in the future will be determined by the Company's Board of Directors and will depend upon, among 
other  things,  the  Company's  future  earnings,  operations,  capital  requirements  and  surplus,  general  financial 
condition,  contractual  restrictions  that  may  exist,  and  such  other  factors  as  the  Board  of  Directors  may  deem 
relevant.  The Company is also limited in its ability to pay dividends or make other distributions to its shareholders 
without the consent of its lender.  Please see “Liquidity and Capital Resources” under Item 7 of Part II for more 
information regarding this limitation.  

Issuer Purchases of Equity Securities 

The Company is authorized to repurchase shares of its common stock under its common stock repurchase 
program. The Board of Directors most recently approved, and the Company announced, on November 16, 2017 the 
authorization  to  repurchase  up  to  an  additional  one  million  shares  along  with  the  balance  remaining  under  its 
previous authorization approved in July 2016.  The following table sets forth information with respect to purchases 
made by or on behalf of the Company of shares of the Company’s common stock during the periods indicated:  

(1)  The above described stock repurchase program has no expiration date.  

19 

PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(1)February 1, 2019 through February 28, 201916,310$75.1216,310320,253March 1, 2019 through March 31, 201915,162$83.4215,162305,091April 1, 2019 through April 30, 2019---305,091              Total31,472$79.1231,472305,091 
 
 
 
   
 
 
 
 
 
Item 6.  Selected Financial Data 

The financial data set forth below was derived from the audited consolidated financial statements of the 
Company  and  should  be  read  in  conjunction  with  the  Consolidated  Financial  Statements  and  the  Notes  thereto 
contained in Item 8, and the information contained in Item 7, Management's Discussion and Analysis of Financial 
Condition and Results of Operations. 

Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations 

The  following  discussion  should  be  read  in  conjunction  with  the  Company's  Consolidated  Financial 

Statements and Notes thereto appearing in Item 8 of this Annual Report on Form 10-K. 

Overview 

America’s  Car-Mart,  Inc.,  a  Texas  corporation  (the  “Company”),  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.    References  to  the  Company  include  the  Company’s  consolidated  subsidiaries.    The 
Company’s operations are principally conducted through its two operating subsidiaries, America’s Car Mart, Inc., 
an  Arkansas  corporation  (“Car-Mart  of  Arkansas”),  and  Colonial  Auto  Finance,  Inc.,  an  Arkansas  corporation 
(“Colonial”).  Collectively, Car-Mart of Arkansas and Colonial are referred to herein as “Car-Mart.”  The Company 
primarily sells older model used vehicles and provides financing for substantially all of its customers. Many of the 
Company’s customers have limited financial resources and would not qualify for conventional financing as a result 
of limited credit histories or past credit problems.  As of April 30, 2019, the Company operated 144 dealerships 
located primarily in small cities throughout the South-Central United States. 

Car-Mart has been operating since 1981.  Car-Mart has grown its revenues between approximately 3% and 
13% per year over the last ten years (average 8%).  Growth results from same dealership revenue growth and the 
addition of new dealerships.  Revenue increased 9.3% for the fiscal year ended April 30, 2019 compared to fiscal 
2018  primarily  due  to  a  4.9%  increase  in  average  retail  sales  price,  a  4.1%  increase  in  units  sold  and  a  10.6% 
increase in interest income.  The Company also opened five new dealerships in fiscal 2019.   

The Company earns revenue from the sale of used vehicles, and in most cases a related service contract and 
a  payment  protection  plan  product,  as  well  as  interest  income  and  late  fees  from  the  related  financing.    The 
Company’s cost structure is more fixed in nature and is sensitive to volume changes.  Revenues can be affected by 

20 

20192018201720162015Revenues$669,122$612,201$587,751$567,906$530,321Net income attributable to common   stockholders$47,585$36,469$20,165$11,556$29,450Diluted earnings per share from    continuing operations$6.73$4.90$2.49$1.33$3.2520192018201720162015Total assets$492,542$455,584$424,258$406,296$400,361Total debt$152,918$152,367$117,944$107,902$102,685Mandatorily redeemable preferred stock$400$400$400$400$400Total equity$260,510$230,535$233,008$228,817$229,132Shares outstanding6,6996,8497,6088,0748,529Years Ended April 30,April 30,(In thousands)(In thousands, except per share amounts) 
 
 
 
 
 
 
 
 
our  level  of  competition,  which  is  influenced  to  a  large  extent  by  the  availability  of  funding  to  the  sub-prime 
automobile industry, together with the availability and resulting purchase cost of the types of vehicles the Company 
purchases for resale.  Revenues can also be affected by the macro-economic environment.  Down payments, contract 
term lengths and proprietary credit scoring are critical to helping customers succeed and are monitored closely by 
corporate management at the point of sale.  After the sale, collections, delinquencies and charge-offs are crucial 
elements of the Company’s evaluation of its financial condition and results of operations and are monitored and 
reviewed  on  a  continuous  basis.    Management  believes  that  developing  and  maintaining  a  relationship  with  its 
customers and earning their repeat business is critical to the success and growth of the Company and can serve to 
offset the effects of increased competition and negative macro-economic factors. 

A  challenging  competitive  environment  puts  pressure  on  sales  volumes  especially  at  older  dealerships 
which tend to have higher overall sales volumes and more repeat customers.  Additionally, as the Company attempts 
to attract and retain target customers, increased competition  can contribute to lower down payments and longer 
contract terms which can have a negative effect on collection percentages, liquidity and credit losses.  Management 
believes that the ultra-low interest rate environment combined with a lack of other investment alternatives has been 
attracting excess capital into the sub-prime automobile market and increasing competition.  In an effort to combat 
the increased competition the Company will continue to focus on the benefits of excellent customer service and its 
“local” face to face offering in an effort to help customers succeed.  The Company, over recent years, has focused 
on providing a good mix of vehicles in various price ranges to increase affordability for customers, to address sales 
volume challenges and to improve credit performance in the future by improving the equity position of customers 
who may be tempted to default on their contracts, especially when competition on the lending side is elevated.   

The  purchase  price  the  Company  pays  for  its  vehicles  can  also  have  a  significant  effect  on  revenues, 
liquidity and capital resources.  Because the Company bases its selling price on the purchase cost of the vehicle, 
increases in purchase costs result in increased selling prices. As the selling price increases, it becomes more difficult 
to  keep  the  gross  margin  percentage  and  contract  term  in  line  with  historical  results  because  the  Company’s 
customers have limited incomes and their car payments must remain affordable within their individual budgets.  
Decreases  in  the  overall  volume  of  new  car  sales,  particularly  domestic  brands,  lead  to  decreased  supply  and 
generally increased prices in the used car market. Also, expansions or constrictions in consumer credit, as well as 
general economic conditions, can have an overall effect on the demand and the resulting purchase cost of the types 
of vehicles the Company purchases for resale.   

The Company’s primary focus is on collections.  Each dealership is responsible for its own collections with 
supervisory involvement of the corporate office.  Over the last five fiscal years, the Company’s credit losses as a 
percentage  of  sales  have  ranged  from  approximately  25.0%  in  fiscal  2019  to  28.7%  in  fiscal  2017  (average  of 
27.7%).  Credit losses as a percentage of sales increased in recent years prior to 2018, primarily due to increased 
contract term lengths and lower down payments resulting from increased competitive pressures as well as higher 
charge-offs  caused,  to  an  extent,  by  negative  macro-economic  factors  affecting  the  Company’s  customer  base.  
Credit losses  as  a  percentage  of  sales for  fiscal  2018  and  2019  improved  to  27.7% and 25.0%, respectively,  as 
improvements in collection processes and higher recovery rates on repossessions have begun to offset the continuing 
competitive pressures.   

Historically, credit losses, on a percentage basis, tend to be higher at new and developing dealerships than 
at mature dealerships.  Generally, this is because the management at new and developing dealerships tends to  be 
less experienced in making credit decisions and collecting customer accounts and the customer base is less seasoned.  
Normally more mature dealerships have more repeat customers and, on average, repeat customers are a better credit 
risk than non-repeat customers.  Negative macro-economic issues do not always lead to higher credit loss results 
for  the  Company  because  the  Company  provides  basic  affordable  transportation  which  in  many  cases  is  not  a 
discretionary expenditure for customers.  The Company does believe, however, that general inflation, particularly 
within staple items such as groceries and gasoline, as well as overall unemployment levels and potentially lower or 
stagnant personal income levels affecting customers can have, and has had in recent years, a negative impact on 
collections.  Additionally, increased competition for used vehicle financing can have a negative effect on collections 
and charge-offs. 

21 

 
 
 
 
 
In  an  effort  to  offset  credit  losses  and  to  operate  more  efficiently,  the  Company  continues  to  look  for 
improvements  to  its  business  practices,  including  better  underwriting  and  better  collection  procedures.  The 
Company has a proprietary credit scoring system which enables the Company to monitor the quality of contracts. 
Corporate office personnel monitor proprietary credit scores and work with dealerships when the distribution of 
scores  falls  outside  of  prescribed  thresholds.    The  Company  also  uses  credit  reporting  and  the  use  of  global 
positioning  system  (“GPS”)  units  on  vehicles.    Additionally,  the  Company  has  placed  significant  focus  on  the 
collection area as the Company’s training department continues to spend significant time and effort on collections 
improvements.  The Field Operations Officer oversees the collections department and provides timely oversight 
and additional accountability on a consistent basis. In addition, the Company has a Director of Collection Services 
who assists with managing the Company’s servicing and collections practices and provides additional monitoring 
and training.  The Company believes that the proper execution of its business practices is the single most important 
determinant of its long term credit loss experience.   

Historically, the Company’s gross margin as a percentage of sales has been fairly consistent from year to 
year. Over the previous five fiscal years, the Company’s gross margins as a percentage of sales ranged between 
approximately 40% and 42%.  The Company’s gross margin is based upon the cost of the vehicle purchased, with 
lower-priced vehicles typically having higher gross margin percentages, and is also affected by the percentage of 
wholesale sales to retail sales, which relates for the most part to repossessed vehicles sold at or near cost. Gross 
margin in recent years has been negatively affected by the increase in the average retail sales price (a function of a 
higher purchase price) and higher operating costs, mostly related to increased vehicle repair costs and higher fuel 
costs.  In fiscal 2015, gross margin was 42.3% as a percentage of sales.  For fiscal 2016, gross margin decreased to 
39.8% of sales primarily due to the high level of repossession activity, as both the volume of wholesale sales and 
the prices received from wholesale sales had a negative effect on overall gross margin, as did higher repair expenses.  
Gross margin for fiscal 2017 improved to 41.4% primarily as a result of lower repair expenses and a decrease in 
losses  on  wholesales,  and  remained  relatively  flat  for  fiscal  2018  and  2019  compared  to  2017;  however,  the 
Company expects that its gross margin percentage will continue to remain under pressure over the near term.  

Hiring, training and retaining qualified associates is critical to the Company’s success.  The rate at which 
the Company adds new dealerships and is able to implement operating initiatives is limited by the number of trained 
managers and support personnel the Company has at its disposal.  Excessive turnover, particularly at the dealership 
manager level, could impact the Company’s ability to add new dealerships and to meet operational initiatives.  The 
Company  has  added  resources  to  recruit,  train,  and  develop  personnel,  especially  personnel  targeted  to  fill 
dealership manager positions.  The Company expects to continue to invest in the development of its workforce. 

22 

 
  
 
 
 
 
Consolidated Operations 
(Operating Statement Dollars in Thousands) 

2019 Compared to 2018 

Total revenues increased $56.9 million, or 9.3%, in fiscal 2019, as compared to revenue growth of 4.2% in 
fiscal 2018, principally as a result of (i) revenue growth from dealerships that operated a full twelve months in both 
fiscal years ($50.7 million), and (ii) revenue growth from stores opened during or after the year ended April 30, 
2018 ($11.9 million), partially offset by (iii) decreased revenue from dealerships closed during or after the year 
ended April 30, 2018 ($5.7 million).  The increase in revenue for fiscal 2019 is attributable to (i) a 4.9% increase 
in average retail sales price, (ii) a 4.1% increase in retail units sold and (iii) a 10.6% increase in interest and other 
income.   

Cost of sales, as a percentage of sales, remained relatively consistent at 58.6% in fiscal 2019 compared to 
58.7% in fiscal 2018.  The average retail sales price for fiscal 2019 was $11,125, a $521 increase over the prior 
fiscal year, reflecting the high demand for used cars, especially in the market we serve.  As purchase costs increase, 
the margin between the purchase cost and the sales price of the vehicles we sell generally narrows as a percentage 
because the Company must offer affordable prices to our customers.  In fiscal 2019, the slight improvement in the 
margin in spite of increasing purchase costs was due to improvements in inventory management and lower repair 
costs.  Demand for the vehicles we purchase for resale has remained high relative to supply largely due to excess 
funding to the used vehicle financing market and the depressed levels of new car sales during and after the recession, 
although more robust new car sales in recent years have begun to bolster the supply of used vehicles.   

Selling,  general  and  administrative  expenses,  as  a  percentage  of  sales  remained  relatively  consistent  at 
18.3% in fiscal 2019, compared to 18.4% for fiscal 2018.  Selling, general and administrative expenses are, for the 

23 

20192018vs.vs.20192018201720182017Operating Statement:Revenues:  Sales$586,508 $537,528 $520,149 9.1%3.3%100.0%100.0%100.0%  Interest and other income82,614 74,673 67,602 10.610.5 14.1 13.9 13.0       Total669,122 612,201 587,751 9.3 4.2 114.1 113.9 113.0 Costs and expenses:  Cost of sales, excluding depreciation    shown below343,898 315,273 304,927 9.1 %3.4 %58.6 58.7 58.6   Selling, general and administrative107,249 99,023 91,940 8.3 7.7 18.3 18.4 17.7   Provision for credit losses146,363 149,059 149,097 (1.8)(0.0)25.0 27.7 28.7   Interest expense7,883 5,599 4,069 40.8 37.6 1.3 1.0 0.8   Depreciation and amortization3,969 4,250 4,272 (6.6)(0.5)0.7 0.8 0.8   Loss (gain) on disposal of property    and equipment(91)91 1,204 (200.0)(92.4)        -          -  0.2       Total609,271 573,295 555,509 6.3 3.2 103.9 106.6 106.8       Income before income taxes$59,851 $38,906 $32,242 10.2 %7.2 %6.2 %Operating Data (Unaudited):  Retail units sold50,25748,27147,1164.1 %2.5 %  Average dealerships in operation1421401421.4 (1.4)  Average units sold per dealership3543453322.6 3.9   Average retail sales price$11,125 $10,604 $10,540 4.9 0.6   Same store revenue growth8.4%5.2%3.5%  Receivables average yield15.6%15.2%14.5%% ChangeYears Ended April 30,As a % of Sales201920182017 
 
 
 
 
 
most part, more fixed in nature.  In dollar terms, overall selling, general and administrative expenses increased $8.2 
million from fiscal 2018.  The increase is primarily focused on investments in our associates, especially general 
manager recruitment, training and collections support along with improvements in digital marketing, all in an effort 
to provide superior customer service.  

Provision for credit losses as a percentage of sales decreased to 25.0% for fiscal 2019 compared to 27.7% 
for fiscal 2018.  Net charge-offs as a percentage of average finance receivables decreased to 25.7% for fiscal 2019 
compared to 28.8% for the prior year.  The decrease in net charge-offs for fiscal 2019 primarily resulted from a 
lower frequency of losses combined with a lower severity of losses, primarily due to improvements in collections 
processes and higher recovery rates on repossessions.  The Company uses several operational initiatives (including 
credit  reporting  and  the  use  of  GPS  units  on  vehicles)  to  improve  collections  and  continually  pushes  for 
improvements and better execution of its collection practices.  The Company believes that the proper execution of 
its business practices is the single most important determinant of credit loss experience and that improvements in 
oversight  and  accountability  provided  by  the  Company’s  investments  in  our  corporate  infrastructure  within 
the  collections  area  and  the  somewhat  improved  macro-economic  environment  have  begun  to  mitigate  the 
competitive pressures and positively impacted credit loss results for fiscal 2019. 

Interest expense for fiscal 2019 as a percentage of sales increased slightly to 1.3% compared to 1.0% for 
fiscal  2018,  due to  higher average  borrowings  during  the  fiscal  year  2019 ($161.0  million  compared  to  $136.7 
million in the prior year) and increased interest rates. 

2018 Compared to 2017 

Total revenues increased $24.5 million, or 4.2%, in fiscal 2018, as compared to revenue growth of 3.5% in 
fiscal 2017, principally as a result of (i) revenue growth from dealerships that operated a full twelve months in both 
fiscal years ($30.1 million) and (ii) revenue from stores opened in fiscal 2018 ($4.5 million), partially offset by (iii) 
revenue  decrease from  dealerships closed  after the  year ended  April  30,  2017  ($10.1  million).  The  increase  in 
revenue for fiscal 2018 is attributable to (i) a 0.6% increase in average retail sales price, (ii) a 2.5% increase in retail 
units sold and (iii) a 10.5% increase in interest and other income.   

Cost of sales, as a percentage of sales, remained relatively consistent at 58.7% in fiscal 2018 compared to 
58.6% in fiscal 2017.  The average retail sales price for fiscal 2018 was $10,604, a $64 increase over the prior fiscal 
year, reflecting relatively stable average purchase costs year-over-year.     

Selling, general and administrative expenses, as a percentage of sales, increased 0.7% to 18.4% in fiscal 
2018, from 17.7% in fiscal 2017.  In dollar terms, overall selling, general and administrative expenses increased 
$7.1  million from  fiscal 2017.   The increase is  primarily  focused  on  general  manager recruitment, training  and 
collections support along with improvements in sales and marketing, especially digital marketing.  

Provision for credit losses as a percentage of sales decreased to 27.7% for fiscal 2018 compared to 28.7% 
for fiscal 2017.  Net charge-offs as a percentage of average finance receivables decreased to 28.8% for fiscal 2018 
compared to 30.5% for the prior year.  The decrease in net charge-offs for fiscal 2018 primarily resulted from a 
lower frequency of losses primarily due to improvements in collections processes.   

Interest expense for fiscal 2018 as a percentage of sales increased slightly to 1% compared to 0.8% for 
fiscal  2017,  due to  higher average  borrowings  during  the  fiscal  year  2018 ($136.7  million  compared  to  $118.2 
million in the prior year) and increased interest rates. 

24 

Financial Condition 

The following table sets forth the major balance sheet accounts of the Company at April 30, 2019, 2018 

and 2017 (in thousands): 

The following table shows receivables growth compared to revenue growth during each of the past three 
fiscal years.  For fiscal year 2019, growth in finance receivables of 8.5% was exceeded by revenue growth of 9.3%, 
as the Company was able to maintain consistent term lengths and improved collections.  The Company currently 
anticipates  going  forward  that  the  growth  in  finance  receivables  will  generally  be  slightly  higher  than  overall 
revenue growth on an annual basis due to overall term length increases in our installment sales contracts in recent 
prior years, partially offset by improvements in underwriting and collection procedures in an effort to reduce credit 
losses.   The  average  term  for installment  sales  contracts at  April  30,  2019  was 32.1  months,  compared to  32.5 
months for April 30, 2018. 

