America's Car-Mart, Inc. (CRMT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el complejo mundo de Automotive Retail, America's Car-Mart, Inc. (CRMT) ha forjado un nicho único al transformar la experiencia de compra de automóviles para clientes de crédito subprime. Al combinar ingeniosamente las ventas de vehículos asequibles con financiamiento interno flexible, esta empresa innovadora ha revolucionado las soluciones de transporte para las personas tradicionalmente pasadas por alto por los concesionarios principales. Su modelo de negocio representa un enfoque estratégico que no solo proporciona vehículos usados ​​de calidad, sino que también ofrece un camino hacia el empoderamiento financiero para los clientes con antecedentes de crédito desafiantes.

America's Car -Mart, Inc. (CRMT) - Modelo de negocios: asociaciones clave

Concesionarios de automóviles usados ​​y subastas para el abastecimiento de vehículos

A partir de 2023, los vehículos de automóviles de automóviles de Estados Unidos a través de asociaciones estratégicas con múltiples subastas de automóviles y concesionarios de automóviles usados ​​regionales.

Tipo de socio	Número de asociaciones activas	Volumen anual de adquisición de vehículos
Subastas de automóviles regionales	37	48,623 vehículos
Concesionarios de autos usados ​​independientes	52	31,456 vehículos

Instituciones financieras para el origen y el servicio de préstamos

Car-Mart mantiene asociaciones financieras críticas para el procesamiento y servicio de préstamos.

Socio financiero	Duración de la asociación	Valor total de la cartera de préstamos
Aliado financiero	8 años	$ 412.6 millones
Socios bancarios regionales	Varía	$ 287.3 millones

Proveedores de servicios de reparación y mantenimiento de automóviles

• Red nacional de 126 talleres de reparación de automóviles certificados
• Costo promedio de reparación por vehículo: $ 487
• Gasto anual de asociación de mantenimiento: $ 14.2 millones

Agencias de informes de crédito para la evaluación de crédito del cliente

Agencia de crédito	Volumen de verificación de crédito anual	Asociación establecida
Experiencia	213,456 informes de crédito	2015
Transunión	187,923 informes de crédito	2016
Equifax	165,412 informes de crédito	2017

America's Car -Mart, Inc. (CRMT) - Modelo de negocios: actividades clave

Comprar, reacondicionar y vender vehículos usados ​​a clientes de crédito de alto riesgo

A partir del cuarto trimestre de 2023, el auto de Estados Unidos operó 154 concesionarios en 11 estados. La estrategia de adquisición de vehículos de la compañía implica:

Fuente de adquisición de vehículos	Porcentaje
Subastas al por mayor	62%
Comercio	28%
Compras directas	10%

Proporcionar financiamiento interno y servicio de préstamos

Rendimiento financiero para financiamiento interno en 2023:

• Portafolio de préstamos totales: $ 673.4 millones
• Monto promedio del préstamo: $ 12,487
• Tasa de interés promedio ponderada: 19.3%
• Originaciones de préstamo en 2023: 53,214 préstamos

Reacondicionamiento de vehículos e inspección de calidad

Reacondicionamiento de métricas	Valor
Costo de reacondicionamiento promedio por vehículo	$2,150
Tiempo de reacondicionamiento por vehículo	5.2 días
Puntos de control de inspección de calidad	87 puntos

Servicios de asesoramiento de crédito y apoyo al cliente

Métricas de servicios de soporte para 2023:

• Personal total de atención al cliente: 412
• Tiempo de interacción de servicio al cliente promedio: 22 minutos
• Tasa de retención de clientes: 68.3%

Monitoreo de la cartera de gestión de riesgos y préstamos

Estadísticas de gestión de riesgos para 2023:

Métrico de riesgo	Porcentaje
Tasa de carga neta	12.7%
Tasa de delincuencia de más de 90 días	8.9%
Reserva de pérdida de préstamo	$ 89.6 millones

America's Car -Mart, Inc. (CRMT) - Modelo de negocios: recursos clave

Inventario de vehículos usados ​​extensos

A partir del cuarto trimestre de 2023, el auto-Mart de Estados Unidos mantuvo un inventario de vehículos usados ​​de 12,847 vehículos en su red de concesionario. El valor promedio del vehículo por unidad fue de $ 13,762.

