CRMT - Earnings call transcript Q1 2025 | America's Car-Mart, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the America's Car-Mart's First Quarter Fiscal 2020 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Vickie Judy, Chief Financial Officer of America's Car-Mart. Please go ahead.

Vickie Judy

to for First XX, the welcome XXXX Fiscal XXXX. and Call Earnings period morning, America's Quarter Car-Mart's Year Good ending July

CEO. our is available Joining company's our website release Doug is a on this We've slide with and detailing earlier it me earnings returns. issued and Campbell, morning, along our cash-on-cash today President our

available will call. the Q&A and post this following call the the We after will transcript through be remarks webcast of our prepared the session

considered or be to provision forward-looking inherently company During it undertake management's today's may estimate of safe the call, such Litigation Securities could any made results statements XXXX. obligation of and risks actual present to are that differ cannot and uncertainties Reform to statements. statements certain accuracy The involve the update from Act the pursuant forecast nor harbor guarantee view. cause forward-looking These does Private any materially of

with important company's XX, Part our including ended see April and for filed or his will cautionary on XXXX, please Commission on with information, the year and and for us reports Securities and quarterly year. XX-Q. report more to XX-K current annual furnished Doug on Forms start business the For fiscal thoughts this notes, the and off Exchange fiscal strategies X-K of the X Form

Douglas Campbell

for Car-Mart Thank hear you, our Vickie, and in quarter for joining us results. and to your thank America's you, everyone, about first interest more

I'm earnings in the mentioned I the release, year the about sequentially. prior sales improvement viewed As versus pleased in when volume

to both strong and XX.X% almost traffic have quarter in pleased XX% We recall, third finished were closed be down consumer year-over-year quarter. increased now. under and down website you We're the fourth indicating in just that we sequentially, demand. If the gap XX% the then

continue. Gross demand margin repair reduced in industry and We points is ancillary application discipline, the a ensuring in levels for procurement the for our match price down hard during progress for average are viewed improve were approximately quarter. to positive We've is sequentially, remain and basis margin with benefits of good value this we up of focused gross savings these softer, both the to average to We've affordable a which we means decline exclude Vehicle volumes taken retail marketplace. decline during had products. to expect we're continues pricing in more the the biggest several $XXX We you for working the consumers. to lower the when and our the reduction inventory on consumer bring need be pass slightly vehicle that a lower actions sales. costs. believe prices we vehicles. the part us contributing our of acquisition on indicator cost for prices. XX quarter. However, costs, been very to to in and seeing improvement we've made and we can vehicle average retail through quarter, chain the the those type the challenge The And story, retail pricing price leading transportation When

the oversee in Recall company. a the disposal for margins centrally burden managed, that partnership assets. this to Cox gross is improve our our complete key removing is our the Automotive and process address profit of component from Our consumers for the managers to location with partnership affordability plan day-to-day for

flow, to and preferred getting which time the then repair acquisition is vehicle optimizing suppliers costs. with and at consolidating been quality, especially also the vendors. to The continue expectations speeds consolidation online. and vehicle line improving display with set and vendors new agreements shops inventory vendor in consolidate to for vehicle transportation process We We've have sales lower title

XXX an fiscal that down vendors average in that bring year, example, year year to we fiscal to plan vendors. roughly to close 'XX, purchased XXX this vendors. to we monthly. we XXX XX In And from under 'XX, For of dropped vehicles

While is giving we for additional the local still that transition, us onboarding business challenges. Like options. our without we partnership any of the Automotive is need Cox relationships process markets operate, with its not new the in partner operations many

behind to dealerships. X to we in still our in as be which those integrated. us switch their the is were the dealerships, fully The our yet acquired have aspects However, period vehicles. I'll believe are it of place to XXX of mainly of relates business. The now consumer-facing and remaining LOS marketing XXX now are earnout or procurement at the

lower are in approximately let through very we build our of and loss rate I'll financing of starting faster originated XX% the originations, versus much loans overall a during This customer period. into terms, discussed Deals originating curtailing origination and are least consumer pleased cumulative 'XX at fiscal on originated rates a more the year of deal last almost through year here is structures X include at our more from loan legacy the at within LOS. and and originated net now data lower back XX, dollars of when our Because system also gives loss thus is producing experience, which for a and fiscal The online, July customer. speed and system which see Vickie of to get in sales loss, each for same process continue we're that momentum. preferences severity better allows LOS overall total portfolio kind quarter, it frequency with that. generating of book XXXX. than of from improvement our dollars ultimately prequalification a moment sales looking this additional adoption us on transfers As these accomplishing seen. contrast hour detail benefits overall it improving XX% have better The to the portfolio

to customers without our on changing future We the mission, moving quickly are reshape core road. our keep