At fiscal year-end 2019, inventory increased 11.5% ($3.9 million), compared to fiscal year-end 2018.  This 
increase resulted from a $1.0 million increase due to new dealership openings, as well as increased purchase costs.  
The Company strives to improve the quality of the inventory and improve turns while maintaining inventory levels 
to ensure adequate supply of vehicles, in volume and mix, and to meet sales demand.     

Property and equipment, net, decreased by approximately $57,000 as of April 30, 2019 as compared to 
fiscal 2018.  The decrease is attributable to approximately $4.0 million in depreciation expense, substantially offset 
by property and equipment additions of approximately $4.0 million. 

Accounts  payable  and  accrued  liabilities  increased  approximately  $2.9  million  at  April  30,  2019  as 
compared to April 30, 2018 due primarily to increased payables related to increased inventory levels and a change 
in the cash overdraft. 

Income taxes receivable, net, increased approximately $497,000 at April 30, 2019 compared to April 30, 

2018 primarily due to the timing of income tax payments and refunds. 

25 

April 30, Assets:    Finance receivables, net$415,486$383,617$357,161    Inventory37,48333,61030,129    Property and equipment, net28,53728,59430,139Liabilities:    Accounts payable and accrued liabilities32,49629,56925,020    Deferred revenue31,95930,15528,083    Income taxes payable (receivable), net    (1,947)    (1,450)         885     Deferred income tax liabilities, net14,25912,55818,918    Debt facilities152,918152,367117,944201920182017Years Ended April 30,201920182017Growth in finance receivables, net of deferred     revenue8.5%7.4%7.0%Revenue growth9.3%4.2%3.5% 
 
 
 
 
 
 
 
 
 
 
Deferred revenue increased $1.8 million at April 30, 2019 over April 30, 2018, primarily resulting from the 

increase in sales of the payment protection plan and service contract products.  

Deferred income tax liabilities, net, increased approximately $1.7 million at April 30, 2019 as compared to 

April 30, 2018 due primarily to the increase in accounts receivable.  

Borrowings on the Company’s revolving credit facilities fluctuate primarily based upon a number of factors 
including  (i)  net  income,  (ii)  finance  receivables  changes,  (iii)  income  taxes,  (iv)  capital  expenditures  and  (v) 
common  stock  repurchases.    Historically,  income  from  continuing  operations,  as  well  as  borrowings  on  the 
revolving  credit  facilities,  have  funded  the  Company’s  finance  receivables  growth,  capital  asset  purchases  and 
common stock repurchases. In fiscal 2019, the Company had a $551,000 net increase in total debt used to contribute 
to  the  funding  of  finance  receivables  growth  of  $31.9  million,  $3.9  million  increase  in  inventory,  net  capital 
expenditures of $4.0 million and common stock repurchases of $26.6 million.   

26 

 
 
 
 
 
Liquidity and Capital Resources 

The following table sets forth certain historical information with respect to the Company’s Statements of 

Cash Flows (in thousands): 

The primary drivers of operating profits and cash flows include (i) top line sales (ii) interest rates on finance 
receivables, (iii) gross margin percentages on vehicle sales, and (iv) credit losses, a significant portion of which 
relates to the collection of principal on finance receivables. The Company generates cash flow from income from 
operations.  Historically, most or all of this cash is used to fund finance receivables growth, capital expenditures 
and common stock repurchases.  To the extent finance receivables growth, common stock repurchases and capital 
expenditures exceed income from operations the Company generally increases its borrowings under its revolving 
credit facilities.  The majority of the Company’s growth has been self-funded.   

Cash flows from operations in fiscal 2019 compared to fiscal 2018 increased primarily as a result of (i) net 
income, (ii) an increase in deferred taxes (iii) an increase in finance receivable collections and (iv) an increase in 
stock based compensation, offset by (v) an increase in finance receivable originations and (vi) accounts payable and 

27 

Operating activities:    Net income$47,625       $36,509       $20,205           Provision for credit losses     Losses on claims for payment protection plan    Depreciation and amortization    Amortization of debt issuance costs251            260            252                Stock based compensation    Deferred income taxes    Finance receivable originations    Finance receivable collections     Accrued interest on finance receivables    Inventory    Accounts payable and accrued liabilities    Deferred payment protection plan revenue    Deferred service contract revenue    Income taxes, net    Other          TotalInvesting activities:    Purchase of property and equipment    Proceeds from sale of property and equipment142            554            932                    TotalFinancing activities:    Debt facilities, net    Change in cash overdrafts    Purchase of common stock    Dividend payments    Exercise of stock options, including       tax benefits and issuance of common stock5,264         1,756         3,220                 Total        Increase (decrease) in cash$730            $588            $(168)          146,363         149,059         1,701             (6,360)           (497)              (2,335)           1,544             1,351             3,703             1,603             3,969             47,641           38,793           293,739         259                721                Years Ended April 30, 24,902                        9,994 22                  (689)              (159)              (91)                2019201817,020           16,748           (540,505)       (494,641)       260,104         4,250             2,226             4,712             2017149,097         15,627           (3,887)           (1,704)           (4,029)           (2,258)           (26,577)         (20,285)         (7,702)           (40)                768                (163)              300                33,046           4,272             (40)                (42,301)         9,790             669                1,167             2,963             638                (382)                           7,334 (1,587)           (655)              (709)              1,293             (479,099)       249,264         42,493           676                (20,486)         (40)                (6,847)           (423)               
 
 
 
accrued liabilities increasing at a lower rate than the prior year.  Finance receivables, net, increased by $31.9 million 
during fiscal 2019.  

Cash flows from operations in fiscal 2018 compared to fiscal 2017 increased primarily as a result of net 
income offset by a decrease in  deferred income taxes and income taxes payable, net.  Finance receivables, net, 
increased by $26.5 million during fiscal 2018. 

The purchase price the Company pays for a vehicle has a significant effect on liquidity and capital resources. 
Because the Company bases its selling price on the purchase cost for the vehicle, increases in purchase costs result 
in increased selling prices. As the selling price increases, it  generally  becomes more difficult  to keep the gross 
margin percentage and contract term in line with historical results because the Company’s customers have limited 
incomes and their car payments must remain affordable within their individual budgets. Several external factors can 
negatively  affect  the  purchase  cost  of  vehicles.  Decreases  in  the  overall  volume  of  new  car  sales,  particularly 
domestic brands, lead to decreased supply in the used car market. Also, constrictions in consumer credit, as well as 
general economic conditions, can increase overall demand for the types of vehicles the Company purchases for 
resale as used vehicles become more attractive than new vehicles in times of economic instability.  A negative shift 
in  used  vehicle  supply,  combined  with  strong  demand,  results in  increased  used  vehicle  prices  and  thus  higher 
purchase costs for the Company. 

New vehicle sales decreased dramatically during the economic recession of 2008 and did not return to pre-
recession  levels  until  2016.    In  addition,  the  challenging  macro-economic  environment,  together  with  the 
constriction  in  consumer  credit  starting  in  2008,  contributed  to  increased  demand  for  the  types  of  vehicles  the 
Company purchases and a resulting increase in used car prices.  These negative macro-economic conditions have 
continued to affect our customers in the years since the recession and, in turn, have helped keep demand high for 
the types of vehicles we purchase.  This increased demand, coupled with depressed levels of new vehicle sales in 
recent  years,  negatively  impacted  both  the  quality  and  the  quantity  of  the  used  vehicle  supply  available  to  the 
Company.  Management expects the tight supply of vehicles and resulting increases in vehicle purchase costs to 
continue, although some relief is expected to continue as a result of increased new car sales levels in recent periods.   

The  Company  has  devoted  significant  efforts  to  improving  its  purchasing  processes to  ensure  adequate 
supply at appropriate prices, including expanding its purchasing territories to larger cities in close proximity to its 
dealerships and increasing its efforts to purchase vehicles from individuals at the dealership level as well as via the 
internet.  The  Company  has  also  increased  the  level  of  accountability  for  its  purchasing  agents  including  the 
establishment  of  sourcing  and  pricing  guidelines.    Even  with  these  efforts,  the  Company  expects  gross  margin 
percentages to remain under pressure over the near term.    

The Company believes that the amount of credit available for the sub-prime auto industry has increased in 
recent  years,  and  management  expects  the  availability  of  consumer  credit  within  the  automotive  industry  to  be 
higher over the near term when compared to historical levels.  This is expected to contribute to continued strong 
overall  demand  for  most,  if  not  all,  of  the  vehicles  the  Company  purchases  for  resale.  Increased  competition 
resulting from availability of funding to the sub-prime auto industry has contributed to lower down payments and 
longer terms, which have had a negative effect on collection percentages, liquidity and credit losses when compared 
to historical periods.   

Macro-economic  factors  can  have  an  effect  on  credit  losses  and  resulting  liquidity.  General  inflation, 
particularly within staple items such as groceries, as well as overall unemployment levels can have a significant 
effect  on  collection  results  and  ultimately  credit  losses.  The  Company  has  made  improvements  to  its  business 
processes  within  the  last  few  years  to  strengthen  controls  and  provide  stronger  infrastructure  to  support  its 
collections  efforts.  The  Company  continues  to  strive  to  reduce  credit  losses  in  spite  of  continued  competitive 
pressures  by  improving  deal  structures,  assisted  by  the  somewhat  improved  macro-economic  environment.  
Management continues to focus on improved execution at the dealership level, specifically as related to working 
individually with customers concerning collection issues. 

28 

 
 
  
 
 
 
 
 
The Company has generally leased the majority of the properties where its dealerships are located.  As of 
April 30, 2019, the Company leased approximately  83% of its  dealership properties.  The  Company expects to 
continue to lease the majority of the properties where its dealerships are located. 

The  Company’s  revolving  credit  facilities  generally  restrict  distributions  by  the  Company  to  its 
shareholders.  The distribution limitations under the credit facilities allow the Company to repurchase shares of its 
common stock up to certain limits.  Under the current limits, the aggregate amount of repurchases after October 25, 
2017 cannot exceed the greater of:  (a) $50 million, net of proceeds received from the exercise of stock options 
(plus any repurchases made during the first six months after October 25, 2017, in an aggregate amount up to the 
remaining availability under the $40 million repurchase limit in effect immediately prior to October 25, 2017, net 
of proceeds received from the exercise of stock options), provided that the sum of the borrowing bases combined 
minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 
20% of the sum of the borrowing bases; or (b) 75% of the consolidated net income of the Company measured on a 
trailing  twelve  month  basis.    In  addition,  immediately  before  and  after  giving  effect  to  the  Company’s  stock 
repurchases,  at  least  12.5%  of  the  aggregate  funds  committed  under  the  credit  facilities  must  remain  available.  
Thus, although the Company currently does routinely repurchase stock, the Company is limited in its ability to pay 
dividends or make other distributions to its shareholders without the consent of the Company’s lenders.  

At  April  30,  2019,  the  Company  had  approximately  $1.8  million  of  cash  on  hand  and  $53  million  of 
availability under its revolving credit facilities (see Note F to the Consolidated Financial Statements in Item 8).  On 
a short-term basis, the Company’s principal sources of liquidity include income from operations and borrowings 
under its revolving credit facilities.  On a longer-term basis, the Company expects its principal sources of liquidity 
to consist of income from operations and borrowings under revolving credit facilities or fixed interest term loans.  
The Company’s revolving credit facilities mature in December 2021 and the Company expects that it will be able 
to  renew  or  refinance  its  revolving  credit  facilities  on  or  before  the  date  they  mature.    Furthermore,  while  the 
Company has no specific plans to issue debt or equity securities, the Company believes, if necessary, it could raise 
additional capital through the issuance of such securities. 

The  Company  expects  to  use  cash  from  operations  and  borrowings  to  (i)  grow  its  finance  receivables 
portfolio, (ii) purchase property and equipment of approximately $6.6 million in the next 12 months in connection 
with  refurbishing  existing  dealerships  and  adding  new  dealerships,  subject  to  strong  operating  results,  (iii) 
repurchase shares of common stock when favorable conditions exist and (iv) reduce debt to the extent excess cash 
is available. 

The Company believes it will have adequate liquidity to continue to grow its revenues and to satisfy its 

capital needs for the foreseeable future. 

Contractual Payment Obligations 

The  following  is  a  summary  of  the  Company’s  contractual  payment  obligations  as  of  April  30,  2019, 

including renewal periods under operating leases that are reasonably assured (in thousands): 

29 

Less ThanMore ThanTotal1 Year1-3 Years3-5 Years5 YearsRevolving lines of credit$152,440       -               152,440    -               -               Notes payable194              105           89             -               -               Capital lease839              394           445           -               -               Operating leases48,073         6,681        12,382      11,394      17,616      Interest on debt facilities18,693         7,216        11,477      -               -                    Total$220,239       14,396      176,833    11,394      17,616      Payments Due by Period 
 
 
 
 
 
 
 
 
 
The previous table includes estimated interest payments on the Company’s revolving lines of credit.  We 
have  assumed  $152  million  remains  outstanding  under  our  revolving  lines  of  credit  until  the  maturity  date  of 
December  3,  2021,  using  the  interest  rate  in  effect  on  April  30,  2019,  which  was  approximately  4.73%.    The 
estimated  interest  payments  on  notes  payable  have  been  calculated  based  on  the  amortization  of  the  notes  in 
accordance  with  the  respective  agreements.    The  $48.1  million  of  operating  lease  commitments  includes  $1.5 
million of non-cancelable lease commitments under the lease terms, and $46.6 million of lease commitments for 
renewal periods at the Company’s option that are reasonably assured. 

Off-Balance Sheet Arrangements 

The Company has entered into operating leases for approximately 83% of its dealership and office facilities.  
Generally, these leases are for periods of three to five years and usually contain multiple renewal options.  The 
Company uses leasing arrangements to maintain flexibility in its dealership locations and to preserve capital.  The 
Company  expects  to  continue  to  lease  the  majority  of  its  dealership  and  office  facilities  under  arrangements 
substantially consistent with the past.  Rent expense for all operating leases amounted to approximately $6.7 million 
for the year ended April 30, 2019 and $6.2 million for the years ended April 30, 2018 and 2017. 

The Company has a standby letter of credit relating to an insurance policy totaling $250,000 at April 30, 

2019.  

Other than its operating leases and the letter of credit, the Company is not a party to any off-balance sheet 
arrangement that management believes is reasonably likely to have a current or future effect on the Company’s 
financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources 
that are material to investors.   

Related Finance Company Contingency 

Car-Mart of Arkansas and Colonial do not meet the affiliation standard for filing consolidated income tax 
returns, and as such they file separate federal and state income tax returns.  Car-Mart of Arkansas routinely sells its 
finance receivables to  Colonial  at  what  the  Company  believes to  be  fair  market  value  and is able  to  take  a  tax 
deduction at the time of sale for the difference between the tax basis of the receivables sold and the sales price.  
These types of transactions, based upon facts and circumstances, have been permissible under the provisions of the 
Internal  Revenue  Code  as  described  in  the  Treasury  Regulations.    For  financial  accounting  purposes,  these 
transactions are eliminated in consolidation and a deferred income tax liability has been recorded for this timing 
difference.   The sale of finance receivables from Car-Mart of Arkansas to Colonial provides certain legal protection 
for the Company’s finance receivables and, principally because of certain state apportionment characteristics of 
Colonial, also has the effect of reducing the Company’s overall effective state income tax rate by approximately 
274 basis points.  The actual interpretation of the Regulations is in part a facts and circumstances matter.  The 
Company believes it satisfies the material provisions of the Regulations. Failure to satisfy those provisions could 
result  in  the  loss  of  a  tax  deduction  at  the  time  the  receivables  are  sold  and  have  the  effect  of  increasing  the 
Company’s overall effective income tax rate as well as the timing of required tax payments. 

The  Company’s  policy  is  to  recognize  accrued  interest  related  to  unrecognized  tax  benefits  in  interest 
expense and penalties in operating expenses. The Company had no accrued penalties or interest as of April 30, 
2019. 

Critical Accounting Estimates 

The preparation of financial statements in conformity with generally accepted accounting principles in the 
United States of America requires the Company to make estimates and assumptions in determining the reported 
amounts  of  assets  and  liabilities  and  disclosure  of  contingent  assets  and  liabilities  at  the  date  of  the  financial 
statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could 
differ from the Company’s estimates.  The Company believes the most significant estimate made in the preparation 

30 

 
 
 
 
 
 
 
 
 
 
of the Consolidated Financial Statements in Item 8 relates to the determination of its allowance for credit losses, 
which  is  discussed  below.    The  Company’s  accounting  policies  are  discussed  in  Note  B  to  the  Consolidated 
Financial Statements in Item 8. 

The Company maintains an allowance for credit losses on an aggregate basis at a level it considers sufficient 
to cover estimated losses inherent in the portfolio at the balance sheet date in the collection of its finance receivables 
currently  outstanding.    At April  30, 2019, the  weighted  average  total  contract term  was  32.1  months  with  23.1 
months remaining. The reserve amount in the allowance for credit losses at April 30, 2019, $127.8 million, was 
25.0% of the principal balance in finance receivables of $543.3 million, less unearned payment protection plan 
revenue of $21.4 million and unearned service contract revenue of $10.6 million.   

The  estimated  reserve  amount  is  the  Company’s  anticipated  future  net  charge-offs  for  losses  incurred 
through the balance sheet date. The allowance takes into account historical credit loss experience (both timing and 
severity of losses), with consideration given to recent credit loss trends and changes in contract characteristics (i.e., 
average amount financed, months outstanding at loss date, term and age of portfolio), delinquency levels, collateral 
values, economic conditions and underwriting and collection practices. The allowance for credit losses is reviewed 
at least quarterly by management with any changes reflected in current operations.  The calculation of the allowance 
for credit losses uses the following primary factors: 

•  The number of units repossessed or charged-off as a percentage of total units financed over specific 

historical periods of time from one year to five years. 

•  The average net repossession and charge-off loss per unit during the last eighteen months, segregated 
by  the  number  of  months  since  the  contract  origination  date,  and  adjusted  for  the  expected  future 
average net charge-off loss per unit.  Approximately 50% of the charge-offs that will ultimately occur 
in  the  portfolio  are  expected  to  occur  within  10-11  months  following  the  balance  sheet  date.    The 
average age of an account at charge-off date is 12 months. 

•  The timing of repossession and charge-off losses relative to the date of sale (i.e., how long it takes for 
a  repossession  or  charge-off  to  occur)  for  repossessions  and  charge-offs  occurring  during  the  last 
eighteen months. 

A  point  estimate  is  produced  by  this  analysis  which  is  then  supplemented  by  any  positive  or  negative 
subjective factors to arrive at an overall reserve amount that management considers to be a reasonable estimate of 
losses inherent in the portfolio at the balance sheet date that will be realized via actual charge-offs in the future. 
Although it is at least reasonably possible that events or circumstances could occur in the future that are not presently 
foreseen which could cause actual credit losses to be materially different from the recorded allowance for credit 
losses,  the  Company  believes  that  it  has  given  appropriate  consideration  to  all  relevant  factors  and  has  made 
reasonable assumptions in determining the allowance for credit losses.  While challenging economic conditions can 
negatively impact credit losses, the effectiveness of the execution of internal policies and procedures within the 
collections area and the competitive environment on the funding side have historically had a more significant effect 
on collection results than macro-economic issues.  A 1% change, as a percentage of Finance receivables, in the 
allowance for credit losses would equate to an approximate pre-tax change of $5.1 million. 

