America?s Car-Mart Opening New Lots
by June 9, 2003 12:00 am 102 views
America’s Car-Mart Inc. of Bentonville said on May 28 that it opened a new dealership in Longview, Texas, on May 6 and plans to open its next car lot in Tyler, Texas, by the end of June. The new locations mark the first new dealership openings since Car-Mart’s current fiscal year began on May 1.
“With the addition of these new dealerships, we have a good start on our new store growth expectations for this fiscal year,” said T.J. (“Skip”) Falgout, Car-Mart’s CEO. “These dealerships represent our fifth and sixth locations in Texas, and we expect to continue focusing heavily on expansion throughout the North and East Texas areas, as well as Oklahoma.”
Car-Mart currently operates 65 auto dealerships in seven states and is the largest publicly held automotive retailer in the United States focused exclusively on the “buy here/pay here” segment of the used car market. The company operates its dealerships primarily in small cities throughout the south-central United States.
On April 29, Car-Mart said it expects fiscal 2004 earnings to grow about 17 percent to $2.01 per share.
Growth next year will be fueled by plans to open six to eight new dealerships, primarily in northeastern Texas, which will boost revenue by about 16 percent.
The company said it expected per share earnings of 50 cents for the first quarter, 48 cents in the second, 47 cents in the third and 56 in the fourth.