The it's and multiyear investments of our investment in innovate designed our to Our system line. accounting increasing weighing an specifically to ERP. provide This May in leverage planning the and business, ERP and flexibility Car-Mart’s functions competitive operating or within that efficiency improve system operational I on benefits expense on a enterprise implementation quarter capacity management went and strengthening ability last operational help our growth. efficiency. for and initiatives tech live and additional are of conversion provide are on customer X finance, on was resource reported significant can enhancing this the We are multiyear we confident SG&A. position,

We're a important quarter, recent with at of completed conversions the pleased higher are dealerships also during strong customer experience addition CRM X enhancements in us which conversion. better very the sales. Auto the to Center, July. month as A drive assist our quarter, which We record Texas application designed in will credit including results to in delivered the to expected

see. We turnaround grow evident to to we're is ambitious beginning This in and have Car-Mart become America's a plans segment. the their dominant more in company

Our teams our will a success. Vickie? of Vickie I'll discussion be more the our details key now on turn to financials. component for over

Vickie Judy

good the fiscal million Total morning, my the or first will In that X.X%, due everyone. of Doug, to versus decline otherwise commentary, revenues fiscal first unless I comparison the quarter quarter decreased in noted. cover the the compared XXXX to in XXXX, $XX Thanks, retail rate and of largely will rate average [indiscernible]. which X.X%, XXXX, December due XXXX. primarily was XX.XX% XX, in XX.X% units increase increased interest from weighted sold. contract of the was to July consumer at interest income XX% The by to Interest increased be

paycheck. to affecting out priority by their persistently attributable are X.X%. pointed several both products. The Doug per vehicle price per and factors primarily up squeezed on or sourcing in earlier, As XX.X as economic is XX.X sold average month dealership affordability Average sales was down our increases in retail sales our were to X.X%, ancillary customers units

accounts system. we're payments XX% points through portfolio 'XX the down the seeing applicants. the that the the deal volumes limited of and appropriate of select of X.X%. a of that pleased new and sales quarter and with on benefits XX with underwriting for originating back portfolio collections fiscal average. lower payments Doug risk credit have 'XX to fiscal productivity originations the for and highest up dealerships Down basis This from on We're back has only to underwriting to continue Earlier, were the at XX% structures. originated contributed book originations explained to focus on our through number scoring We

increase expected points to While is the improved distribution not customer be terms the overall, this payment. of sequential an enormous basis success. This quarter's down and significant on of score of is last is in on down XX builds customer payment by also increase

average the portfolio down the customer term fine-tune from distribution originating year's down quarter score. of age XX.X the collections average should the term is quarter, positive XX%. XX.X months for prior continue the losses to Our and have payment, portfolio months. term by the on contributed end total impacts of the increased we have weighted active months. the and contract XX.X going Like or of to optimize is positively weighted the months, The the forward At customer. up average This XX was per average

are digital both collections, to worked paying the X.X%. collected severity is it experienced at majority for from approach per as have fiscal over the to and and last as losses X.X% relationship forward. 'XX less originations. months book difference back of We quarter be More we total X.X%. compared of but valuable improve low trending increased expected frequency increase X.X% to age of and the average move closer total assistance. year this end average charge-offs monthly The is via management of averages is in accounting which they teams Our is weighted rose of net a an XX The increase. the are and now to dealer of have leverage average maker Net our or channels, originations customer contract net need percentage have X.X% percentage of impact These charge-off modifications year. the to $XXX. to continues historical back charge-offs range for hybrid face-to-face, receivables approximately and July customers to 'XX with approximately of a local hard a of pre-pandemic increase because $XXX XX% active on the to when The our end finance from of severity were to the an the

the $X.X primarily compared to inventory reflects Inventory due to our a of puts macroeconomic a and our originated or to before we're in XX.X%. quarter. the X.X% prior the million recent and compared claims. We're which dropped end, points million quarter the was added addition, market past primary our fiscal the maximize delinquencies most focused is levels quarter to year-end, the of accident are in cash-on-cash inventory in results in the addition quarter customer allowance pleased year and a over returns release end over at plan to $X.X to history them We've priority improvement protection fee the produce resolve profile this XX Despite XX our and reduction earnings conditions. were various this returns provision with to payment past million deal and of recent to and from originations returns million during work due cash-on-cash of quarter deferred approximately structures on fiscal repossessing resulted these earning basis our The originations pleased quarter of losses. been XX% delinquencies up sharing of and finance our by seeing supplemental revenue success driver Our LOS days reduced that our profitability. contracts to at the acquisition, quality our accounts strong The were end. cash-on-cash XX end, for we very as $X.X losses allowance at This expected percentage XX% in that for for credit material point to which the receivables at basis year returns net credit balance. are the and $X.X vehicle. We're first