Recent Accounting Pronouncements 

Occasionally, new accounting pronouncements are issued by the Financial Accounting Standards Board 
(“FASB”) or other standard setting bodies which the Company will adopt as of the specified effective date. Unless 
otherwise  discussed,  the  Company  believes  the  implementation  of  recently  issued  standards  which  are  not  yet 
effective will not have a material impact on its consolidated financial statements upon adoption. 

31 

 
 
   
 
 
 
 
 
 
 
 
Revenue  Recognition.    In  May  2014,  the  FASB  issued  ASU  2014-09,  Revenue  from  Contracts  with 
Customers (Topic 606), which supersedes existing revenue recognition guidance.  The new guidance in ASU 2014-
09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an 
amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or 
services.  ASU  2014-09  also  requires  additional  disclosure  about  the  nature,  amount,  timing  and  uncertainty  of 
revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments 
and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 
2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, to provide entities 
with an additional year to implement ASU 2014-09.  As a result, the guidance in ASU 2014-09 became effective 
for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those years, 
using one of two retrospective application methods.  The Company adopted this standard for its fiscal year beginning 
May 1, 2018 and applied the modified retrospective transition method for all contracts.  Adoption of this standard 
did not result in an adjustment to our revenue recognition.  The Company’s evaluation process included, but was 
not limited to, identifying contracts within the scope of the guidance and reviewing and documenting its accounting 
for these contracts. The Company primarily sells products and recognizes revenue at the point of sale or delivery to 
customers, at which point the earnings process is deemed to be complete. The Company’s performance obligations 
are clearly identifiable, and management’s evaluation of the standard did not result in significant changes to the 
assessment of such performance obligations or the timing of the Company’s revenue recognition upon adoption of 
the new standard. The Company’s primary business processes are consistent with the principles contained in the 
ASU, and the Company’s evaluation of the standard did not result in significant changes to those processes or its 
internal controls or systems.  

Statement of Cash Flows.  In August 2016, the FASB issued ASU 2016-15 — Statement of Cash Flows 
(Topic 230). ASU 2016-15 aims to eliminate diversity in the practice of how certain cash receipts and cash payments 
are presented and classified in the statement of cash flows. The guidance  became effective for annual reporting 
periods  beginning  after  December  15,  2017  and  interim  periods  within those  years. The  Company  adopted  this 
standard for its fiscal year beginning May 1, 2018, and it did not have a material effect on our consolidated financial 
statements.  

Income Taxes.  In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740). ASU 2016-
16 requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than 
inventory, in the period in which the transfer occurs. The guidance became effective for annual reporting periods 
beginning after December 15, 2017 and interim periods within those years. The Company adopted this standard for 
its fiscal year beginning May 1, 2018, and it did not have a material effect on our consolidated financial statements. 

Leases.  In February 2016, the FASB issued ASU 2016-02, Leases.  The new guidance requires that lessees 
recognize  all  leases,  including  operating  leases,  with  a  term  greater  than  12  months  on-balance  sheet  and  also 
requires disclosure of key information about leasing transactions.  The guidance in ASU 2016-02 is effective for 
annual reporting periods beginning after December 15, 2018, and interim reporting periods within those years.  The 
Company will adopt this ASU and related amendments as of the beginning of the first quarter of the year ending 
April 30, 2020 and will be electing certain practical expedients permitted under the transition guidance, including 
to retain the historical lease classification as well as relief from reviewing expired or existing contracts to determine 
if they contain leases. The adoption of this ASU and related amendments will result in total assets and liabilities 
increasing  approximately  $35  million  to  $40  million.   The  Company’s  Consolidated  Statements  of  Income  and 
Consolidated Statements of Cash Flows will not be materially impacted. 

Credit  Losses.    In  June  2016,  the  FASB  issued  ASU  2016-13,  Financial  Instruments  —  Credit  Losses 
(Topic 326). ASU 2016-13 requires financial assets such as loans to be presented net of an allowance for credit 
losses that reduces the cost basis to the amount expected to be collected over the estimated life. Expected credit 
losses  will  be  measured  based  on  historical  experience  and  current  conditions,  as  well  as  forecasts  of  future 
conditions  that  affect  the  collectability  of  the  reported  amount.  ASU  2016-13  is  effective  for  annual  reporting 
periods  beginning  after  December  15,  2019,  and  interim  reporting  periods  within  those  years  using  a  modified 

32 

 
 
 
 
 
retrospective approach.  The Company is currently evaluating the potential effects of the adoption of this guidance 
on the consolidated financial statements. 

Impact of Inflation  

Inflation has not historically been a significant factor impacting the Company’s  results; however, recent 
purchase price increases for vehicles, most pronounced over the last five fiscal years, have had a negative effect on 
the Company’s gross margin percentages when compared to past years. This is due to the fact that the Company 
focuses on keeping payments affordable for its customer base and at the same time ensuring that the term of the 
contract matches the economic life of the vehicle.  

Item 7A.  Quantitative and Qualitative Disclosures about Market Risk 

The  Company  is  exposed  to  market  risk  on  its  financial  instruments  from  changes  in  interest  rates.  In 
particular, the Company has historically had exposure to changes in the federal primary credit rate and has exposure 
to changes in the prime interest rate of its lender.  The Company does not use financial instruments for trading 
purposes but has in the past entered into an interest rate swap agreement to manage interest rate risk.   

Interest  rate  risk.    The  Company’s  exposure  to  changes  in  interest  rates  relates  primarily  to  its  debt 
obligations.  The Company is exposed to changes in interest rates as a result of its revolving credit facilities, and 
the interest rates charged to the Company under its credit facilities fluctuate based on its primary lender’s base rate 
of interest.  The Company had total revolving debt of $152.4 million outstanding at April 30, 2019. The impact of 
a  1%  increase  in  interest  rates  on  this  amount  of  debt  would  result  in  increased  annual  interest  expense  of 
approximately $1.5 million and a corresponding decrease in net income before income tax.  

The  Company’s  earnings  are  impacted  by  its  net  interest  income,  which  is  the  difference  between  the 
income earned on interest-bearing assets and the interest paid on interest-bearing notes payable. The Company’s 
finance receivables carry a fixed interest rate of 15% or 16.5% per annum, based on the Company’s contract interest 
rate as of the contract origination date, while its revolving credit facilities contain variable interest rates that fluctuate 
with market interest rates. 

Item 8.  Financial Statements and Supplementary Data 

The following financial statements and accountant’s report are included in Item 8 of this Annual Report on 

Form 10-K: 

Report of Independent Registered Public Accounting Firm 

Consolidated Balance Sheets as of April 30, 2019 and 2018 

Consolidated Statements of Operations for the years ended April 30, 2019, 2018 and 2017 

Consolidated Statements of Cash Flows for the years ended April 30, 2019, 2018 and 2017 

Consolidated Statement of Equity for the years ended April 30, 2019, 2018 and 2017 

Notes to Consolidated Financial Statements 

33 

 
 
 
 
 
 
   
  
 
 
 
 
 
 
 
 
                     
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

Board of Directors and Shareholders 
America’s Car-Mart, Inc. 

Opinion on the financial statements  

We  have  audited  the  accompanying  consolidated  balance  sheets  of  America’s  Car-Mart,  Inc.  (a  Texas  corporation)  and 
subsidiaries (the “Company”) as of April 30, 2019 and 2018, the related consolidated statements of operations, equity, and 
cash flows for each of the three years in the period ended April 30, 2019, and the related notes (collectively referred to as 
the  “financial  statements”).  In  our  opinion,  the  financial  statements  present  fairly,  in  all  material  respects,  the  financial 
position of the Company as of April 30, 2019 and 2018, and the results of its operations and its cash flows for each of the 
three years in the period ended  April 30, 2019, in conformity with accounting principles generally accepted in the United 
States of America.  

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(“PCAOB”), the Company’s internal control over financial reporting as of April 30, 2019, based on criteria established in the 
2013  Internal  Control—Integrated  Framework  issued  by  the  Committee  of  Sponsoring  Organizations  of  the  Treadway 
Commission (“COSO”), and our report dated June 21, 2019 expressed an unqualified opinion. 

Basis for opinion  

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion 
on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and 
are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the 
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.  

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform 
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether 
due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial 
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included 
examining,  on  a  test  basis,  evidence  supporting  the  amounts  and disclosures  in  the  financial  statements.  Our  audits  also 
included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the 
overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 

/s/ GRANT THORNTON LLP  

We have served as the Company’s auditor since 2000. 

Tulsa, Oklahoma 
June 21, 2019 

34 

 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
Consolidated Balance Sheets 
America’s Car-Mart, Inc. 
(Dollars in thousands) 

The accompanying notes are an integral part of these consolidated financial statements. 

35 

Assets:Cash and cash equivalents$1,752$1,022Accrued interest on finance receivables2,3482,189Finance receivables, net415,486383,617Inventory37,48333,610Prepaid expenses and other assets4,6344,747Income taxes receivable, net1,947              1,450              Goodwill355355Property and equipment, net28,53728,594Total Assets$492,542$455,584Liabilities, mezzanine equity and equity:Liabilities:Accounts payable $13,659$13,609Deferred payment protection plan revenue21,36719,823Deferred service contract revenue10,59210,332Accrued liabilities18,83715,960Deferred income tax liabilities, net14,25912,558Debt facilities152,918152,367Total liabilities231,632224,649Commitments and contingencies (Note L)Mezzanine equity:Mandatorily redeemable preferred stock400                 400Equity:Preferred stock, par value $.01 per share, 1,000,000 shares authorized;none issued or outstanding--Common stock, par value $.01 per share, 50,000,000 shares authorized;13,376,030 and 13,147,143 issued at April 30, 2019 and April 30, 2018, respectively, of which 6,699,421 and 6,849,161 were outstanding at April 30, 2019 and April 30, 2018, respectively134131Additional paid-in capital81,60572,641Retained earnings409,573361,988Less:  Treasury stock, at cost, 6,676,609 and 6,297,982shares at April 30, 2019 and April 30, 2018, respectively(230,902)(204,325)Total stockholders' equity260,410230,435Non-controlling interest100100Total equity260,510230,535Total Liabilities, mezzanine equity and equity$492,542$455,584April 30, 2018April 30, 2019 
 
 
 
Consolidated Statements of Operations 
America’s Car-Mart, Inc. 
(Dollars in thousands except per share amounts) 

The accompanying notes are an integral part of these consolidated financial statements. 

36 

Years Ended April 30, Revenues:Sales$586,508$537,528$520,149Interest and other income82,61474,67367,602Total revenues669,122612,201587,751Costs and expenses:Cost of sales, excluding depreciation343,898315,273304,927Selling, general and administrative 107,24999,02391,940Provision for credit losses146,363149,059149,097Interest expense7,8835,5994,069Depreciation and amortization3,9694,2504,272Loss (gain) on disposal of property and equipment(91)911,204Total costs and expenses609,271573,295555,509Income before income taxes59,85138,90632,242Provision for income taxes12,2262,39712,037Net income$47,625$36,509$20,205Less:  Dividends on mandatorily redeemable preferred stock404040Net income attributable to common stockholders$47,585          $36,469          $20,165          Earnings per share:Basic$6.99$5.04$2.57Diluted$6.73$4.90$2.49Weighted average number of shares outstanding:Basic6,810,8797,232,0147,854,238Diluted7,071,7687,441,3588,110,777201820192017 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Statements of Cash Flows 
America’s Car-Mart, Inc. 
(In thousands) 

The accompanying notes are an integral part of these consolidated financial statements. 

37 

Years Ended April 30, Operating activities:201920182017Net income$47,625             $36,509             $20,205             Adjustments to reconcile net income to net cashprovided by operating activities:Provision for credit losses146,363           149,059           149,097           Losses on claims for payment protection plan17,020             16,748             15,627             Depreciation and amortization3,969               4,250               4,272               Amortization of debt issuance costs251                  260                  252                  Loss (gain) on disposal of property and equipment(91)                  91                    1,204               Stock-based compensation3,703               1,603               1,293               Deferred income taxes1,701               (6,360)             638                  Excess tax benefit from stock based compensation-                      -                      (1,183)             Change in operating assets and liabilities:Finance receivable originations(540,505)         (494,641)         (479,099)         Finance receivable collections293,739           260,104           249,264           Accrued interest on finance receivables(159)                (91)                  (382)                Inventory47,641             38,793             42,493             Prepaid expenses and other assets113                  (780)                (730)                Accounts payable and accrued liabilities2,226               4,712               676                  Deferred payment protection plan revenue1,544               1,351               1,167               Deferred service contract revenue259                  721                  (423)                Income taxes, net(497)                (2,335)             2,963               Net cash provided by operating activities24,902             9,994               7,334               Investing Activities:Purchases of property and equipment(4,029)             (2,258)             (1,587)             Proceeds from sale of property and equipment142                  554                  932                  Net cash used in investing activities(3,887)             (1,704)             (655)                Financing Activities:Exercise of stock options5,117               1,641               1,895               Excess tax benefits from stock based compensation-                      -                      1,183               Issuance of common stock147                  115                  142                  Purchase of common stock(26,577)           (42,301)           (20,486)           Dividend payments(40)                  (40)                  (40)                  Debt issuance costs(371)                (103)                (449)                Change in cash overdrafts768                  (163)                669                  Prinicipal payments on notes payable(389)                (107)                (104)                Proceeds from revolving credit facilities450,554           433,818           387,050           Payments on revolving credit facilities(449,494)         (400,562)         (376,707)         Net cash used in financing activities(20,285)           (7,702)             (6,847)             Increase (decrease) in cash and cash equivalents730                  588                  (168)                Cash and cash equivalents, beginning of period1,022               434                  602                  Cash and cash equivalents, end of period$1,752               $1,022               $434                   
 
 
 
 
 
 
 
 
Consolidated Statements of Equity 
America’s Car-Mart, Inc. 
(Dollars in thousands) 
For the Years Ended April 30, 2019, 2018 and 2017 

The accompanying notes are an integral part of these consolidated financial statements. 

38 

SharesBalance at April 30, 201612,726,560$127 $64,771 $305,354 $(141,535)$100 $228,817 Issuance of common stock4,750-142 ---142 Stock options exercised196,1032 1,895 ---1,897 Purchase of 666,202 treasury shares----(20,489)-(20,489)Tax benefit of stock based compensation--1,183 ---1,183 Stock based compensation--1,293 ---1,293 Dividends on subsidiary preferred stock---(40)--(40)Net income---20,205 --20,205 Balance at April 30, 201712,927,413$129 $69,284 $325,519 $(162,024)$100 $233,008 Issuance of common stock3,096-115 ---115 Stock options exercised216,6342 1,639 ---        1,641 Purchase of 979,040 treasury shares----(42,301)-(42,301)Stock based compensation--1,603 ---1,603 Dividends on subsidiary preferred stock---(40)--(40)Net income---36,509 --36,509 Balance at April 30, 201813,147,143$131 $72,641 $361,988 $(204,325)$100 $230,535 Issuance of common stock2,267-147 ---147 Stock options exercised226,6203 5,114 ---        5,117 Purchase of 378,627 treasury shares----(26,577)-(26,577)Stock based compensation--3,703 ---3,703 Dividends on subsidiary preferred stock---(40)--(40)Net income---47,625 --47,625 Balance at April 30, 201913,376,030$134 $81,605 $409,573 $(230,902)$100 $260,510 TotalAmountCapitalEarningsStockInterestEquityAdditionalNon-  Common StockPaid-InRetainedTreasuryControlling 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to Consolidated Financial Statements 
America’s Car-Mart, Inc. 

A - Organization and Business 

America’s  Car-Mart,  Inc.,  a  Texas  corporation  (the  “Company”),  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.  References to the Company typically include the Company’s consolidated subsidiaries.  
The Company’s operations are conducted principally through its two operating subsidiaries, America’s Car Mart, 
Inc., an Arkansas corporation (“Car-Mart of Arkansas”), and Colonial Auto Finance, Inc., an Arkansas corporation 
(“Colonial”).  Collectively, Car-Mart of Arkansas and Colonial are referred to herein as “Car-Mart”.  The Company 
primarily sells older model used vehicles and provides financing for substantially all of its customers. Many of the 
Company’s customers have limited financial resources and would not qualify for conventional financing as a result 
of limited credit histories or past credit problems.  As of April 30, 2019, the Company operated 144 dealerships 
located primarily in small cities throughout the South-Central United States. 

B - Summary of Significant Accounting Policies 

Principles of Consolidation 

The consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries.  

All intercompany accounts and transactions have been eliminated. 

Segment Information 

Each  dealership  is  an  operating  segment  with  its  results  regularly  reviewed  by  the  Company’s  chief 
operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess 
its  performance.  Individual  dealerships  meet  the  aggregation  criteria  for  reporting  purposes  under  the  current 
accounting guidance.  In the Integrated Auto Sales and Finance industry, the nature of the sale and the financing of 
the  transaction,  financing  processes,  the  type  of  customer  and  the  methods  used  to  distribute  the  Company’s 
products and services, including the actual servicing of the contracts as well as the regulatory environment in which 
the Company operates all have similar characteristics.  Each of our individual dealerships is similar in nature and 
only  engages  in  the  selling  and  financing  of  used  vehicles.  All  individual  dealerships  have  similar  operating 
characteristics.  As such, individual dealerships have been aggregated into one reportable segment.  

Use of Estimates 

The preparation of financial statements in conformity with accounting principles generally accepted in the 
United States of America requires management to make estimates and assumptions that affect the reported amount 
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and 
the reported amounts of revenues and expenses during the period.  Actual results could differ from those estimates.  
Significant estimates include, but are not limited to, the Company’s allowance for credit losses. 

Concentration of Risk 

The Company provides financing in connection with the sale of substantially all of its vehicles.  These sales 
are  made  primarily  to  customers  residing  in  Alabama,  Arkansas,  Georgia,  Kentucky,  Mississippi,  Missouri, 
Oklahoma, Tennessee, and Texas, with approximately 28% of revenues resulting from sales to Arkansas customers.   

As  of  April  30,  2019,  and  periodically  throughout  the  year,  the  Company  maintained  cash  in  financial 
institutions in excess of the amounts insured by the federal government.  The Company’s revolving credit facilities 
mature in December 2021.  The Company expects that these credit facilities will be renewed or refinanced on or 
before the scheduled maturity dates. 

