America’s Car-Mart Reports 10.2 Percent Revenue Jump to $121 Million

America’s Car-Mart of Bentonville announced late Tuesday afternoon its operating results for the second quarter of 2013.

Highlights include net income of $5.8 million — $0.61 per diluted share vs. $0.76 per diluted share for the same quarter of 2012 — and revenues of $121 million. That’s a 10.2 percent increase from reported revenues of $110 million in the second quarter of 2012.

The publicly traded company opened three new dealerships in the quarter, increasing the count to 129.

Hank Henderson, president and CEO of America’s Car-Mart, said in a news release the company will continue to add new dealerships — it has added 12 in the last year — but at the same time remain disciplined on the company’s underwriting and deal structures.

“That is something that has negatively affected productivity especially in our older more mature dealerships,” he said. “Even in the face of increased competition, our down-payment percentage was down only slightly from last year.”

Henderson said the company sold 10,608 cars during the quarter, an 8.1 percent increase. Same store revenues were up 3.8 percent, although the average car sold per dealership per month decreased for the quarter to 27.6.

“We remain convinced that the business model will continue to support significant unit volume expansion,” Henderson said. “We are excited about our future and we will continue to fight to retain our better customers.”