Moving $XX.X SG&A a quarter. million. was increase first This last expense slight to SG&A. compared year's to was

the related measures. related the to related the increases due release, SG&A licensing offset to As in along This a SG&A the over had leverage some associated basis headwind a by acquisitions, from build prior new to and the payroll efficiency we customer the the as account in base over basis expect and per the which our in the increased cost-cutting technology and mentioned term. leveraging costs and with SG&A acquisition, technology we with implementation, we in customer was per on long savings in move created on to expenses customer the $X forward gain million

in in on a focus driving an debt. rise measures. cost million to continue to rates Interest and execute to due efficiencies cost We increased expense or XX.X% by secondarily, control continue increase and $X on

revolving of we interest from fruition. prevailing and thoughts credit are to floating rate cuts and Our facility warehouse the notes rate benefit come on rate payable debt, lower would

have in calculated million flexibility in of Access borrowing unrestricted competitors. July XX, of $X.X successful with under revolving $XX inventory. revolving over securitization distinct our approximately smaller credit facilities and of us and additional we a cash As facility million and receivables our our to a our capital advantage and availability base on many program gives credit

turn things me Doug. let Now back to

Douglas Campbell

know Thanks, value dedication operational for challenging economy our Vickie. certain of our many initiatives the consumers, I'm and proposition the we're teams. that to our of business. is of We improve proud and aspects associate undertaking

year. start the we like to reiterate our the open fiscal for Before Q&A, I'd focus

at affordability looking during constantly as capital system. we'll returns possible of the There the shareholders. to the continued several leverage by we retail origination its on fiscal components to best and operational First, Two, I stores for the want seeing believe we optimization Three, see installed underway, that ensuring We're the scratching are here. technology benefits, continue on push to continue reducing we're return are well for we focused our the updated. benefits loan but and improve to surface. the our sales invested our average consumers on getting and includes collections recently we're this price -- and just plan, and for at This year. our to the excellence

to our plan our I'm long-term teams I credit focus be collective for to system. and the capitalize the fully partnership, this just here. Our acquisitions. our Cox Four, partnership a on strategic about this implement to benefits out gate. and with and Automotive, benefits excited and the is are working believe getting we're to underwriting on exploit of companies of shareholders Five,

We that are how talent out our still and team. new and at looking just for are important leadership our if actively our the best people I is mention believe round return I'd in this talent success, be remiss the opportunities didn't to existing shareholders. both market will

Now please questions. to operator, provide instructions ask

Operator

[Operator Instructions]

Vickie Judy

in investors We've Operator, take. from questions buy that Vickie. is this gotten of to couple a I'd like side

Operator

Please proceed.

Vickie Judy

says, first in this I'll your Doug, the headwind one. one SG&A coming can The from take acquisitions? you that's explain

course, these day X, dealership all, of not of acquired acquire associates, First their of customers. we their as we of their all but with we're costs, SG&A, acquiring their portfolio

size, it. did no little book and cost to TAC portfolio along due This we the ] into last leverage the [ out. impactful and the with visibility one starting go a with more we we're So with once have was to is built

The second the back is regarding question book.

LOS how the you As today? I'll sits you several times, book take you that how it and and about one. Doug, can mentioned think back you portfolio originations explain let the

Douglas Campbell

Okay. Good everybody. morning,

'XX we used the last break I I you losses noted if we if to think go but back think year, had we in fiscal the at to pools a was I second of some those that think current had on up, the that on they years book, the it and quarter of and the originated severity 'XX, and the effects words overall back the which back detail I then driving book. of environment, about spoke seeing frequency that loss we from don't the time. were in portfolio 'XX the and

they're sit, we as the greater still so a then, of those of the portfolio. Today, lesser effect. XX% XX% less we that, to represented And than portfolio. but loans Back see than

on, they a represent the portion And book. so as goes time smaller and smaller of

about for that's the a of portfolio. the our only at portfolio. quarter time last about Today, second XX% positive LOS of so the And really And the that's XX% of story. year, accounted in

