Rogers-based America’s Car-Mart announced Monday (Sept. 26) that automotive industry executive Douglas Campbell will be the company’s new president after shares fell to a 52-week low last week.
According to a news release, Campbell will start in the role on Oct. 3.
“Doug’s 25 years of marked successes in the automotive industry will bring new perspective to our ever-evolving work to better serve customers and communities,” said CEO Jeff Williams. “In this current environment, outside perspective is invaluable to overcoming key challenges as we evolve our business as an integrated sales and finance company.
Williams has been company president since March 2016 and started as CEO in January 2018.
Campbell has most recently worked at Avis Budget Group, and earlier this year, he was promoted to senior vice president – head of fleet services. In 2021, he was named head of fleet services for the Americas and was responsible for the acquisition of the company’s new and used vehicles and its vehicle disposal strategy.
He started with the company as vice president of remarketing for the Americas and was responsible for the company’s wholesale and factory program disposals. He led the strategic growth of the direct-to-consumer initiative in which he opened multiple retail locations and developed an online direct sales platform. He and his team helped to build a new business-to-business website for vehicle disposals.
Previously, he worked for AutoNation as the used vehicle director for the eastern region with responsibility for three markets and multiple dealerships in Florida, piloting national programs for vehicle disposal and acquisition. He was also general manager of AutoNation Honda Dulles, where his team was recognized as among the top AutoNation Honda dealerships nationally for sales and service.
Before AutoNation, Campbell spent 15 years at Coral Springs Auto Mall. He was finance manager, added leadership responsibilities, and in 2014, was named executive general manager of several new car franchises and a used vehicle store.
“I am honored to join the talented America’s Car-Mart leadership team as together we build on their more than four decades of achievements,” Campbell said. “Given all the change within automotive – from digitization to electrification – Car-Mart is uniquely positioned within the industry for growth within the communities they serve for years to come, regardless of the economic environment. Over the last 25 years, I have brought my passion for people and automotive to well-known brands, and I am thrilled for the opportunity to bring what I have learned to the Car-Mart team and their customers as we build for an exciting future.”
“We are delighted to add a leader of Doug’s caliber to our dedicated executive team, and we look forward to the impact that he will have on our efforts around product, capitalizing on significant market growth opportunities in the coming years,” Williams said.
In the first quarter of fiscal 2023, which ended July 31, Car-Mart had 154 stores, up three from the same time last year. On Aug. 17, Car-Mart reported that first-quarter earnings declined by 47% to $13.23 million, from $24.95 million in the same period last year. Revenue rose by 23% to $344.88 million, from $280.32 million.
Shares of Car-Mart (NASDAQ: CRMT) closed Monday at $66.78, down 54 cents or 0.8%. In the past 52 weeks, the stock has ranged from $65.45 and $129.50. The company hit the 52-week low on Friday (Sept. 23) and the 52-week high on Nov. 10, 2021.