39 

 
 
 
 
 
 
 
 
Restrictions on Distributions/Dividends 

The  Company’s  revolving  credit  facilities  generally  restrict  distributions  by  the  Company  to  its 
shareholders.  The distribution limitations under the credit facilities allow the Company to repurchase shares of its 
common stock up to certain limits.  Under the current limits, the aggregate amount of repurchases after October 25, 
2017 cannot exceed the greater of:  (a) $50 million, net of proceeds received from the exercise of stock options 
(plus any repurchases made during the first six months after October 25, 2017, in an aggregate amount up to the 
remaining availability under the $40 million repurchase limit in effect immediately prior to October 25, 2017, net 
of proceeds received from the exercise of stock options), provided that the sum of the borrowing bases combined 
minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 
20% of the sum of the borrowing bases; or (b) 75% of the consolidated net income of the Company measured on a 
trailing  twelve  month  basis.    In  addition,  immediately  before  and  after  giving  effect  to  the  Company’s  stock 
repurchases,  at  least  12.5%  of  the  aggregate  funds  committed  under  the  credit  facilities  must  remain  available.  
Thus, the Company is limited in its ability to pay dividends or make other distributions to its shareholders without 
the consent of the Company’s lenders.   

Cash Equivalents 

The Company considers all highly liquid instruments purchased with original maturities of three months or 

less to be cash equivalents.   

Finance Receivables, Repossessions and Charge-offs and Allowance for Credit Losses 

The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These 
installment sale contracts carry an average interest rate of approximately 16.4% using the simple effective interest 
method including any deferred fees. In May 2016, the Company increased its retail installment sales contract interest 
rate from 15.0% to 16.5% in response to continued high levels of credit losses. Contract origination costs are not 
significant.  The installment sale contracts are not pre-computed contracts whereby borrowers are obligated to pay 
back  principal  plus  the  full  amount  of  interest  that  will  accrue  over  the  entire  term  of  the  contract.    Finance 
receivables are collateralized by vehicles sold and consist of contractually scheduled payments from installment 
contracts net of unearned finance charges and an allowance for credit losses.  Unearned finance charges represent 
the balance of interest receivable to be earned over the entire term of the related installment contract, less the earned 
amount ($2.3 million at April 30, 2019 and $2.2 million at April 30, 2018), and as such, have been reflected as a 
reduction to the gross contract amount in arriving at the principal balance in finance receivables. An account is 
considered delinquent  when  the  customer  is  one  day  or  more  behind  on their  contractual  payments.   While  the 
Company does not formally place contracts on nonaccrual status, the immaterial amount of interest that may accrue 
after an account becomes delinquent up until the point of resolution via repossession or write-off, is reserved for 
against the accrued interest on the Consolidated Balance Sheets. Delinquent contracts are addressed and either made 
current by the customer, which is the case in most situations, or the vehicle is  repossessed or written  off if the 
collateral cannot be recovered quickly. Customer payments are set to match their payday with approximately 76% 
of payments due on either a weekly or bi-weekly basis. The frequency of the payment due dates combined with the 
declining  value  of  collateral  lead  to  prompt  resolutions  on  problem  accounts.    At  April  30,  2019,  2.9%  of  the 
Company’s finance receivables balances were 30 days or more past due compared to 3.5% at April 30, 2018.   

Substantially  all  of  the  Company’s  automobile  contracts  involve  contracts  made  to  individuals  with 
impaired or limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders.  Contracts 
made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a 
higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better 
credit.  At the time of originating a finance agreement, the Company requires customers to meet certain criteria that 
demonstrate their intent and ability to pay for the financed principle and interest on the vehicle they are purchasing.  
However, the Company recognizes that their customer base is at a higher risk of default given their impaired or 
limited credit histories.  

40 

 
 
 
 
 
The Company strives  to keep its delinquency percentages low, and not to repossess vehicles. Accounts 
three days late are contacted by telephone.  Notes from each telephone contact are electronically maintained in the 
Company’s computer system.  The Company also utilizes text messaging notifications which allows customers to 
elect to receive reminders on their due dates and late notifications, if applicable. The Company attempts to resolve 
payment delinquencies amicably prior to repossessing a vehicle. If a customer becomes severely delinquent in his 
or  her  payments,  and  management  determines  that  timely  collection  of  future  payments  is  not  probable,  the 
Company will take steps to repossess the vehicle. 

Periodically, the Company enters into contract modifications with its customers to extend  or modify the 
payment terms.  The Company only enters into a contract modification or extension if it believes such action will 
increase the amount of monies the Company will ultimately realize on the customer’s account and will increase the 
likelihood of the customer being able to pay off the vehicle contract.  At the time of modification, the Company 
expects to collect amounts due including accrued interest at the contractual interest rate for the period of delay. No 
other concessions are granted to customers, beyond the extension of additional time, at the time of modifications. 
Modifications are minor and are made for payday changes, minor vehicle repairs and other reasons.  For those 
vehicles that are repossessed, the majority are returned or surrendered by the customer on a voluntary basis.  Other 
repossessions are performed by Company personnel or third-party repossession agents.  Depending on the condition 
of a repossessed vehicle, it is either resold on a retail basis through a Company  dealership or sold for cash on a 
wholesale basis primarily through physical or online auctions. 

The  Company  takes  steps  to  repossess  a  vehicle  when  the  customer  becomes  delinquent  in  his  or  her 
payments and management determines that timely collection of future payments is not probable.  Accounts are 
charged-off  after  the  expiration  of  a  statutory  notice  period  for  repossessed  accounts,  or  when  management 
determines that the timely collection of future payments is not probable for accounts where the Company has been 
unable to repossess the vehicle.  For accounts with respect to which the vehicle was repossessed, the fair value of 
the repossessed vehicle is charged as a reduction of the gross finance receivables balance charged-off.  On average, 
accounts are approximately 60 days past due at the time of charge-off.  For previously charged-off accounts that 
are subsequently recovered, the amount of such recovery is credited to the allowance for credit losses.  

The Company maintains an allowance for credit losses on an aggregate basis, as opposed to a contract-by-
contract basis, at an amount it considers sufficient to cover estimated losses inherent in the portfolio at the balance 
sheet date in the collection of its finance receivables currently outstanding. The Company accrues an estimated loss 
for the amount it believes will not be collected.  The amount of the loss can be reasonably estimated in the aggregate.  
The allowance for credit losses is based primarily upon historical credit loss experience, with consideration given 
to  recent  credit  loss  trends  and  changes  in  contract  characteristics  (i.e.,  average  amount  financed  and  term), 
delinquency  levels,  collateral  values,  economic  conditions  and  underwriting  and  collection  practices.    The 
allowance  for  credit  losses  is  periodically  reviewed  by  management  with  any  changes  reflected  in  current 
operations.  Although it is at least reasonably possible that events or circumstances could occur in the future that 
are  not  presently  foreseen  which  could  cause  actual  credit  losses  to  be  materially  different  from  the  recorded 
allowance for credit losses, the Company believes that it has given appropriate consideration to all relevant factors 
and  has  made  reasonable  assumptions  in  determining  the  allowance  for  credit  losses.    The  calculation  of  the 
allowance for credit losses uses the following primary factors: 

•  The number of units repossessed or charged-off as a percentage of total units financed over specific 

historical periods of time from one year to five years. 

•  The average net repossession and charge-off loss per unit during the last eighteen months, segregated 
by  the  number  of  months  since  the  contract  origination  date,  and  adjusted  for  the  expected  future 
average net charge-off loss per unit.  Approximately 50% of the charge-offs that will ultimately occur 
in  the  portfolio  are  expected  to  occur  within  10-11  months  following  the  balance  sheet  date.    The 
average age of an account at charge-off date is 12 months. 

41 

 
 
 
•  The timing of repossession and charge-off losses relative to the date of sale (i.e., how long it takes for 
a  repossession  or  charge-off  to  occur)  for  repossessions  and  charge-offs  occurring  during  the  last 
eighteen months. 

A point estimate is produced by this analysis which is then supplemented by a review of static pools coupled 
with any positive or negative subjective factors to arrive at an overall reserve amount that management considers 
to be a reasonable estimate of losses inherent in the portfolio at the balance sheet date that will be realized via actual 
charge-offs  in  the  future.  While  challenging  economic  conditions  can  negatively  impact  credit  losses,  the 
effectiveness of the execution of internal policies and procedures within the collections area and the competitive 
environment on the lending side have historically had a more significant effect on collection results than macro-
economic issues. 

An increase to the allowance for credit losses to 25% was made in the second quarter of fiscal 2016 which 
resulted in a $4.8 million charge to the provision for credit losses based on the analysis discussed above and the 
increased  level  of  charge-offs  with  the  expectation  that  charge-offs  related  to  a  significant  extent  to  increased 
competition on the lending side will remain elevated.  The allowance remained at 25% at April 30, 2019.  

In most states, the Company offers retail customers who finance their vehicle the option of purchasing a 
payment protection plan product as an add-on to the installment sale contract.  This product contractually obligates 
the Company to cancel the remaining principal outstanding for any contract where the retail customer has totaled 
the  vehicle,  as  defined  by  the  product,  or  the  vehicle  has  been  stolen.    The  Company  periodically  evaluates 
anticipated  losses  to  ensure  that  if  anticipated  losses  exceed  deferred  payment  protection  plan  revenues,  an 
additional liability is recorded for such difference.  No such liability was required at April 30, 2019 or 2018. 

Inventory 

Inventory consists of used vehicles and is valued at the lower of cost or net realizable value on a specific 
identification  basis.    Vehicle  reconditioning  costs  are  capitalized  as  a  component  of  inventory.    Repossessed 
vehicles and trade-in vehicles are recorded at fair value, which approximates wholesale value.  The cost of used 
vehicles sold is determined using the specific identification method. 

Goodwill  

Goodwill  reflects  the  excess  of  purchase  price  over  the  fair  value  of  specifically  identified  net  assets 
purchased.  Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to 
qualitative annual impairment tests at the Company’s year-end. The impairment tests are based on the comparison 
of the fair value of the reporting unit to the carrying value of such unit. The implied goodwill is compared to the 
carrying value of the goodwill to determine the impairment, if any.  There was no impairment of goodwill during 
fiscal 2019 or fiscal 2018. 

Property and Equipment 

Property and equipment are stated at cost.  Expenditures for additions, remodels and improvements are 
capitalized.  Costs of repairs and maintenance are expensed as incurred.  Leasehold improvements are amortized 
over the shorter of the estimated life of the improvement or the lease period.  The lease period includes the primary 
lease term plus any extensions that are reasonably assured.  Depreciation is computed principally using the straight-
line method generally over the following estimated useful lives: 

Furniture, fixtures and equipment 
Leasehold improvements 
Buildings and improvements 

3 to 7 years 
5 to 15 years 
18 to 39 years 

Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate 
the carrying amount of an asset may not be recoverable.  Recoverability of assets to be held and used is measured 

42 

 
 
 
 
 
 
 
 
by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated 
by the asset.  If such assets are considered to be impaired, the impairment to be recognized is measured by the 
amount  by  which  the carrying  values  of the impaired  assets  exceed  the  fair  value  of  such  assets.    Assets to  be 
disposed of are reported at the lower of the carrying amount or fair value less costs to sell.   

Cash Overdraft 

As checks are presented for payment from the Company’s primary disbursement bank account, monies are 
automatically drawn against cash collections for the day and, if necessary, are drawn against one of its revolving 
credit facilities.  Any cash overdraft balance principally represents outstanding checks, net of any deposits in transit 
that as of the balance sheet date had not yet been presented for payment. Any cash overdraft balance is reflected in 
accrued liabilities on the Company’s Consolidated Balance Sheets. 

Deferred Sales Tax 

Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis 
in the states of Alabama and Texas.  Under Alabama and Texas law, for vehicles sold on an installment basis, the 
related sales tax is due as the payments are collected from the customer, rather than at the time of sale.  Deferred 
sales tax liabilities are reflected in accrued liabilities on the Company’s Consolidated Balance Sheets. 

Income Taxes 

Income taxes are accounted for under the liability method.  Under this method, deferred income tax assets 
and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities 
and are measured using the enacted tax rates expected to apply in the years in which these differences are expected 
to be recovered or settled. 

On December 22, 2017, President Trump signed into law the "Tax Cuts and Jobs Act" (the "Tax Act"). The 
Tax Act includes significant changes to the U.S. tax code that affected our fiscal year ending April 30, 2018, and 
future periods. Changes in the tax laws from the Tax Act had a material impact on our financial statements in fiscal 
2018. Under generally accepted accounting principles ("U.S. GAAP") specifically ASC Topic 740, Income Taxes, 
the tax effects of changes in tax laws must be recognized in the period in which the law is enacted, or December 22, 
2017, for the Tax Act. ASC 740 also requires deferred tax assets  and liabilities to be measured at the enacted tax 
rate expected to apply when temporary differences are to be realized or settled. Thus, at the date of enactment, the 
Company’s  deferred  taxes  were  re-measured  based  upon  the  new  tax  rates.  The  change  in  deferred  taxes  is 
recorded as an adjustment to our deferred tax provision.  The Tax Act reduced the corporate tax rate from 35% to 
21%,  effective  January  1,  2018.  This  resulted  in  a  blended  federal  corporate  tax  rate  of  approximately  30.4%  in 
fiscal year 2018 and 21% thereafter. In the third quarter of fiscal 2018, we recorded a discrete net deferred income 
tax benefit of $8.1 million with a corresponding provisional reduction to our net deferred income tax liability.  

Occasionally,  the  Company  is  audited  by  taxing  authorities. 

  These  audits  could  result  in 
proposed  assessments  of  additional  taxes.    The  Company  believes  that  its  tax  positions  comply  in  all  material 
respects  with  applicable  tax  law;  however,  tax  law  is  subject  to  interpretation,  and  interpretations  by  taxing 
authorities could be different from those of the Company, which could result in the imposition of additional taxes.  

The Company recognizes the financial statement benefit  of a tax position only after determining that the 
relevant  tax  authority  would  more  likely  than  not  sustain  the  position  following  an  audit.    For  tax  positions 
meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit 
that  has  a  greater  than  50  percent  likelihood  of  being  realized  upon  ultimate  settlement  with  the  relevant  tax 
authority.  The Company applies this methodology to all tax positions for which the statute of limitations remains 
open. 

The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions.  Tax 
regulations  within  each jurisdiction  are  subject  to  the interpretation  of  the  related  tax  laws  and  regulations and 

43 

require significant judgment to apply.  With few exceptions, the Company is no longer subject to U.S. federal, state 
and local income tax examinations by tax authorities for the fiscal years before 2016. 

The  Company’s  policy  is  to  recognize  accrued  interest  related  to  unrecognized  tax  benefits  in  interest 
expense and penalties in operating expenses. The Company had no accrued penalties or interest as of April 30, 2019 
and 2018, respectively. 

Revenue Recognition 

Revenues are generated principally from the sale of used vehicles, which in most cases includes a service 
contract  and  a  payment  protection  plan  product,  as  well  as  interest  income  and  late  fees  earned  on  finance 
receivables. Revenues are net of taxes collected from customers and remitted to  government agencies.  Cost of 
vehicle sales include costs incurred by the Company to prepare the vehicle for sale including license and title costs, 
gasoline, transport services and repairs. 

The  Company’s  performance  obligations  are  clearly  identifiable,  and  the  transaction  price  is  explicitly 
stated on the customers’ contracts.  The Company collects payment in accordance with the terms of the customers’ 
accounts, ranging between 18 to 48 months.  Revenues from the sale of used vehicles are recognized when the sales 
contract is signed, the customer has taken possession of the vehicle and, if applicable, financing has been approved.  
Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received.  Revenues 
from the sale of service contracts are recognized ratably over the expected duration of the product.  Service contract 
revenues  are  included  in  sales  and  the  related  expenses  are  included  in  cost  of  sales.  Payment  protection  plan 
revenues are initially deferred and then recognized to income using the “Rule of 78’s” interest method over the life 
of  the  contract  so  that  revenues  are  recognized  in  proportion  to  the  amount  of  cancellation  protection 
provided.  Payment protection plan revenues are included in sales and related losses are included in cost of sales as 
incurred.  Interest income is recognized on all active finance receivables accounts using the simple effective interest 
method.  Active accounts include all accounts except those that have been paid-off or charged-off. 

Sales consist of the following for the years ended April 30, 2019, 2018 and 2017: 

At  April  30,  2019  and  2018,  finance  receivables  more  than  90  days  past  due  were  approximately  $1.2 
million and $1.6 million, respectively. Late fee revenues totaled approximately $1.9 million, $1.9 million and $2.0 
million for the fiscal years ended 2019, 2018 and 2017, respectively.  Late fee revenue is recognized when collected 
and is reflected within Interest and other income on the Consolidated Statements of Operations.  The amount of 
revenue recognized  for the  year  ended  April  30,  2019  that  was included in the April  30,  2018  deferred  service 
contract revenue was $9.1 million.  

Advertising Costs 

Advertising  costs  are  expensed  as  incurred  and  consist  principally  of  radio,  television,  print  media  and 
digital marketing costs.  Advertising costs amounted to $3.1 million, $3.8 million and $4.0 million for the years 
ended April 30, 2019, 2018 and 2017, respectively. 

44 

(In thousands)201920182017Sales – used autos$506,184$462,956$448,183Wholesales – third party27,37625,63823,554Service contract sales30,24328,48228,668Payment protection plan revenue22,70520,45219,744Total$586,508$537,528$520,149Years Ended April 30, 
 
 
 
 
 
Employee Benefit Plans 

The Company has 401(k) plans for all of its employees meeting certain eligibility requirements.  The plans 
provide for voluntary employee contributions and the Company matches 50% of employee contributions up to a 
maximum of 4% of each employee’s compensation.  The Company contributed approximately $523,000, $465,000, 
and $437,000 to the plans for the years ended April 30, 2019, 2018 and 2017, respectively.  

The Company offers employees the right to purchase common shares at a 15% discount from market price 
under the 2006 Employee Stock Purchase Plan which was approved by shareholders in October 2006. The Company 
takes a charge to earnings for the 15% discount, included in stock-based compensation.  Amounts for fiscal years 
2019, 2018 and 2017 were not material individually or in the aggregate. A total of 200,000 shares were registered 
and 142,523 remain available for issuance under this plan at April 30, 2019.   

Earnings per Share 

Basic earnings per share are computed by dividing net income attributable to common stockholders by the 
average number of common shares outstanding during the period.  Diluted earnings per share  are computed by 
dividing net income attributable to common stockholders by the average number of common shares outstanding 
during the period plus dilutive common stock equivalents.  The calculation of diluted earnings per share takes into 
consideration the potentially dilutive effect of common stock equivalents, such as outstanding stock options and 
non-vested restricted stock, which if exercised or converted into common stock would then share in the earnings of 
the Company.  In computing diluted earnings per share, the Company utilizes the treasury stock method and anti-
dilutive securities are excluded. 