it, really originations. to of business at the chunks portion of remaining of The like those XX% 'XX book X book. year sort like So the of call fiscal the is look as, I'd

had system And a time underwriting is of so those the our of started legacy on that we of interesting 'XX year end combination interesting a they're fiscal towards have originations a our was really the legacy out tightening because story our LOS system. combination about standards of originations at and year. What

projected the The the ago, at XX%. quarter is at now you X cash-on-cash XX.X% quarters projection those, XX.X%, at then returns produced most they so subsequent go original XX.X%. had recent And projections if and for back projections

favorability the So portfolio. that of in we XX% continue to of remainder see the

half about a fiscal next back So X/X 'XX sort think year of we and extent. will I'd that questions. much guess for And see 'XX it really return 'XX to the for as live in sort to and account will of book for provision lesser there's even and both we a than like the through the as of and of showing the into back norm. accounts LOS the smaller fiscal account forward portion turn quarter, in And move up those 'XX, which an returns sort we adjustment. operator I'll positive the those And the any the year as being the project get greater we just here to fiscal over I year portfolio. cash-on-cash see and favorability if more

Operator

Hecht Jefferies. We do from have a with question John

John Hecht

Good that to might you and of used of is, acquisition implemented and business the a And you cost, execute? the guys strategies chat. the guys I'm can elsewhere affordability And would think to what the help issue? related affordability you and that do be affordability just how wondering you And how things cost question that with impact much so car prices? refurbishment a that meet of Vickie too. key you, in car to then the forth. we've to in can second expect Number have couple get one I market, lot I is, heard Doug in have that questions. guys reduce now, as and the factor a cited

Douglas Campbell

you, be Great Good to Yes. John. question. with

and last of of sort fiscal of out about the sort component being a think key sort our we 'XX business that. we year, started sketching that year you January, accelerate to plan if actions would December, and the affordability So take affordability,

that drive the of on some then down driver lines thesis to the that component the repurchase could our front on units Cox's help see One why overall of have of we that we applicant average bigger Cox believe produce those going The do in the the we and a how side things of the in is business. are that biggest that's price. marketplace, vehicles and those the is affordability, repairs, that in partnership sort are entering also that

at look the we we've when applicant So both credit in some seen softness income. applicants,

applying We're couple want origination little to think our and getting CDK a from target set I dealers different a have of to and is and a us, we in we it's fit market bit balance to softness the but the the of August pull sort be to a year that. half a a combination thresholds that continue believe where that things of prices target. sort normalized that having there'll stalling it's and address PTI do so that trying on in radar, back consumers back And fall the back for to terms the to we the and we of of at would And the that's of the outage continue of the are of rate creating a do moving loan pricing. that little blip a system John. vehicles bit of believe match in get year,

John Hecht

system. guys that more Vickie, of very Is you can then you the is of perspective helpful. the to mentioned XX go there executing touching? improvement How a That's to credit? point I credit, that on And much portfolio on LOS tied that Great. better basis identify think

Vickie Judy

there. There's more Yes. room certainly

acquisition originated, are dealerships, our on been the of portfolio of being of had lots are of being of as And new our deals end July, for their on system. XX% our So originated X except our LOS. originated all

positive continue So to we each and move month. forward going to impacts grow that's as have

Douglas Campbell

points. right, thing. quantitative driving that that effect net it's Yes. The a CECL LOS, And of other in XX was had qualitative I'd that benefit effect add, LOS basis XX are the that. that, analysis that basis point the different more the but the both Vickie, and result a of one factors, -- combination the positive -- being

absent larger, but so been the factors, that's And would works. increase have how it other not

to sort to there, factors well. have add the at that look color We that all as helps I of of some but hope

John Hecht

smaller the my kind heard question sort channels having sure. networks tough I is For been final we've And getting that have the of market. just a mean, time of competitive of lot financing. on smaller or

the that's environment wondering all? stress kind there market? competitive the more at I'm of So because if Similarly, the opportunities of impacting acquisition of is in some

Vickie Judy

Yes.

