Foggy Tom
Long/short equity, expected value, contrarian, value

America's Car-Mart: 45% Upside Over 12-24 Months

America's Car-Mart (NASDAQ:CRMT) is a $320 million market cap "buy here, pay here" car dealer, which is part used car retailer and part community-based asset-backed lender. The typical customer needs basic transportation (for instance, to get to work or the grocery store, e.g. to get by in places where public transportation is very limited) but can't afford a newer used car or get credit from a traditional lender (and may not even have a bank account or credit score). The typical vehicle is under $10,000 and likely has cosmetic damage and only a few years left in them. The car buyer puts about 20% down and is expected to come to the dealership each payday and make an...

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