Stock-Based Compensation 

The  Company  recognizes  the  cost  of  employee  services  received  in  exchange  for  awards  of  equity 
instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant 
over the requisite service period.  The Company uses the Black-Scholes option pricing model to determine the fair 
value of stock option awards.  The Company may issue either new shares or treasury shares upon exercise of these 
awards.    Stock-based  compensation  plans,  related  expenses,  and  assumptions  used  in  the  Black-Scholes  option 
pricing  model  are  more  fully  described  in  Note  K.    If  an  award  contains  a  performance  condition,  expense  is 
recognized only for those shares for which it is considered reasonably probable as of the current period end that the 
performance condition will be met.  In March 2016, the FASB issued ASU 2016-09, Improvements to Employee 
Share-Based Payment Accounting, to simplify the accounting for share-based payment transactions.  The Company 
adopted the guidance prospectively on May 1, 2017.  The Company recognized a $1.7 million tax benefit during 
fiscal 2018. In connection with the adoption, we elected to account for forfeitures as they occur; previously, we 
were required to record stock compensation expense based on awards that were expected to vest, which had required 
us to apply an estimated forfeiture rate.  The differential between the amount of compensation previously recorded 
and  the  amount that  would  have  been recorded,  if  we  did  not  assume  a  forfeiture  rate,  was  not  material  to  our 
consolidated financial statements. Also, in connection with the adoption, the Company now records any excess tax 
benefits or deficiencies from its equity awards in its Consolidated Statements of Operations in the reporting period 
in  which  the  exercise  occurs.    As  a  result,  going  forward,  the  Company’s  income  tax  expenses  and  associated 
effective tax rate will be impacted by fluctuations in stock price between the grant dates and exercise dates of equity 
awards.   

Treasury Stock 

The Company purchased 378,627, 979,040, and 666,202 shares of its common stock to be held as treasury 
stock for a total cost of $26.6 million, $42.3 million and $20.5 million during the years ended April 30, 2019, 2018 
and 2017, respectively.  Treasury stock may be used for issuances under the Company’s stock-based compensation 
plans or for other general corporate purposes.  The Company has a reserve account of 10,000 shares of treasury 
stock to secure outstanding service contracts issued in Iowa in accordance with the regulatory requirements of that 
state and another reserve account of 14,000 shares of treasury stock for its subsidiary, ACM Insurance Company, 
in accordance with the requirements of the Arkansas Department of Insurance. 

45 

 
 
 
 
 
 
 
 
 
 
Recent Accounting Pronouncements 

Occasionally, new accounting pronouncements are issued by the Financial Accounting Standards Board 
(“FASB”) or other standard setting bodies which the Company will adopt as of the specified effective date. Unless 
otherwise  discussed,  the  Company  believes  the  implementation  of  recently  issued  standards  which  are  not  yet 
effective will not have a material impact on its consolidated financial statements upon adoption. 

Revenue  Recognition.    In  May  2014,  the  FASB  issued  ASU  2014-09,  Revenue  from  Contracts  with 
Customers (Topic 606), which supersedes existing revenue recognition guidance.  The new guidance in ASU 2014-
09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an 
amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or 
services.  ASU  2014-09  also  requires  additional  disclosure  about  the  nature,  amount,  timing  and  uncertainty  of 
revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments 
and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 
2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, to provide entities 
with an additional year to implement ASU 2014-09.  As a result, the guidance in ASU 2014-09 became effective 
for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those years, 
using one of two retrospective application methods.  The Company adopted this standard for its fiscal year beginning 
May 1, 2018 and applied the modified retrospective transition method for all contracts.  Adoption of this standard 
did not result in an adjustment to our revenue recognition.  The Company’s evaluation process included, but was 
not limited to, identifying contracts within the scope of the guidance and reviewing and documenting its accounting 
for these contracts. The Company primarily sells products and recognizes revenue at the point of sale or delivery to 
customers, at which point the earnings process is deemed to be complete. The Company’s performance obligations 
are clearly identifiable, and management’s evaluation of the standard did not result in significant changes to the 
assessment of such performance obligations or the timing of the Company’s revenue recognition upon adoption of 
the new standard. The Company’s primary business processes are consistent with the principles contained in the 
ASU, and the Company’s evaluation of the standard did not result in significant changes to those processes or its 
internal controls or systems.  

Statement of Cash Flows.  In August 2016, the FASB issued ASU 2016-15 — Statement of Cash Flows 
(Topic 230). ASU 2016-15 aims to eliminate diversity in the practice of how certain cash receipts and cash payments 
are presented and classified in the statement of cash flows. The guidance  became effective for annual reporting 
periods  beginning  after  December  15,  2017  and  interim  periods  within those  years. The  Company  adopted  this 
standard for its fiscal year beginning May 1, 2018, and it did not have a material effect on our consolidated financial 
statements.  

Income Taxes.  In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740). ASU 2016-
16 requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than 
inventory, in the period in which the transfer occurs. The guidance became effective for annual reporting periods 
beginning after December 15, 2017 and interim periods within those years. The Company adopted this standard for 
its fiscal year beginning May 1, 2018, and it did not have a material effect on our consolidated financial statements. 

Leases.  In February 2016, the FASB issued ASU 2016-02, Leases.  The new guidance requires that lessees 
recognize  all  leases,  including  operating  leases,  with  a  term  greater  than  12  months  on-balance  sheet  and  also 
requires disclosure of key information about leasing transactions.  The guidance in ASU 2016-02 is effective for 
annual reporting periods beginning after December 15, 2018, and interim reporting periods within those years.  The 
Company will adopt this ASU and related amendments as of the beginning of the first quarter of the year ending 
April 30, 2020 and will be electing certain practical expedients permitted under the transition guidance, including 
to retain the historical lease classification as well as relief from reviewing expired or existing contracts to determine 
if they contain leases. The adoption of this ASU and related amendments will result in total assets and liabilities 
increasing  approximately  $35  million  to  $40  million.   The  Company’s  Consolidated  Statements  of  Income  and 
Consolidated Statements of Cash Flows will not be materially impacted. 

46 

 
 
 
 
 
 
 
 
 
Credit Losses.  In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 
326). ASU 2016-13 requires financial assets such as loans to be presented net of an allowance for credit losses that 
reduces the cost basis to the amount expected to be collected over the estimated life. Expected credit losses will be 
measured based on historical experience and current conditions, as well as forecasts of future conditions that affect 
the collectability of the reported amount. ASU 2016-13 is effective for annual reporting periods beginning after 
December 15, 2019, and interim reporting periods within those years using a modified retrospective approach.   

C - Finance Receivables, Net 

The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These 
installment  sale  contracts,  which  carry  an  interest  rate  of  15%  or  16.5%  per  annum  (based  on  the  Company’s 
contract interest rate in effect at the contract origination date), are collateralized by the vehicle sold and typically 
provide for payments over periods ranging from 18 to 48 months. The Company’s finance receivables are defined 
as  one  segment  and  one  class  of  loans,  which  is  sub-prime  consumer  automobile  contracts.    The  level  of  risks 
inherent in our financing receivables is managed as one homogeneous pool.  The components of finance receivables 
as of April 30, 2019 and 2018 are as follows: 

Changes in the finance receivables, net for the years ended April 30, 2019, 2018 and 2017 are as follows:   

Changes in the finance receivables allowance for credit losses for the years ended April 30, 2019, 2018 and 

2017 are as follows: 

47 

(In thousands)Gross contract amount$631,681 $584,682 Less unearned finance charges(88,353)(83,244)                       Principal balance                    543,328 501,438 Less allowance for credit losses(127,842)(117,821)Finance receivables, net$415,486 $383,617 April 30, 2019April 30, 2018(In thousands)201920182017Balance at beginning of period$383,617$357,161$334,793Finance receivable originations540,505494,641479,099Finance receivable collections(293,739)(260,104)(249,264)Provision for credit losses(146,363)(149,059)(149,097)Losses on claims for payment protection plan(17,020)(16,748)(15,627)Inventory acquired in repossession and payment protection plan claims(51,514)(42,274)(42,743)     Balance at end of period$415,486$383,617$357,161Years Ended April 30,(In thousands)201920182017Balance at beginning of period$117,821$109,693$102,485Provision for credit losses146,363149,059149,097Charge-offs, net of recovered collateral(136,342)(140,931)(141,889)     Balance at end of period$127,842$117,821$109,693Years Ended April 30,  
 
 
 
 
 
 
 
 
 
The factors which influenced management’s judgment in determining the amount of the additions to the 

allowance charged to provision for credit losses are described below. 

The level of actual charge-offs, net of recovered collateral, is the most important factor in determining the 
charges to the provision for credit losses. This is due to the fact that once a contract becomes delinquent the account 
is either made current by the customer, the vehicle is  repossessed, or the account is written off if the collateral 
cannot be recovered.  Net charge-offs as a percentage of average finance receivables was 25.7% for fiscal 2019 as 
compared to 28.8% for fiscal 2018.  The decrease in net charge-offs for fiscal 2019 primarily resulted from a lower 
frequency of losses combined with a lower severity of losses,  primarily due to improvements in  the collections 
processes and higher recovery rates on repossessions.   

Collections  and  delinquency  levels  can  have  a  significant  effect  on  additions  to  the  allowance  and  are 
reviewed frequently.  Collections as a percentage of average finance receivables were 55.3% for the year ended 
April 30, 2019 compared to 53.1% for the year ended April 30, 2018.  Delinquencies greater than 30 days decreased 
to 2.9% for April 30, 2019 compared to 3.5% at April 30, 2018.   

Macro-economic factors, and more importantly, proper execution of operational policies and procedures 
have  a  significant  effect  on  additions to the  allowance  charged  to  the  provision.    Higher unemployment levels, 
higher gasoline prices and higher prices for staple items can potentially have a significant effect.  The Company 
continues to focus on operational improvements within the collections area such as credit reporting for customers, 
GPS technology on vehicles sold and text messaging payment reminders.   

Credit quality information for finance receivables is as follows: 

Accounts one and two days past due are considered current for this analysis, due to the varying payment 
dates and variation in the day of the week at each period end.  Delinquencies may vary from period to period based 
on the average age of the portfolio, seasonality within the calendar year, the day of the week and overall economic 
factors.  The above categories are consistent with internal operational measures used by the Company to monitor 
credit results.

The decrease in the percentage of accounts receivable current from the year ended April 30, 2018 to April 
30, 2019 was primarily due to last day of fiscal 2019 falling on a Tuesday versus a Monday in fiscal 2018. This 
results in more customers in the 3-29 days past due as a high percentage of customers typically make payments 
on Friday and Saturday. Although the percentage of current accounts receivable decreased year-over-year due to 
this timing, the delinquencies greater than 30 days decreased to 2.9% at April 30, 2019 compared to 3.5% at April 
30, 2018.   

Substantially  all  of  the  Company’s  automobile  contracts  involve  contracts  made  to  individuals 
with  impaired  or  limited  credit  histories,  or  higher  debt-to-income  ratios  than  permitted  by  traditional  lenders.  
Contracts  made  with  buyers  who  are  restricted  in  their  ability  to  obtain  financing  from  traditional  lenders 
generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with 
buyers  with  better  credit.    The  Company  monitors  contract  term  length,  down  payment  percentages,  and 
collections for credit quality indicators.   

48 

(Dollars in thousands)Percent of Percent of PortfolioPortfolioCurrent $435,603    80.17%$424,511    84.67% 3 - 29 days past due91,747      16.89%59,544      11.87%30 - 60 days past due11,362      2.09%12,448      2.48%61 - 90 days past due3,429        0.63%3,331        0.66%>90 days past due1,187        0.22%1,604        0.32%Total$543,328    100.00%$501,438    100.00%PrincipalApril 30, 2019April 30, 2018PrincipalBalanceBalanceThe increase in collections as a percentage of average finance receivables was primarily due to the shorter 

contract terms, a lower percentage of delinquent account and improvements in contract modifications.  

D - Property and Equipment 

A summary of property and equipment is as follows: 

E - Accrued Liabilities 

A summary of accrued liabilities is as follows: 

49 

Principal collected as a percent of average finance receivables55.3%53.1%Average down-payment percentage6.5%6.4%Average originating contract term (in months)29.529.7Portfolio weighted average contract term, including modifications (in months)32.132.5Twelve Months EndedApril 30,April 30, 201920192018April 30, 2018(In thousands)Land$7,413 $6,402 Buildings and improvements11,815 11,569 Furniture, fixtures and equipment13,307 12,874 Leasehold improvements26,064 24,567 Construction in progress              1,523                 1,259 Accumulated depreciation and amortization(31,585)(28,077)Property and equipment, net$28,537 $28,594 April 30, 2019April 30, 2018(In thousands)Employee compensation$6,321 $6,539 Cash overdrafts (see Note B)1,274 506 Deferred sales tax (see Note B)3,571 3,270 Reserve for PPP claims2,433 2,101 Other5,238 3,544 Accrued liabilities$18,837 $15,960 April 30, 2018April 30, 2019 
 
 
 
 
 
 
 
 
 
 
 
 
 
F – Debt Facilities 

A summary of debt facilities is as follows: 

On  December  12,  2016,  the  Company  entered  into  a  Second  Amended  and  Restated  Loan  and  Security 
Agreement  (the  “Agreement”)  which  amended  and  restated  the  Company’s  credit  facilities.    The  Agreement 
extended  the  terms  of  the  credit  facilities  to  December  12,  2019,  reduced  the  pricing  tiers  for  determining  the 
applicable interest rate from four to three, and reset the aggregate limit on the repurchase of Company stock to $40 
million  beginning  December  12,  2016.    The  Agreement  also  increased  the  total  revolving  credit  facilities  from 
$172.5 million to $200 million, provided the option to request revolver commitment increases for up to an additional 
$50 million and increased the advance rate on accounts receivable with 37-42 month terms from 50% to 55%, and 
the advance rate on accounts receivable with 43-60 month terms from 45% to 50%. 

On October 25, 2017, the Company entered into Amendment No. 1 (the “Amendment”) to the Agreement.  
The Amendment, among other things, (i) increased the aggregate limit on repurchases beginning with the effective 
date of the Amendment to $50 million, net of proceeds received from the exercise of stock options, plus for a period 
of six months after October 25, 2017, the amount of repurchases available to the Company immediately prior to the 
effective date of the Amendment (net of proceeds received from exercise of stock options), and (ii) reduced the 
upper threshold to 20% from 25% for minimum net availability of the borrowing base for financial covenant testing 
and limitations on distributions. The Amendment also provides for a 0.025% decrease in the second pricing tier and 
a 0.125% decrease in the third pricing tier for determining the applicable interest rate. The Amendment also added 
a  fourth  pricing  tier  at  LIBOR  plus  3.00%,  based  on  the  Company’s  consolidated  leverage  ratio  if  greater than 
1.75:1.00 for the preceding fiscal quarter. The Amendment did not change the first pricing tier. Pricing tiers are 
based on the Company’s consolidated leverage ratio for the preceding fiscal quarter. 

On December 3, 2018, the Company entered into Amendment No. 2 to the agreement.  Amendment No. 2 
to the Agreement extends the term of the Company’s revolving credit facilities to December 3, 2021 and increases 
the total permitted borrowings from $200 million to $215 million, including an increase in the Colonial revolving 
line of credit from $190 million to $205 million. The ACM-TCM revolving line of credit commitment remains the 
same  at  $10  million.  The  Amendment  also  reduced  the  current  applicable  interest  rate  by  0.10%  to  the  lowest 
applicable pricing tier at LIBOR plus 2.25% until May 31, 2019. After May 31, 2019, the applicable interest rate is 
again  subject  to  adjustment  in  accordance  with  the  four  pricing  tiers  set  forth  in  the  Amendment  based  on  the 
Company’s consolidated leverage ratio for the preceding fiscal quarter. 

The revolving credit facilities are collateralized primarily by finance receivables and inventory, are cross 
collateralized and contain a guarantee by the Company.   Interest is payable monthly under the revolving  credit 
facilities. The credit facilities provide for four pricing tiers for determining the applicable interest rate, based on the 
Company’s consolidated leverage ratio for the preceding fiscal quarter. The current applicable interest rate under 
the Credit Facilities is generally LIBOR plus 2.35%, or 4.73% at April 30, 2019 and 4.25% at April 30, 2018.  The 
credit facilities contain various reporting and performance covenants including (i) maintenance of certain financial 
ratios and tests, (ii) limitations on borrowings from other sources, (iii) restrictions on certain operating activities 
and (iv) restrictions on the payment of dividends or distributions.  

The  distribution  limitations  under  the  credit  facilities  allow  the  Company  to  repurchase  shares  of  its 
common stock up to certain limits.  Under the current limits, the aggregate amount of repurchases after October 25, 

50 

(In thousands)Revolving lines of credit$152,440 $151,380 Notes payable194 305 Capital lease839               1,117 Debt issuance costs(555)(435) Debt facilities$152,918 $152,367 201920182017 cannot exceed the greater of:  (a) $50 million, net of proceeds received from the exercise of stock options 
(plus any repurchases made during the first six months after October 25, 2017, in an aggregate amount up to the 
remaining availability under the $40 million repurchase limit in effect immediately prior to October 25, 2017, net 
of proceeds received from the exercise of stock options), provided that the sum of the borrowing bases combined 
minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 
20% of the sum of the borrowing bases; or (b) 75% of the consolidated net income of the Company measured on a 
trailing  twelve  month  basis.    In  addition,  immediately  before  and  after  giving  effect  to  the  Company’s  stock 
repurchases, at least 12.5% of the aggregate funds committed under the credit facilities must remain available. 

The Company was in compliance with the covenants at April 30, 2019.  The amount available to be drawn 
under the credit facilities is a function of eligible finance receivables and inventory; based upon eligible finance 
receivables and inventory at April 30, 2019, the Company had additional availability of approximately $53 million 
under the revolving credit facilities. 

The Company recognized $251,000, $260,000 and $252,000 of amortization for the twelve months ended 
April 30, 2019, 2018 and 2017, respectively, related to debt issuance costs.  The amortization is reflected as interest 
expense in the Company’s Consolidated Statements of Operations.   

During the years ended April 30, 2019 and April 30, 2018, the Company incurred approximately $371,000 
and $103,000, respectively, in debt issuance costs related to amendments of the Second Amended and Restated 
Loan and Security Agreement.  Debt issuance costs of approximately $556,000 and $435,000 as of April 30, 2019 
and 2018, respectively, are shown as a deduction from the revolving credit facilities in the Consolidated Balance 
Sheet. 

On December 15, 2015, the Company entered into an agreement to purchase the property on which one of 
its dealerships is located for a purchase price of $550,000.  Under the agreement, the purchase price is being paid 
in monthly principal and interest installments of $10,005.  The debt matures in December 2020, bears interest at a 
rate of 3.50% and is secured by the property.  The balance on this note payable was approximately $194,000 as of 
April 30, 2019. 

On March 29, 2018, the Company entered into a lease classified as a capital lease.  The present value of the 
minimum  lease  payments  is  approximately  $839,000,  which  is  included  in  Debt  facilities  in  the  Consolidated 
Balance Sheet.  The leased equipment is amortized on a straight-line basis over three years.  As of April 30, 2019, 
there is approximately $177,000 in accumulated depreciation related to the leased equipment.  

