Jim Mullin
Value, long only, long-term horizon, special situations

America's Car Mart: A Quality Company Facing A Tough Environment


America's Car Mart (NASDAQ:CRMT) is not your typical automotive retailing company. The average dealership is located in a smaller community in the Midwest or Southeast. The company tries to develop a personal relationship with its customers. At its more established dealerships, repeat customers comprise a good percentage of sales. Personally, I think of America's Car Mart as bank that also happens to be a used car dealer. A brief explanation of how the company operates should help explain this.

America's Car Mart sells used cars to those who cannot obtain traditional financing. The typical vehicle sold by America's Car Mart is between six and 12 years old, has between 90,000 and 140,000 miles, and was purchased by...

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