We because out that continue the they're stress financing less or holding to of smaller their credit. just inventory there ability some with access of competitors, to less see where

X. at So opportunities. that and and that's we method do with And care disrupt market. appropriate playing visibility to certainly to have business. and culturally going We we that into ensure take a they're visibility those. as we integrate well have accretive in them acquisition we But want important be us to our several in well the day to we able But so can that continue role of their them and on this several to always is can and footprint digest ensure service them. not yes, fitting fit we're them analyze that into

Operator

[Operator Instructions] BTIG. Vincent with next from comes Caintic Our question

Vincent Caintic

point, to of used down up? industry a talked is wealth. there but car order or to sort We've on come get the a a have First question maybe to like of affordability affordability prices is in broad show much for the demand price does question, kind how about

for on then demand the come -- really ramp up the sense down the how So to have a trying to again. I'm visibility And what's your volume. to better much just get the limit sales prices maybe back for

have you when can again? visibility So improvements year-over-year wondering expect we been we into quarterly growth have But in just the that if trajectory. seeing

Douglas Campbell

one. take Vickie, I'll that

So -- look indicator. ton there. at as sales, a website leading visibility a into We there's of like in is traffic terms there

we about so confident And that. really feel

in X excess traffic or probably of X row have website XX% year-over-year. We in is months a where growth now

tap, our that offering. And service not stronger aggregate, sort weaker then convert to dovetail We X% we've a and strength. total credit volume at sales off the and X% applications side, and those certainly on to the year-over-year. From be of continue And the applications expresses rate those online level. In so but or level leading applications. of lot And indicator seen demand little better around see for a continue bubble the the the same bit. that's applications might we application at a

so we're website searching that. see like And we analytics and might conversion really But vehicles pleased And this stronger. lot to not can vehicles we we'd right and at with around of And a is you them. when look that, have activity to the vehicles. customer through for see just the clicking the serve

And so ties on that sort of our thesis into affordability.

to where addressable a us For take if market. in given good and we procurement the vehicle, our cost $XXX would could really out see $XXX put volumes, we of us, spot out that the of increase application

that And quickly calendar hard of pushing we're get look really of like where our year, Keep on. of of products just that by the on vehicle. prices some show are and to of retail our you focused are benefit the that at up when the price both really and so price that's see sort the in sort in sales what balance a quarter combination the can the of focused and ancillary is done started itself. here average thinking selling in teams price how mind, we We

quarters well. be should were benefits to more out. the standpoint, able we to upcoming in from here So able take see procurement as And we a $XXX

like spoken the losses we've trending think to don't performance get and invested get it's at us, but of really the I up, And we Vincent, do capital. we the I'm sales how that, managing like? about if I'm this, Aside of guess on when question we've that's that we is sort -- does normal want back when look talked I to you, piece answer capital best tough looking in locations. it, volume a really sensitive return see -- terms get from we on like there? And of because to around what much as and restriction

X/X XX% a us have look at we And managing capital. standpoint, if year remembering to X% fiscal so disconnect -- sales year-over-year correctly; we had was restricting that a I I'm due or 'XX, and performance locations from on Vickie, back of

that, managing just X,XXX call So us units, of from north locations. just probably that's somewhere performance

take And we care industry, in tailwinds, on then think the the which then, internally you're in best actions of taking when stores. And to some course, layer of positive for the is it's to this to we're underwriting sure center. that's fact And sales given both and I it, restrict front backdrop the we about and quarter, us. performing looking customers there's that certainly delinquency do volume. that underwriting head been conversion. of I so And sort the at and take. during aid a And we've in the what the our And you our trying in of the to thing make piece be right? our context combination should see of a higher that of we've the to shareholders overall of highest customers in can that loan rates selective I our and think sort comparison, that CRM got side, for price, rates have But which upgrade of quarter. of the We on extensively. more on right? made an marketplace addition talked capital should that's if touched sales year-over-year we We're There's more also help working we're last default and we

that a funnel year. to or on price we can funnel that spoken during customers keep which things, the LOS to sales of lot other right? our looking do And like to competitors. deeper more to and volume, to haven't so about, go is allow down might loans ways the up would working if to us repeat of really will that that we we deploy but differently us And go team And that and of deeper go needed allow defecting at who be so would pricing, risk-based look grow underwriting functionality the expect we tool be the another calendar

excited And the have so that business about we're now. we in the levers

Vickie Judy

the just Doug, due should still a back this charge-offs, prior of move we to really on are terms X back retail a add, as will as be And we move the from benefit can our charge-offs I as on more especially pricing particularly we forward, build years. taking units book as we pay But little well. dividends would then net in we're cautious if forward, these this underwriting.