G – Fair Value Measurements 

The  table  below  summarizes  information  about  the  fair  value  of  financial  instruments  included  in  the 

Company’s financial statements at April 30, 2019 and 2018: 

Because no market exists for certain of the Company’s financial instruments, fair value estimates are based 
on  judgments  and  estimates  regarding  yield  expectations  of  investors,  credit  risk  and  other  risk  characteristics, 
including interest rate and prepayment risk.  These estimates are subjective in nature and involve uncertainties and 

51 

(In thousands)Cash$              1,752 $                1,752 $              1,022 $1,022 Finance receivables, net          415,486             334,147           383,617                308,384 Accounts payable            13,659               13,659             13,609                  13,609 Debt facilities          152,918             152,918           152,367                152,367 FairValueFairValueCarryingValueApril 30, 2019April 30, 2018CarryingValuematters of judgment and therefore cannot be determined with precision.  Changes in assumptions could significantly 
affect these estimates.   The  methodology  and  assumptions  utilized to  estimate  the fair  value of the  Company’s 
financial instruments are as follows: 

Financial Instrument 

Valuation Methodology 

Cash 

The carrying amount is considered to be a reasonable estimate of 
fair value due to the short-term nature of the financial instrument. 

Finance receivables, net 

The Company estimated the fair value of its receivables at what a 
third-party purchaser might be willing to pay. The Company has 
had  discussions  with  third  parties  and  has  bought  and  sold 
portfolios and has had a third-party appraisal in January 2019 that 
indicates  a  range  of  34%  to  39%  discount  to  face  would  be  a 
reasonable fair value in a negotiated third-party transaction.  The 
sale of finance receivables from Car-Mart of Arkansas to Colonial 
is  made  at  a  38.5%  discount.  For  financial  reporting  purposes 
these  sale  transactions are eliminated. Since the Company  does 
not intend to offer the receivables for sale to an outside third party, 
the expectation is that the net book value at April 30, 2019, will 
ultimately be collected. By collecting the accounts internally, the 
Company  expects  to  realize  more  than  a  third-party  purchaser 
would expect to collect with a servicing requirement and a profit 
margin included.   

Accounts payable 

The carrying amount is considered to be a reasonable estimate of 
fair value due to the short-term nature of the financial instrument. 

Revolving credit facilities and 
notes payable 

The  fair  value  approximates  carrying  value  due  to  the  variable 
interest  rates  charged  on 
the  borrowings,  which  reprice 
frequently. 

 H - Income Taxes 

The provision for income taxes was as follows: 

The provision for income taxes is different from the amount computed by applying the statutory federal 

income tax rate to income before income taxes for the following reasons: 

52 

(In thousands)201920182017Provision for income taxes   Current$10,525$8,757$11,399   Deferred1,701(6,360)638Total$12,226$2,397$12,037Years Ended April 30,(In thousands)Tax provision at statutory rate$12,569$11,827$11,285State taxes, net of federal benefit1,7961,077868Tax benefit from option exercises(1,961)(1,721)              -                     Deferred tax adjustment related to Tax Act-                     (8,083)              -                     Other, net(178)(703)(116)Total$12,226$2,397$12,037Years Ended April 30,201920182017 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of 
assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.  Significant 
components of the Company’s deferred income tax assets and liabilities were as follows: 

I – Capital Stock 

The Company is authorized to issue up to one million shares of $.01 par value preferred stock in one or 
more series having such respective terms, rights and preferences as are designated by the Board of Directors.  The 
Company has not issued any preferred stock.   

A subsidiary of the Company has issued 500,000 shares of $1.00 par value preferred stock which carries 
an 8% cumulative dividend.  The Company’s subsidiary can redeem the preferred stock at any time at par value 
plus any unpaid dividends.  After April 30, 2017, a holder of 400,000 shares of the subsidiary preferred stock can 
require the Company’s subsidiary to redeem such stock for $400,000 plus any unpaid dividends.    

J – Weighted Average Shares Outstanding 

Weighted average shares of common stock outstanding used in the calculation of basic and diluted earnings 

per share were as follows: 

K – Stock-Based Compensation Plans 

The Company has stock-based compensation plans available to grant non-qualified stock options, incentive 
stock options and restricted stock to employees, directors and certain advisors of the Company.  The current stock-
based compensation plans are the Amended and Restated Stock Option Plan and the Amended and Restated Stock 
Incentive Plan.  The Company recorded total stock-based compensation expense for all plans of $3.7 million ($2.8 
million after tax effects), $1.6 million ($1.1 million after tax effects) and $1.3 million ($811,000 after tax effects) 

53 

(In thousands)20192018Deferred income tax liabilities related to:   Finance receivables$            19,254 $              17,764    Goodwill                   76                      61           Total            19,330               17,825 Deferred income tax assets related to:   Accrued liabilities              1,638                 1,894    Inventory                 127                    120    Share based compensation              2,186                 2,144    Property and equipment                   76                      82    State net operating loss                   29                      69    Deferred revenue               1,015                    958           Total              5,071                 5,267 Deferred income tax liabilities, net$            14,259 $              12,558 Years Ended April 30,201920182017Weighted average shares outstanding-basic6,810,8797,232,0147,854,238Dilutive options and restricted stock260,889209,344256,539Weighted average shares outstanding-diluted7,071,7687,441,3588,110,777Antidilutive securities not included:  Options 60,000229,000359,250Years Ended April 30, 
 
 
 
 
 
 
 
 
 
 
 
for the years ended April 30, 2019, 2018 and 2017, respectively.  Tax benefits were recognized for these costs at 
the Company’s overall effective tax rate. 

Stock Options 

The  Company  has  options  outstanding  under  the  Amended  and  Restated  Stock  Option  Plan.  The 
shareholders of the Company approved the Amended and Restated Stock Option Plan (the “Option Plan”) on August 
5, 2015, which extended the term of the Stock Option Plan to June 10, 2025 and increased the number of shares of 
common stock reserved for issuance under the plan by an additional 300,000 shares to 1,800,000 shares. On August 
29, 2018, the shareholders of the Company approved an amendment to the Stock Option Plan, which increased the 
number  of  shares  of  common  stock  reserved  for  issuance  under  the  plan  by  an  additional  200,000  shares  to 
2,000,000 shares.  The Option Plan provides for the grant of options to purchase shares of the Company’s common 
stock to employees, directors and certain advisors of the Company at a price not less than the fair market value of 
the stock on the date of grant and for periods not to exceed ten years.  Options granted under the Company’s stock 
option plans expire in the calendar years 2019 through 2028. 

Minimum exercise price as a percentage of fair market value at date of grant 
Last expiration date for outstanding options 
Shares available for grant at April 30, 2019 

  Option Plan 

100% 

  May 8, 2028 

298,500 

The aggregate intrinsic value of outstanding options at  April 30, 2019 and 2018 was $29.9 million and 

$10.4 million, respectively. 

The fair value of options granted is estimated on the date of grant using the Black-Scholes option pricing 

model based on the assumptions in the table below. 

Expected terms (years) 
Risk-free interest rate 
Volatility 
Dividend yield 

April 30, 2019 
5.5 
2.79% 
36% 
- 

April 30, 2018 
5.5 
1.81% 
36% 
- 

April 30, 2017 
5.5 
1.47% 
36% 
- 

The expected term of the options is based on evaluations of historical and expected future employee exercise 
behavior.  The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with  maturity dates 
approximately  equal  to  the  expected  life  at  the  grant  date.    Volatility  is  based  on  historical  volatility  of  the 
Company’s common stock.  The Company has not historically issued dividends and does not expect to do so in the 
foreseeable future. 

There were 145,000 options granted during fiscal 2019.  The grant-date fair value of all options granted 
during fiscal 2019, 2018 and 2017 was $3.0 million, $336,000 and $461,000, respectively. The options were granted 
at fair market value on date of grant.  Generally, options vest after three to five years, except for options issued to 
directors which are immediately vested at date of grant. 

54 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is an aggregate summary of the activity in the Company’s stock option plans from April 30, 

2016 to April 30, 2019: 

Stock option compensation expense on a pre-tax basis was $2.7 million ($2.0 million after tax effects), $1.2 
million ($773,000 after tax effects) and $1.2 million ($728,000 after tax effects) for the years ended April 30, 2019, 
2018  and  2017,  respectively.    As  of  April  30,  2019,  the  Company  had  approximately  $3.0  million  of  total 
unrecognized  compensation  cost  related  to  unvested  options  that  are  expected  to  vest.    These  options  have  a 
weighted-average remaining vesting period of 1.9 years. 

The Company had the following options exercised for the periods indicated.  The impact of these cash 

receipts is included in financing activities in the accompanying Consolidated Statements of Cash Flows. 

During the year ended April 30, 2019, there were  108,750 options exercised through net settlements in 
accordance with plan provisions, wherein the shares issued were reduced by 48,380 shares to satisfy the exercise 
price and applicable withholding taxes to acquire 60,370 shares. 

As  of  April  30,  2019,  there  were  137,000  vested  and  exercisable  stock  options  outstanding  with  an 
aggregate  intrinsic  value  of  $8.5  million  and  a  weighted  average  remaining  contractual  life  of  3.5  years  and  a 
weighted average exercise price of $36.78. 

As of April 30, 2019, there were 61,000 performance-based stock options outstanding that were previously 
not expected to vest.  Based on expectations as of April 30, 2019, the Company now expects these options to vest 
in April of 2020.  The Company has therefore recognized $823,000 in stock compensation in the fourth quarter of 
fiscal 2019 in order to recognize the compensation expense that was previously not being expensed.   

Stock Incentive Plan 

On August 5, 2015, the shareholders of the Company approved the Amended and Restated Stock Incentive 
Plan (the “Stock Incentive Plan”), which extended the term of the Stock Incentive Plan to June 10, 2025.  On August 
29, 2018, the shareholders of the Company approved an amendment to the Company’s Stock Incentive Plan that 

55 

NumberofOptions(in thousands)Outstanding at April 30, 20161,278,250$39,081$30.57  Granted45,000$ 26.42 to $ 34.091,30128.90  Exercised(264,500)$ 11.90 to $ 28.13(4,739)17.92  Cancelled(30,250)$ 41.86 to $ 53.02(1,559)51.55Outstanding at April 30, 20171,028,500$34,084$33.51  Granted25,000$ 37.3093337.30  Exercised(323,000)$ 11.90 to $ 37.94(6,692)20.72  Expired(15,000)$44.52 to $51.81(710)47.26  Cancelled(20,000)$ 41.86 to $ 53.02(932)46.61Outstanding at April 30, 2018695,500$26,683$30.50  Granted145,000$ 53.30 to $ 54.857,91554.58  Exercised(275,000)$ 18.86 to $ 53.30(8,511)30.95Outstanding at April 30, 2019565,500$26,087$46.13PriceonExercise Price perper ShareExerciseShareExerciseProceedsWeighted Average(Dollars in thousands)201920182017Options Exercised275,000323,000264,500Cash Received from Options Exercised$5,663$2,832$2,609Intrinsic Value of Options Exercised$10,817$8,381$6,439Years Ended April 30,increased the number of shares of common stock that may be issued under the Stock Incentive Plan from 350,000 
to 450,000.  For shares issued under the Stock Incentive Plan, the associated compensation expense is generally 
recognized equally over the vesting periods established at the award date and is subject to the employee’s continued 
employment by the Company. 

The following is a summary of the activity in the Company’s Stock Incentive Plan: 

The  fair  value  at  vesting  for  awards  under  the  stock  incentive  plan  was  $8.3  million,  $8.2  million  and 

$763,000 in fiscal 2019, 2018 and 2017, respectively. 

During the fiscal year 2019, 3,000 restricted shares were granted with a fair value of $53.30 per share.  
During the fiscal year 2018, 132,000 restricted shares were granted with a fair value of $48.70 per share and 34,500 
shares were granted with a fair value of $35.00 per share. During the fiscal year 2017, 10,000 restricted shares were 
granted with a fair value of $39.14 per share.  A total of 105,527 shares remain available for award at April 30, 
2019.   

The Company recorded compensation cost of $1.0 million ($760,000 after tax effects), $430,000 ($288,000 
after tax effects) and $107,000 ($67,000 after tax effects) related to the Stock Incentive Plan during the years ended 
April  30,  2019,  2018  and  2017,  respectively.    As  of  April  30,  2019,  the  Company  had  $6.7  million  of  total 
unrecognized  compensation  cost  related  to  unvested  awards  granted  under  the  Stock  Incentive  Plan,  which  the 
Company expects to recognize over a weighted-average remaining period of 7.2 years.  

L - Commitments and Contingencies 

Letter of Credit 

The Company has a standby letter of credit relating to an insurance policy totaling $250,000 at April 30, 2019. 

56 

Unvested shares at April 30, 20169,500$52.10Shares granted            10,000                 39.14 Shares vested                      -                         - Shares cancelled             (2,500)                49.51 Unvested shares at April 30, 201717,000$44.86Shares granted          166,500                 45.86 Shares vested                      -                         - Shares cancelled             (4,500)                38.28 Unvested shares at April 30, 2018179,000$45.96Shares granted              3,000                 53.30 Shares vested                      -                         - Shares cancelled             (1,500)                36.38 Unvested shares at April 30, 2019180,500$46.16NumberofSharesWeighted AverageGrant DateFair Value 
 
 
 
 
 
 
 
 
 
 
 
Facility Leases 

The Company leases certain dealership and office facilities under various non-cancelable operating leases.  
Dealership leases are generally for periods from three to five years and contain multiple renewal options.  As of 
April 30, 2019, the aggregate rentals due under such leases, including renewal options that are reasonably assured, 
were as follows: 

The  $48.1  million  of  operating  lease  commitments  includes  $1.5  million  of  non-cancelable  lease 
commitments under the lease terms, and $46.6 million of lease commitments for renewal periods at the Company’s 
option  that  are  reasonably  assured.    The  lease  commitments  also  include  $13.2  million  of  lease  commitments 
associated with entities owned or controlled by a preferred shareholder of the Company’s subsidiary.  For the years 
ended April 30, 2019, 2018 and 2017, rent expense for all operating leases amounted to approximately $6.7 million, 
$6.2 million and $6.2 million, respectively.   

Litigation 

In  the  ordinary  course  of  business,  the  Company  has  become  a  defendant  in  various  types  of  legal 
proceedings.    The  Company  does  not  expect  the  final  outcome  of  any  of  these  actions,  individually  or  in  the 
aggregate, to have a material adverse effect on the Company’s financial position, annual results of operations or 
cash  flows.    The  results  of  legal  proceedings  cannot  be  predicted  with  certainty;  however,  and  an  unfavorable 
resolution of one or more of these legal proceedings could have a material adverse effect on the Company’s financial 
position, annual results of operations or cash flows. 

Related Finance Company 

Car-Mart of Arkansas and Colonial do not meet the affiliation standard for filing consolidated income tax 
returns, and as such they file separate federal and state income tax returns.  Car-Mart of Arkansas routinely sells its 
finance receivables to  Colonial  at  what  the  Company  believes to  be  fair  market  value  and is able  to  take  a  tax 
deduction at the time of sale for the difference between the tax basis of the receivables sold and the sales price.  
These types of transactions, based upon facts and circumstances, have been permissible under the provisions of the 
Internal  Revenue  Code  as  described  in  the  Treasury  Regulations.    For  financial  accounting  purposes,  these 
transactions are eliminated in consolidation, and a deferred income tax liability has been recorded for this timing 
difference.  The sale of finance receivables from Car-Mart of Arkansas to Colonial provides certain legal protection 
for the Company’s finance receivables and, principally because of certain state apportionment characteristics of 
Colonial,  also  has  the  effect  of  reducing  the  Company’s  overall  effective  state  income  tax  rate.    The  actual 
interpretation of the regulations is in part a facts and circumstances matter.  The Company believes it satisfies the 
material provisions of the regulations.  Failure to satisfy those provisions could result in the loss of a tax deduction 
at the time the receivables are sold and have the effect of increasing the Company’s overall effective income tax 
rate as well as the timing of required tax payments.  

57 

Years EndingApril 30,2020$6,6812021202220232024ThereafterTotal$48,0735,40317,616Amount(In thousands)6,3236,0595,991 
 
 
 
 
 
 
 
M - Supplemental Cash Flow Information 

Supplemental cash flow disclosures for the years ended April 30, 2019, 2018 and 2017 are as follows: 

N - Quarterly Results of Operations (unaudited) 

A summary of the Company’s quarterly results of operations for the years ended April 30, 2019 and 2018 

is as follows (in thousands, except per share information): 

Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 

None. 

Item 9A.  Controls and Procedures 

Disclosure Controls and Procedures  

Based on management’s evaluation (with the participation of the Company’s Chief Executive Officer and 
Chief Financial Officer), as of April 30, 2019, the Company’s Chief Executive Officer and Chief Financial Officer 
have concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-
15(e)  under  the  Securities  Exchange  Act  of  1934,  as  amended  (the  “Exchange  Act”)),  are  effective  to  provide 

58 

(in thousands)201920182017Supplemental disclosures:  Interest paid$7,259 $5,599 $4,069   Income taxes paid, net11,022 11,092 8,435 Non-cash transactions:  Inventory acquired in repossession and payment protection plan claims51,514 42,274 42,743   Purchase of property and equipment using the issuance of debt                - 1,151                 -   Loss accrued on disposal of property and equipment             29                 - 797  Net settlement option exercises2,8483,8592,130Years Ended April 30, Revenues$164,015$167,171$161,054$176,882$669,122Gross profitNet income Net income attributable to common      stockholdersEarnings per share:    Basic    DilutedRevenues$146,418$149,118$147,214$169,451$612,201Gross profitNet income Net income attributable to common      stockholdersEarnings per share:    Basic    Diluted10,15936,4696,982             5,959 13,369Year Ended April 30, 2019FirstSecondThirdFourthQuarterQuarterQuarterQuarterTotal10,884           11,281 10,89514,56547,62559,93361,04558,06363,569242,61014,55547,58510,874           11,271 10,8851.53               1.58 1.552.076.731.57               1.64 1.612.176.99Year Ended April 30, 2018FirstSecondThirdFourthQuarterQuarterQuarterQuarterTotal53,06854,80453,21561,168222,2556,992             5,969 13,37910,16936,5090.92               0.82 1.881.475.040.90               0.79 1.821.434.90 
 
 
 
 
 
 
 
 
 
reasonable assurance that information required to be disclosed by the Company in the reports it files or submits 
under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the 
SEC rules and forms, and that such information is accumulated and communicated to management, including the 
Company’s Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial 
officer), to allow timely decisions regarding required disclosure.  

59 

 
Management’s Report on Internal Control over Financial Reporting  

Management of the Company is responsible for establishing and maintaining adequate internal control over 
financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company’s internal 
control  over  financial  reporting  is  designed  to  provide  reasonable  assurance  regarding  the  reliability  of  the 
Company’s financial reporting and the preparation of financial statements for external purposes in accordance with 
U.S. generally accepted accounting principles.  

Because  of  its  inherent  limitations,  internal  control  over  financial  reporting  may  not  prevent  or  detect 
misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance 
with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness 
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or 
that the degree of compliance with the policies or procedures may deteriorate.  

Management assessed the effectiveness of the Company’s internal control  over financial reporting as of 
April 30, 2019. In making this assessment, management used the criteria set forth in The 2013 Internal Control-
Integrated  Framework  issued  by  the  Committee  of  Sponsoring  Organizations  of  the  Treadway  Commission 
(COSO). 

 Based on management’s assessment, management believes that the Company maintained effective internal 

control over financial reporting as of April 30, 2019.  

The Company’s independent registered public accounting firm independently assessed the effectiveness of 
the  Company’s  internal  control  over  financial  reporting  and  has  issued  their  report  on  the  effectiveness  of  the 
Company’s internal control over financial reporting at April 30, 2019. That report appears below.  

60 

 
 
 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

Board of Directors and Shareholders 
America’s Car-Mart, Inc. 

Opinion on internal control over financial reporting 

We  have  audited  the  internal  control  over  financial  reporting  of  America’s  Car-Mart,  Inc.  (a  Texas  corporation)  and 
subsidiaries  (the  “Company”)  as  of  April  30,  2019,  based  on  criteria  established  in  the  2013  Internal  Control—Integrated 
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the 
Company maintained, in all material respects, effective internal control over financial reporting as of April 30, 2019, based 
on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO. 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(“PCAOB”), the consolidated financial statements of the Company as of and for the year ended April 30, 2019, and our report 
dated June 21, 2019 expressed an unqualified opinion on those financial statements. 

Basis for opinion 

The  Company’s  management  is  responsible  for  maintaining  effective  internal  control  over  financial  reporting  and  for  its 
assessment of the effectiveness of internal control over financial reporting, included in the accompanying  Management’s 
Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal 
control  over  financial  reporting  based  on  our  audit.  We  are  a  public  accounting  firm  registered  with  the  PCAOB  and  are 
required  to  be  independent  with  respect  to  the  Company  in  accordance  with  the  U.S.  federal  securities  laws  and  the 
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.  

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform 
the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in 
all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the 
risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based 
on the assessed risk, and performing such other procedures as we  considered necessary in the circumstances. We believe 
that our audit provides a reasonable basis for our opinion. 

Definition and limitations of internal control over financial reporting 

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures 
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to 
permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts 
and expenditures of the company are being made only in accordance with authorizations of management and directors of 
the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, 
use, or disposition of the company’s assets that could have a material effect on the financial statements. 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

/s/ GRANT THORNTON LLP  

Tulsa, Oklahoma 
June 21, 2019 

61 

 
 
 
 
 
 
 
 
 
 
 
 
Changes in Internal Control over Financial Reporting  

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-
15(f) and  15d-15(f)  under  the  Exchange  Act)  that  occurred  during  the  Company’s  last  fiscal  quarter  that  have 
materially  affected,  or  are  reasonably  likely  to  materially  affect,  the  Company’s  internal  control  over  financial 
reporting.  

Item 9B.  Other Information 

None. 

62 

 
 
 
 
 
 
 
PART III 

Except as to information with respect to executive officers which is contained in a separate heading under 
Part I, Item 1 of this Form 10-K, the information required by Items 10 through 14 of this Form 10-K is, pursuant to 
General Instruction G (3) of Form 10-K, incorporated by reference herein from the Company's definitive proxy 
statement to be filed pursuant to Regulation 14A for the Company's Annual Meeting of Stockholders to be held in 
August 2019 (the “Proxy Statement”).  The Company will, within 120 days of the end of its fiscal year, file with 
the SEC a definitive proxy statement pursuant to Regulation 14A. 

Item 10.  Directors, Executive Officers and Corporate Governance 

The information required by this item will be contained in the Proxy Statement and such information is 
incorporated herein by reference.  Information regarding the executive officers of the Company is set forth under 
the heading "Executive Officers" in Part I, Item 1 of this report. 

Item 11.  Executive Compensation 

The information required by this item will be contained in the Proxy Statement and such information is 

incorporated herein by reference. 

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 
Matters 

The information required by this item will be contained in the Proxy Statement and such information is 

incorporated herein by reference. 

The Company’s equity compensation plans consist of the Amended and Restated Stock Incentive Plan, the 
Amended and Restated Stock Option Plan and the 2006 Employee Stock Purchase Plan.  These plans have been 
approved by the stockholders.   

The  following  table  sets  forth information  regarding  outstanding  options and  shares  reserved for future 

issuance under the foregoing plans as of April 30, 2019: 

(1)  Includes 105,527 share available for issuance under the Amended and Restated Stock Incentive
Plan, 298,500 shares under the Amended and Restated Stock Option Plan and 142,523 shares 
under the 2006 Employee Stock Purchase Plan.

63 

Number of securities to be issued upon exercise of outstanding options, warrants and rightsWeighted-average exercise price of outstanding options, warrants and rightsNumber of securities remaining available for future issuance under equity compensation plans (excluding shares reflected in column (a))Plan Category(a)(b)(c)(1)Equity compensation plans  approved by the stockholders565,500$46.13546,550Equity compensation plans  not approved by the stockholders---Item 13.  Certain Relationships and Related Transactions, and Director Independence 

The information required by this item will be contained in the Proxy Statement and such information is 

incorporated herein by reference. 

Item 14.  Principal Accounting Fees and Services 

The information required by this item will be contained in the Proxy Statement and such information is 

incorporated herein by reference. 

64 

 
 
 
 
 
Item 15.   Exhibits, Financial Statement Schedules 

(a)1.  Financial Statements  

PART IV 

The following financial statements and accountant’s report are included in Item 8 of this report: 

Report of Independent Registered Public Accounting Firm 

Consolidated Balance Sheets as of April 30, 2019 and 2018 

Consolidated Statements of Operations for the years ended April 30, 2019, 2018 and 2017 

Consolidated Statements of Cash Flows for the years ended April 30, 2019, 2018 and 2017 

Consolidated Statements of Equity for the years ended April 30, 2019, 2018 and 2017 

Notes to Consolidated Financial Statements 

(a)2.  Financial Statement Schedules 

The financial statement schedules are omitted since the required information is not present, or is not present 
in amounts sufficient to require submission of the schedules, or because the information required is included in the 
Consolidated Financial Statements and Notes thereto. 

(a)3.  Exhibits 

Exhibit 
Number 

Description of Exhibit 

3.1 

3.2 

3.3 

4.1 

  Articles of Incorporation of the Company, as amended. (Incorporated by reference to Exhibits 
4.1-4.8 to the Company's Registration Statement on Form S-8 filed with the SEC on November 
16, 2005 (File No. 333-129727)). 

  Amended and Restated Bylaws of the Company dated December 4, 2007.   (Incorporated by 
reference  to  Exhibit  3.2  to  the  Company’s  Quarterly  Report  on  Form  10-Q  for  the  quarter 
ended October 31, 2007 filed with the SEC on December 7, 2007). 

  Amendment No. 1 to the Amended and Restated Bylaws of the Company dated February 18, 
2014.  (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-
K filed with the SEC on February 19, 2014). 

Specimen stock certificate.  (Incorporated by reference to the Company's Annual Report on 
Form 10-K for the year ended April 30, 1994 (File No. 000-14939))(filed in paper format). 

4.2 

  Description of Securities 

65 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 
Number 

4.3 

4.4 

4.5 

4.6 

4.7 

4.8 

4.9 

4.10 

4.11 

Description of Exhibit 

Second  Amended  and  Restated  Loan  and  Security  Agreement  dated  December  12,  2016, 
among America’s Car-Mart, Inc., a Texas corporation, as Parent; Colonial Auto Finance, Inc., 
an Arkansas corporation, America’s Car Mart, Inc., an Arkansas corporation, and Texas Car-
Mart, Inc., a Texas corporation, as Borrowers; and certain financial institutions, as Lenders, 
with Bank of America N.A., as Agent, Lead Arranger and Book Manager (Incorporated by 
reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on 
December 15, 2016). 

Amendment  No.  1  to  Second  Amended  and  Restated  Loan  and  Security  Agreement  dated 
October 25, 2017, among America’s Car-Mart, Inc., a Texas corporation, as Parent; Colonial 
Auto  Finance,  Inc.,  an  Arkansas  corporation,  America’s  Car  Mart,  Inc.,  an  Arkansas 
corporation, and Texas Car-Mart, Inc., a Texas corporation, as Borrowers; and certain financial 
institutions,  as  Lenders,  with  Bank  of  America  N.A.,  as  Agent,  Lead  Arranger  and  Book 
Manager (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 
8-K filed with the SEC on October 30, 2017). 

Amendment  No.  2  to  Second  Amended  and  Restated  Loan  and  Security  Agreement  dated 
December 3, 2018, among America’s Car-Mart, Inc., a Texas corporation, as Parent; Colonial 
Auto  Finance,  Inc.,  an  Arkansas  corporation,  America’s  Car  Mart,  Inc.,  an  Arkansas 
corporation, and Texas Car-Mart, Inc., a Texas corporation, as Borrowers; and certain financial 
institutions,  as  Lenders,  with  Bank  of  America  N.A.,  as  Agent,  Lead  Arranger  and  Book 
Manager (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 
8-K filed with the SEC on December 7, 2018). 

Colonial Third Amended and Restated Revolver Note dated September 20, 2012, by Colonial 
Auto Finance, Inc. in favor of Bank of America, N.A., as Lender (Incorporated by reference 
to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed with the SEC on September 
21, 2012). 

Colonial Revolver Note dated December 12, 2016 by Colonial Auto Finance, Inc. in favor of 
BOKF, NA d/b/a Bank of Arkansas, as Lender (Incorporated by reference to Exhibit 4.3 to the 
Company’s Current Report on Form 8-K filed with the SEC on December 15, 2016). 

Colonial Revolver Note dated December 3, 2018 by Colonial Auto Finance, Inc. in favor of 
First Tennessee Bank, as Lender (Incorporated by reference to Exhibit 4.4 to the Company’s 
Current Report on Form 8-K filed with the SEC on December 7, 2018). 

Colonial Revolver Note dated December 3, 2018 by Colonial Auto Finance, Inc. in favor of 
Arvest Bank, as Lender (Incorporated by reference to Exhibit 4.5 to the Company’s Current 
Report on Form 8-K filed with the SEC on December 7, 2018). 

Colonial Revolver Note dated December 3, 2018 by Colonial Auto Finance, Inc. in favor of 
Commerce  Bank,  as  Lender  (Incorporated  by  reference  to  Exhibit  4.6  to  the  Company’s 
Current Report on Form 8-K filed with the SEC on December 7, 2018). 

  ACM-TCM Amended and Restated Revolver Note dated March 9, 2012, by America’s Car 
Mart, Inc., an Arkansas corporation, and Texas Car-Mart, Inc., as Borrowers, in favor of Bank 
of  America,  N.A.,  as  Lender  (Incorporated  by  reference  to  Exhibit  4.7  to  the  Company’s 
Current Report on Form 8-K filed with the SEC on March 12, 2012). 

66 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 
Number 

4.12 

4.13 

4.14 

4.15 

4.16 

4.17 

4.18 

4.19 

4.20 

Description of Exhibit 

ACM-TCM  Revolver  Note  dated  December  12,  2016  by  America’s  Car  Mart,  Inc.,  an 
Arkansas corporation, and Texas Car-Mart, Inc., as Borrowers, in favor of BOKF, NA d/b/a 
Bank  of  Arkansas,  as  Lender  (Incorporated  by  reference  to  Exhibit  4.8  to  the  Company’s 
Current Report on Form 8-K filed with the SEC on December 15, 2016). 

  ACM-TCM  Revolver  Note  dated  December  12,  2016  by  America’s  Car  Mart,  Inc.,  an 
Arkansas corporation, and Texas Car-Mart, Inc., as Borrowers, in favor of Commerce Bank, 
as Lender (Incorporated by reference to Exhibit 4.9 to the Company’s Current Report on Form 
8-K filed with the SEC on December 15, 2016). 

  ACM-TCM  Revolver  Note  dated  December  12,  2016  by  America’s  Car  Mart,  Inc.,  an 
Arkansas  corporation,  and Texas  Car-Mart,  Inc.,  as  Borrowers, in favor  of  First Tennessee 
Bank, as Lender (Incorporated by reference to Exhibit 4.10 to the Company’s Current Report 
on Form 8-K filed with the SEC on December 15, 2016). 

  ACM-TCM  Revolver  Note  dated  December  12,  2016  by  America’s  Car  Mart,  Inc.,  an 
Arkansas corporation, and Texas Car-Mart, Inc., as Borrowers, in favor of Arvest Bank, as 
Lender (Incorporated by reference to Exhibit 4.11 to the Company’s Current Report on Form 
8-K filed with the SEC on December 15, 2016). 

  Amended and Restated Continuing Guaranty dated as of March 9, 2012, by America’s Car-
Mart, Inc., a Texas corporation, as Guarantor, in favor of Bank of America, N.A. as Agent for 
the Lenders (Incorporated by reference to Exhibit 4.12 to the Company’s Current Report on 
Form 8-K filed with the SEC on March 12, 2012). 

  Amended and Restated Continuing Guaranty dated as of March 9, 2012, by America’s Car 
Mart,  Inc.,  an  Arkansas  corporation,  and  Texas  Car-Mart,  Inc.,  a  Texas  corporation,  as 
Guarantors, in favor of Bank of America, N.A., as Agent for the Lenders (Incorporated by 
reference to Exhibit 4.13 to the Company’s Current Report on Form 8-K filed with the SEC 
on March 12, 2012). 

  Amended and Restated Continuing Guaranty dated as of March 9, 2012, by Colonial Auto 
Finance,  Inc.,  as  Guarantor,  in  favor  of  Bank  of  America,  N.A.,  as  Agent  for  the  Lenders 
(Incorporated by reference to Exhibit 4.14 to the Company’s Current Report on Form 8-K filed 
with the SEC on March 12, 2012). 

  Amended and Restated Security Agreement dated as of March 9, 2012, between America’s 
Car-Mart,  Inc.,  a  Texas  corporation,  as  Grantor,  and  Bank  of  America,  N.A.,  as  Agent  for 
Lenders (Incorporated by reference to Exhibit 4.15 to the Company’s Current Report on Form 
8-K filed with the SEC on March 12, 2012). 

  Amended  and  Restated  Security  Agreement  dated  as  of  March  9,  2012,  by  and  among 
America’s  Car  Mart,  Inc.,  an  Arkansas  corporation,  and  Texas  Car-Mart,  Inc.,  a  Texas 
corporation, as Grantors, and Bank of America, N.A., as Agent for Lenders (Incorporated by 
reference to Exhibit 4.16 to the Company’s Current Report on Form 8-K filed with the SEC 
on March 12, 2012). 

67 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 
Number 

4.21 

Description of Exhibit 

Amended and Restated Security Agreement dated as of March 9, 2012, between Colonial Auto 
Finance, Inc., as Grantor, and Bank of America, N.A., as Agent for Lenders (Incorporated by 
reference to Exhibit 4.17 to the Company’s Current Report on Form 8-K filed with the SEC 
on March 12, 2012). 

10.1* 

  Amended and Restated Stock Incentive Plan (Incorporated by reference to Appendix A to the 

Company’s Proxy Statement on Schedule 14A filed with the SEC on June 23, 2015). 

10.1.1* 

Amendment  to  Amended  and  Restated  Stock  Incentive  Plan  ((Incorporated  by  reference  to 
Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on September 
4, 2018). 

10.2* 

  Amended and Restated Stock Option Plan (Incorporated by reference to Appendix B to the 

Company’s Proxy Statement on Schedule 14A filed with the SEC on June 23, 2015). 

10.2.1* 

10.2.2* 

10.2.3* 

10.2.4* 

10.2.5* 

10.3* 

10.4* 

10.5* 

Amendment  to  Amended  and  Restated  Stock  Option  Plan  ((Incorporated  by  reference  to 
Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the SEC on September 
4, 2018). 

  Option  Agreement  for  Amended  and  Restated  Stock  Option  Plan,  dated  August  5,  2015, 
between America’s Car-Mart, Inc., a Texas corporation, and Jeffrey A. Williams (Incorporated 
by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC 
on August 10, 2015). 

  Option  Agreement  for  Amended  and  Restated  Stock  Option  Plan,  dated  August  5,  2015, 
between America’s Car-Mart, Inc., a Texas corporation, and Jeffrey A. Williams (Incorporated 
by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC 
on August 10, 2015). 

  Option  Agreement  for  Amended  and  Restated  Stock  Option  Plan,  dated  August  5,  2015, 
between  America’s  Car-Mart,  Inc.,  a  Texas  corporation,  and  William  H.  Henderson 
(Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed 
with the SEC on August 10, 2015). 

  Option  Agreement  for  Amended  and  Restated  Stock  Option  Plan,  dated  August  5,  2015, 
between  America’s  Car-Mart,  Inc.,  a  Texas  corporation,  and  William  H.  Henderson 
(Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed 
with the SEC on August 10, 2015). 

Form of Indemnification Agreement between the Company and certain officers and directors 
of the Company.  (Incorporated by reference to the Company's Quarterly Report on Form 10-
Q for the quarter ended July 31, 1993) (filed in paper format). 

Employment  Agreement,  dated  as  of  May  1,  2015,  between  America’s  Car  Mart,  Inc.,  an 
Arkansas corporation, and Jeffrey A. Williams (Incorporated by reference to Exhibit 10.2 to 
the Company’s Current Report on Form 8-K filed with the SEC on June 14, 2017). 

  America’s  Car-Mart,  Inc.  Nonqualified  Deferred  Compensation  Plan  (Incorporated  by 
reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC 
on October 10, 2014). 

68 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 
Number 

10.6* 

14.1 

21.1 

23.1 

31.1 

31.2 

32.1 

Description of Exhibit 

Retirement and Transition Agreement, dated as of January 1, 2018, between America’s Car-
Mart,  Inc.  and  William  H.  Henderson  (Incorporated  by  reference  to  Exhibit  10.1  to  the 
Company’s Current Report on Form 8-K filed with the SEC on January 11, 2018). 

Code  of  Business  Conduct  and  Ethics.  (Incorporated  by  reference  to  Exhibit  14.1  to  the 
Company’s Current Report on Form 8-K filed with the SEC on July 22, 2016) 

Subsidiaries of America’s Car-Mart, Inc. 

Consent of Independent Registered Public Accounting Firm 

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange 
Act of 1934, as amended (the “Exchange Act”) 

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act 

Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-
14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of 
the Sarbanes-Oxley Act of 2002 

101.INS 

XBRL Instance Document 

101.SCH 

XBRL Taxonomy Extension Schema Document 

101.CAL 

XBRL Taxonomy Extension Calculation Linkbase Document 

101.DEF 

XBRL Taxonomy Extension Definition Linkbase Document 

101.LAB 

XBRL Taxonomy Extension Labels Linkbase Document 

101.PRE 

XBRL Taxonomy Extension Presentation Linkbase Document 

    Indicates  management  contract  or  compensatory  plan  or  arrangement  covering  executive  officers  or 

   * 
directors of the Company. 

69 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly 

caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

SIGNATURES 

Dated:  June 21, 2019 

AMERICA’S CAR-MART, INC. 

By:  /s/ Vickie D. Judy 
Vickie D. Judy 
Chief Financial Officer 

Pursuant to the requirements of the  Securities Exchange Act of 1934, this report has been signed by the following 

persons on behalf of the registrant and in the capacities and on the dates indicated. 