Vincent Caintic

helpful detail. super That's

a about $XXX bit more And $XXX take in vehicle, spot. you that locations. if that then performance So per that managing out, to you good can a little could actually, you talk cost that if

to capital underperforming stores, your X,XXX that restricting have by units that would So math. been

doing can you're would there helpful you underperforming capital about to If talk those better -- get to be that capital that otherwise that better, be understand. or using allocating to stores what

Douglas Campbell

Yes. get That We standpoint unacceptable. not of on of Yes. rates the inventory sort we're complicated. to the that and are those road part underwriting amount really allowing on them what on restrict because Sure, default that stores we're is Vincent. selective put the at seeing

the were operational is function or execution. a of what's environment is that going on a trying that so And in or figure town we out, the of to lack

on like, we what in restriction list, they that a turnaround that the which hyper a to bit then will in feather see once little capital off And looser. to of that's we right? has When start on focused impact become are we underwriting of sort sales, that standards it. that, And the sort and take get in so portion an so looks of added

that we'll see locations. down turning around, then wind don't For we the ones

in a that have of couple we so that state. And are those

more be as look last over piece going repertoire, you tailwinds that locations, closed If our closely got all X and to concerned. the business that we manage year, a looking sort of far that's the how be we just active of especially We more and out need I'm sure at forward we're making as pandemic are to that, gone. at the of the

to stay have attuned and really sort of very You that. close to

of the for a that's business on operational So side sure. piece our

Vincent Caintic

in fiscal underwriting underwriting are the if Okay. the technology what then and the Great. so your these if both And bifurcate the and and store able by loss of XXXX between could questions, of just to versus But last versus to now out expectations you're the and your final expense terms X vintages, is the you backlog could for, XXXX then then expectations new in XXXX vintages question you operating XXXX to SG&A separate questions. acquisitions. the losses your if us expense you're there? like your help are second what investments normal maybe the And what -- numbers

maybe can what helpful to the be would SG&A. you would that see understand the have been, normalized expenses If

Vickie Judy

question back calling you start I'll as we're it. Maybe Sure. the on had book with the

book, to we so our from in back that And our If the months then the now cash-on-cash to look relates book as the or XX% returns cash-on-cash in now and they're mentioned, 'XX difference table, XX% there you going of projected XX% point that I would in and XX% for aged. portfolio 'XX. at returns to 'XX XX of

So getting halfway a become and and contracts of business. we're smaller portion smaller more than they the through those

quarter. each of piece And that so net charge-offs a as those we forward, becomes certainly, move smaller

Douglas Campbell

$XXX,XXX X-year here, look the other piece, dollars a if a you we XX-plus SG&A. SG&A you flat normally impressive. is might in would been On any in that cost. SG&A just And It -- difference year, the fairly might during consider have up that us were quarter. running not look it average, percent absolute have if Vincent, in But so

a largely So of terms benefit on we worth the drive some I call we that an that That's of to cutting, of cost in million $X million actions driven fact by the last December which $X anticipated that basis. win. flat, took we're or annualized relatively

And so seeing that materialize meaningfully. are more we now

I think Vickie, and metric quarter just the you by The and And shows by itself. so up on mentioned, now example, so have that in it over that technology impact, all payroll-related down the costs, an stood quarter, $X the in that technology we up, does piece payroll for that just million SG&A. were this an now as is

of for the so that's that cuts realizing, million we've of us, but probably payroll I past. expense $X think taken in by the new some that's terms And been in that quarterly offset we're

think there's that more do. we I can

And and their help adding of accounts story the because of new that sort the of multiunit today employees the of We all get with when of acquisitions of operations, are all multi-rooftop that you're benefit and you you're the management cost would the buying they hyper-focused on none SG&A. early don't cost just have.

on asked. account one. be thoughtful glad And a the their fairly And book able per question. take of there's there, let down you And I out. more to have so but so a right? recent basis your appreciate sort acquisition It's complexion SG&A to significantly, I'm this we on a SG&A. should going build lot in of the

Operator

This session. for to now concludes question-and-answer would it and Doug President back Campbell, CEO, remarks. closing I like to turn the

Douglas Campbell

operational strategic forward improving customers affordability innovation focused our We more the to Yes. performance acquisitions. remain with we've including that streamlining all and our technology and our looking cost to and and priorities delivering structure made, updates on our financial

team you implementing in the your And additional initiatives today committed is Thank Car-Mart. guys these for to for management and value joining I to our call and to thank Our deliver America's shareholders. interest you. really want

Operator

you This concludes today's Thank for conference participating. call.

disconnect. now You may

America's Car-Mart (CRMT) 4 Sep 242025 Q1 Earnings call transcript