Signature 

Title 

/s/ Jeffrey A. Williams   
Jeffrey A. Williams 

/s/ Vickie D. Judy           
Vickie D. Judy 

/s/ Ray C. Dillon              
Ray C. Dillon 

/s/ Daniel J. Englander     
Daniel J. Englander 

/s/ William H. Henderson  
William H. Henderson 

/s/ Ann G. Bordelon           
Ann G. Bordelon 

/s/ Jim von Gremp              
Jim von Gremp 

/s/ Joshua G. Welch            
Joshua G. Welch 

President, Chief Executive Officer 
and Director  
(Principal Executive Officer) 

Chief Financial Officer, 
Secretary  
(Principal Financial Officer) 

Date 

   June 21, 2019 

   June 21, 2019 

Chairman of the Board 

   June 21, 2019 

   June 21, 2019 

   June 21, 2019 

   June 21, 2019 

   June 21, 2019 

   June 21, 2019 

Director 

Director 

Director 

Director 

Director 

70 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 4.2 

Description of Securities 

The  following  is  a  description  of  the  capital  stock  of  America’s  Car-Mart,  Inc.  (the  “Company”)  and  certain 
provisions of the Company’s Articles of Incorporation, as amended (“Articles”), Amended and Restated Bylaws, 
as amended (“Bylaws”), and certain provisions of applicable law. The following is only a summary and is qualified 
by applicable law and by the provisions of the Company’s Articles and Bylaws, copies of which have been filed 
with the Securities and Exchange Commission. 

General 

The Company is authorized to issue up to 50,000,000 shares of common stock, par value $0.01 per share, 
and up to 1,000,000 shares of preferred stock, par value $0.01 per share. Each share of the Company’s common 
stock has the same relative rights as, and is identical in all respects to, each other share of the Company’s common 
stock. 

As of June 14, 2019, 6,695,221 shares of the Company’s common stock were issued and outstanding, and 
546,550 shares of common stock were reserved for issuance pursuant to the Company’s stock incentive, option and 
purchase plans. The Company’s common stock is listed on the NASDAQ Global Select Market. The outstanding 
shares of the Company’s common stock are fully paid and non-assessable. 

As of June 14, 2019, no shares of the Company’s preferred stock were issued and outstanding. 

Common Stock 

Dividend Rights. Subject to such preferential rights as the Board of Directors of the Company (the “Board”) 
may grant in connection with future issuances of preferred stock, holders of shares of common stock are entitled to 
receive such dividends as the Board may declare in its discretion out of funds legally available therefor. Under the 
Company’s Bylaws, the Board may declare dividends at any regular or special meeting, and dividends may be paid 
in cash, in property, or in shares of the capital stock, subject to any provisions of the Articles. 

Voting Rights.  Holders of shares of common stock are entitled to elect all of the members of the Board, 
and such holders are entitled to vote as a class on all matters required or permitted to be submitted to the shareholders 
of the Company. Each director shall be elected by a majority of the votes cast with respect to that director at the 
annual  meeting.  However, if the  number  of  nominees  is  greater than  the  number  of  directors to be  elected,  the 
directors shall be elected by the vote of a plurality of the shares represented in person or by proxy at the annual 
meeting. All other matters require the affirmative vote of the holders of a majority of the shares entitled to vote on, 
and that voted for or against or expressly abstained with respect to, that matter at a meeting of shareholders at which 
a quorum is present. Holders of the Company’s common stock do not have cumulative voting rights. 

Liquidation  and  Dissolution. Holders  of  shares  of  common  stock  are  entitled  to  share  ratably  in  any 
distribution  made  to  holders  of  common  stock  in  the  event  of  a  liquidation,  dissolution  or  winding  up  of  the 
Company  after  payment  of  liabilities  and  any  liquidation  preference  on  any  shares  of  preferred  stock  then 
outstanding. 

Other  Rights. Holders  of  shares  of  common  stock  have  no  preemptive  rights,  nor  do  they  have  any 
conversion, preemptive or other rights to subscribe for additional shares or other securities. There are no redemption 
or sinking fund provisions with respect to such shares. 

71 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
Modification  of  Rights. The  Board,  acting  by  a  majority  vote  of  the  members  present  and  without 
shareholder approval, may amend the Company’s Bylaws and may issue shares of the Company’s preferred stock 
under  terms  determined  by  the  Board  as  described  below  under  “Preferred  Stock.”  Rights  of  holders  of  the 
Company’s  common  stock  may  not  otherwise  be  modified  by  less  than  a  majority  vote  of  the  common  stock 
outstanding. 

Preferred Stock 

The Board is authorized, without further action of the shareholders of the Company, to issue up to 1,000,000 
shares of preferred stock in one or more series and to fix the number of shares constituting any such series and the 
rights and preferences thereof, including dividend rates, terms of redemption (including sinking fund provisions), 
redemption price or prices, voting rights, conversion rights and liquidation preferences of the shares constituting 
such series. The issuance of preferred stock by the Board could adversely affect the rights of holders of common 
stock. For example, an issuance of preferred stock could result in a class of securities outstanding with preferences 
over the common stock with respect to dividends and liquidations, and that could (upon conversion or otherwise) 
enjoy all of the rights appurtenant to common stock. 

The Company has no present plans to issue any shares of the preferred stock. 

Anti-Takeover Provisions of the Company’s Articles, Bylaws and Texas Law 

The Company’s authorized but unissued shares of common stock and preferred stock are available for future 
issuance without shareholder approval, subject to any limitations imposed by the listing standards of the NASDAQ 
Stock Market. These additional shares may be utilized for a variety of corporate purposes, including future public 
offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized 
but unissued shares of common stock and preferred stock could make it more difficult or discourage an attempt to 
obtain control of a majority of the Company’s common stock by means of a proxy contest, tender offer, merger or 
otherwise. 

As  discussed  above,  the  ability  to  designate  and  issue  preferred  stock  makes  it  possible  for  the  Board, 
without approval of the shareholders, to issue preferred stock with super voting, special approval, dividend or other 
rights or preferences on a discriminatory basis that could impede the success of any attempt to acquire the Company 
or otherwise effect a change in control of the Company. These and other provisions may have the effect of deferring, 
delaying or discouraging hostile takeovers, or changes in control or management of the Company. Such provisions 
may also impede or discourage transactions that some, or a majority, of the Company’s shareholders might believe 
to be in their best interests, or in which the Company’s shareholders might receive a premium for their shares of 
common stock over the market price for such shares.  

If the Company meets the definition of an “issuing public corporation,” provisions of Texas law also may 
discourage delay or prevent someone from acquiring or merging with the Company, which may cause the market 
price of the Company’s common stock to decline. Under Title 2, Chapter 21, Subchapter M of the Texas Business 
Organizations Code, a Texas issuing public corporation may not engage in specified types of business combinations, 
including mergers, consolidations and asset sales, with an affiliated shareholder, or an affiliate or associate of an 
affiliated shareholder, unless: 

• 

• 

the business combination or the acquisition of shares by the affiliated shareholder was approved by the 
board of directors of the corporation before the affiliated shareholder became an affiliated shareholder; 
or 

the business combination was approved by the affirmative vote of the holders of at least two-thirds of 
the outstanding voting shares of the corporation not beneficially owned by the affiliated shareholder, at 
a  meeting  of  shareholders  called  for  that  purpose,  not  less  than  six  months  after  the  affiliated 
shareholder became an affiliated shareholder. 

72 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
Under  Texas  law,  a  shareholder  who  beneficially  owns  more  than  20%  of  the  Company’s  outstanding 
voting  stock  or  who  during  the  preceding  three-year  period  was  the  beneficial  owner  of  20%  or  more  of  the 
Company’s outstanding voting stock is an affiliated shareholder. An “issuing public corporation” means a domestic 
corporation that has: (i) 100 or more shareholders of record as shown by the share transfer records of the corporation; 
(ii) a class or series of the corporation’s voting shares registered under the Securities Exchange Act of 1934, as 
amended; or (iii) a class or series of the corporation’s voting shares qualified for trading on a national securities 
exchange. 

Other provisions of Texas law and the Company’s Bylaws may have the effect of delaying or preventing a 
change  in  control  or  acquisition,  whether  by  means  of  a  tender  offer,  business  combination,  proxy  contest,  or 
otherwise. Texas law requires that a change in control generally be approved by the holders of two thirds of the 
outstanding votes, rather than a mere majority. The Company’s Bylaws include certain procedural requirements 
governing the nomination of directors and proposals of other business by shareholders and shareholder meetings. 
These  provisions  could  have  the  effect  of  delaying  or  preventing  a  change  in  control  or  management  of  the 
Company. 

Limitation of Liability and Indemnification 

The Company’s Articles provide that a director shall not be personally liable to the Company or its shareholders 
for monetary damages for an act or omission in the director’s capacity as a director, except that such provision shall 
not eliminate or limit the liability of a director for (a) a breach of the director’s duty of loyalty to the Company or 
its shareholders; (b) an act or omission not in good faith that constitutes  a breach of duty of the director to the 
Company  or  an  act  or  omission  that  involves  intentional  misconduct  or  a  knowing  violation  of  the  law;  (c)  a 
transaction from which the director received an improper benefit, whether or not the benefit resulted from an action 
taken  within the scope  of the  director’s  office;  or  (d)  an  act  or omission for  which the liability  of  a  director  is 
expressly  provided  by  an  applicable  statute.  In  appropriate  circumstances,  equitable  remedies  or  non-monetary 
relief, such as an injunction, will remain available to a shareholder seeking redress from a violation of fiduciary 
duty. In addition, the provision applies only to claims against a director arising out of his or her role as a director 
and not in any other capacity (such as an officer or employee of the Company). 

The  Company’s  Bylaws  provide  that  directors and officers  of  the  Company  will  be indemnified  by  the 
Company to the fullest extent authorized by Texas law, as it now exists or may in the future be amended, against 
all expenses and liabilities reasonably incurred in connection with service for or on behalf of the Company. 

Transfer Agent and Registrar 

Securities Transfer Corporation acts as the transfer agent and registrar for the common stock. 

73 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 21.1 

Subsidiaries of America’s Car-Mart, Inc. 

Crown Delaware Investments Corp. (a Delaware corporation) 

America’s Car Mart, Inc. (an Arkansas Corporation) 

Colonial Auto Finance, Inc. (an Arkansas Corporation) 

Colonial Underwriting, Inc. (an Arkansas Corporation) 

Texas Car-Mart, Inc. (a Texas corporation) 

Auto Finance Investors, Inc. (a Texas corporation) 

ACM Insurance Company (an Arkansas corporation) 

74 

 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 23.1 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

We have issued our reports dated June 21, 2019, with respect to the consolidated financial statements and internal control 
over financial reporting included in the Annual Report of America’s Car-Mart, Inc. on Form 10-K for the year ended April 
30, 2019. We consent to the incorporation by reference of said reports in the Registration Statements of America’s Car-
Mart, Inc. on Forms S-8 (File Nos. 333-139270, 333-139269, 333-208414, 333-208416, 333-227856, and 333-227857). 

/s/ GRANT THORNTON LLP 

Tulsa, Oklahoma 
June 21, 2019 

75 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 31.1 

Certification 

1. 

2. 

3. 

4. 

I, Jeffrey A. Williams, certify that: 

I have reviewed this Annual Report on Form 10-K for the period ended April 30, 2019 of America’s Car-Mart, Inc.  

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary 
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to 
the period covered by this report; 

Based  on  my  knowledge,  the  financial  statements,  and  other  financial  information  included  in  this  report,  fairly  present  in  all 
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented 
in this report; 

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures 
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange 
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 

(a) 

(b) 

(c) 

(d) 

Designed  such  disclosure  controls  and  procedures,  or  caused  such  disclosure  controls  and  procedures  to  be designed 
under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, 
is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be 
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the 
preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

Evaluated  the  effectiveness  of  the  registrant’s  disclosure  controls  and  procedures  and  presented  in  this  report  our 
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this 
report based on such evaluation; and 

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 
registrant’s  most  recent  fiscal  quarter  (the  registrant’s  fourth  fiscal  quarter  in  the  case  of  an  annual  report)  that  has 
materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; 
and 

5. 

The  registrant’s  other  certifying  officer(s)  and  I  have  disclosed,  based  on  our  most  recent  evaluation  of  internal  control  over 
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing 
the equivalent functions): 

(a) 

(b) 

June 21, 2019 

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting 
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial 
information; and 

Any fraud, whether or not material, that involves management or other employees  who have a significant role in the 
registrant’s internal control over financial reporting. 

/s/ Jeffrey A. Williams 
Jeffrey A. Williams 
President, 
Chief Executive Officer 

76 

 
 
 
 
 
 
 
 
  
 
  
 
  
 
  
 
 
  
 
  
  
 
 
  
  
 
 
 
 
 
 
 
Exhibit 31.2 

Certification 

1. 

2. 

3. 

4. 

I, Vickie D. Judy, certify that: 

I have reviewed this Annual Report on Form 10-K for the period ended April 30, 2019 of America’s Car-Mart, Inc.  

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary 
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to 
the period covered by this report; 

Based  on  my  knowledge,  the  financial  statements,  and  other  financial  information  included  in  this  report,  fairly  present  in  all 
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented 
in this report; 

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures 
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange 
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 

(a) 

(b) 

(c) 

(d) 

Designed  such  disclosure  controls  and  procedures,  or  caused  such  disclosure  controls  and  procedures  to  be designed 
under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, 
is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

Designed such internal control over financial reporting, or caused such internal control over  financial reporting to be 
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the 
preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

Evaluated  the  effectiveness  of  the  registrant’s  disclosure  controls  and  procedures  and  presented  in  this  report  our 
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this 
report based on such evaluation; and 

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 
registrant’s  most  recent  fiscal  quarter  (the  registrant’s  fourth  fiscal  quarter  in  the  case  of  an  annual  report)  that  has 
materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; 
and 

5. 

The  registrant’s  other  certifying  officer(s)  and  I  have  disclosed,  based  on  our  most  recent  evaluation  of  internal  control  over 
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing 
the equivalent functions): 

(a) 

(b) 

June 21, 2019 

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting 
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial 
information; and 

Any fraud, whether or not material, that involves management or other employees  who have a significant role in the 
registrant’s internal control over financial reporting. 

/s/ Vickie D. Judy                    
Vickie D. Judy 
Chief Financial Officer and Secretary 
(Principal Financial Officer) 

77 

 
 
 
 
 
 
 
 
  
 
  
 
  
 
  
 
 
  
 
  
  
 
  
  
 
 
 
 
Exhibit 32.1 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 

In connection with the Annual Report on Form 10-K for the period ended April 30, 2019 of America’s Car-Mart, Inc. 
(the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, 
Jeffrey A. Williams, President and Chief Executive Officer of the Company, and Vickie D. Judy, Chief Financial Officer of 
the Company, certify in our capacities as officers of the Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to 
Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge: 

(1) 

(2) 

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act 
of 1934, as amended; and 

The information contained in the Report fairly presents, in all material respects, the financial condition and 
results of operations of the Company. 

By:           /s/ Jeffrey A. Williams                                        

Jeffrey A. Williams 
President, Chief Executive Officer 
June 21, 2019 

By:           /s/ Vickie D. Judy                                                                                                                       

Vickie D. Judy 
Chief Financial Officer and Secretary 
June 21, 2019 

78 

 
 
 
 
 
 
  
 
  
 
 
 
 
 
America’s Car-Mart, Inc.
2019 Annual Report

CORPORATE INFORMATION

Corporate Headquarters
802 SE Plaza Avenue, Suite 200
Bentonville, Arkansas 72712
(479) 464-9944

Annual Meeting
The annual meeting of stockholders will be held 
at America’s Car-Mart Corporate Headquarters, 
802 SE Plaza Avenue, Suite 200, Bentonville, 
Arkansas at 10:00 a.m. Central Time on  
Wednesday, August 28, 2019.

Transfer Agent and Registrar
Securities Transfer Corporation
2901 N Dallas Parkway, Suite 380
Plano, Texas 75093

Independent Public Accountants
Grant Thornton, LLP
Tulsa, Oklahoma

Board of Directors
Ray C. Dillon
Chairman of the Board
Retired Chief Executive Officer, 
Deltic Timber Corporation

Jeffrey A. Williams
President and Chief Executive Officer

Jim von Gremp 
Retired Certified Public Accountant

Ann G. Bordelon
Chief Financial Officer,

Mitchell Communications Group

Daniel J. Englander
Managing Partner, Ursula Investors

William H. (“Hank”) Henderson
Retired Chief Executive Officer

Joshua G. Welch
Managing Partner, Vicuna Capital I, LP

Executive Officers
Jeffrey A. Williams
President and Chief Executive Officer

Vickie D. Judy
Chief Financial Officer

America’s Car-Mart currently operates 144 dealerships in eleven states,
with headquarters in Bentonville, Arkansas.

Corporate Headquarters
802 SE Plaza Avenue, Suite 200 
Bentonville, Arkansas 72712  
Phone: (479) 464-9944  
Fax: (479) 273-7556

www.car-mart.com

ALABAMA (16)
Albertville
Anniston
Athens
Cullman
Decatur
Dothan
Enterprise
Florence
Gadsden
Montgomery
Muscle Shoals
Opelika
Phenix City
Prattville
Troy
Tuscaloosa

ARKANSAS (36)
Arkadelphia
Batesville
Benton
Berryville
Bryant
Camden
Centerton
Clarksville
Conway
El Dorado
Fayetteville (2)
Fort Smith
Harrison
Hope
Hot Springs
Jonesboro
Little Rock
Magnolia
Malvern
Morrilton

Mountain Home
North Little Rock
Paragould
Pine Bluff
Rogers (2)
Russellville (2)
Searcy
Siloam Springs (2)
Springdale (2)
Van Buren
West Memphis

GEORGIA (9)
Brunswick
Carrollton
Covington
Dalton
Macon
Millidgeville
Rome
Valdosta
Woodstock

INDIANA (1)
Evansville

IOWA (1)
Burlington

KENTUCKY (12)
Bowling Green (2)
Elizabethtown
Glasgow
Henderson
Hopkinsville
Lexington
Madisonville
Owensboro
Paducah

Richmond
Winchester

MISSISSIPPI (5)
Columbus
Corinth
Meridian
Oxford
Tupelo

MISSOURI (18)
Cape Girardeau
Carthage
Columbia
Farmington
Harrisonville
Joplin
Kirksville
Lebanon
Moberly
Neosho
Poplar Bluff
Rolla
Saint Joseph
Sedalia
Springfield (2)
West Plains
Warrensburg

OKLAHOMA (27)
Ada
Altus
Ardmore
Bartlesville
Bixby
Broken Arrow
Claremore
Duncan
Durant

Enid
Grove
Lawton
McAlester
Miami
Muskogee
Okmulgee
Owasso
Ponca City
Poteau
Pryor
Sapulpa
Shawnee
Stillwater
Stilwell
Tahlequah
Tulsa (2)

TENNESSEE (6)
Clarksville
Columbia
Hixson
Jackson
Madison
Tullahoma

TEXAS (13)
Corsicana
Greenville
Longview
Lufkin
Mount Pleasant
Nacogdoches
Palestine
Paris
Sherman
Sulphur Springs
Texarkana
Tyler
Wichita Falls