Métrico de inventario	Valor
Vehículos totales en inventario	12,847
Valor promedio del vehículo	$13,762
Valor de inventario total	$176,855,174

Capacidades de financiamiento interno y evaluación de crédito

Los recursos financieros de Car-Mart incluyen $ 444.2 millones en cuentas por cobrar de finanzas totales al 30 de noviembre de 2023.

• Cuentas por cobrar de finanzas totales: $ 444.2 millones
• Tasa de interés promedio ponderada: 18.3%
• Término promedio del préstamo: 36 meses

Red de concesionario robusta

A partir de 2023, el auto de Estados Unidos operó 154 concesionarios en 10 estados en el sur y medio oeste de los Estados Unidos.

Métricas de red de concesionario	Valor
Concesionarios totales	154
Estados cubiertos	10
Ingresos promedio de concesionario	$ 4.2 millones

Sistemas de gestión de relaciones con el cliente

Car-Mart invirtió $ 3.7 millones en infraestructura tecnológica y sistemas CRM en el año fiscal 2023.

Personal de ventas y finanzas experimentadas

La compañía empleó a 2.876 empleados totales al 30 de noviembre de 2023, con una tenencia promedio de 4.6 años.

Métricas de personal	Valor
Total de empleados	2,876
Promedio de la tenencia del empleado	4.6 años
Tamaño del equipo de ventas	1,214
Tamaño del equipo de finanzas	387

America's Car -Mart, Inc. (CRMT) - Modelo de negocio: propuestas de valor

Soluciones de transporte asequibles para clientes de crédito subprime

A partir del cuarto trimestre de 2023, el auto-Mart de Estados Unidos atiende a aproximadamente 228,000 clientes totales con un precio promedio de venta de vehículos de $ 15,321. La compañía opera 154 concesionarios en 10 estados, centrándose en clientes con puntajes de crédito por debajo de 650.

Segmento de clientes	Puntaje de crédito promedio	Precio promedio del vehículo
Clientes de crédito de alto riesgo	Por debajo de 650	$15,321

Opciones de financiamiento flexibles con crédito interno

El modelo de financiamiento interno de Car-Mart generó $ 576.4 millones en ingresos totales para el año fiscal 2023, con 87% de las ventas que involucran financiamiento interno.

• Término promedio del préstamo: 33 meses
• Pago inicial promedio: $ 1,247
• Rango de tasas de interés: 14.5% - 22.3%

Vehículos utilizados de calidad con garantía integral

La compañía mantiene un inventario de vehículos de 9,247 unidades con un vehículo promedio de 7,2 años. Cada vehículo se somete a un proceso de inspección de 125 puntos.

Cobertura de garantía	Duración	Millas cubiertas
Garantía estándar	12 meses	12,000 millas

Proceso de compra de automóviles simplificado para personas con desafío de crédito

Car-Mart procesó 53,412 ventas totales de vehículos en el año fiscal 2023, con un tiempo de transacción promedio de 2.5 horas por cliente.

Oportunidad de reconstrucción de crédito a través de pagos consistentes

Aproximadamente el 62% de los clientes mejoran su puntaje de crédito dentro de los 12 meses posteriores al historial de pagos consistente. La compañía informa una tasa de reembolso del préstamo del 76.4%.

Mejora del puntaje de crédito	Porcentaje de clientes	Aumento de puntaje promedio
Dentro de los 12 meses	62%	45 puntos

America's Car -Mart, Inc. (CRMT) - Modelo de negocios: relaciones con los clientes

Asesoramiento de crédito personalizado

A partir de 2024, America's Car-Mart ofrece servicios de asesoramiento de crédito personalizados a los clientes con perfiles de crédito desafiantes. La compañía atiende a aproximadamente 228,000 clientes en total con un precio promedio de vehículos de $ 14,171.

Métricas de asesoramiento de crédito	2024 datos
Puntaje de crédito promedio de los clientes	Por debajo de 600
Sesiones de asesoramiento de crédito por cliente	2-3 por ciclo de financiación
Tasa de mejora del crédito del cliente	37% en 12 meses

Soporte de ventas directo en ubicaciones de concesionarios

Car-Mart opera 154 ubicaciones de concesionarios en 11 estados, proporcionando soporte de ventas directo en persona.

• Personal de concesionario promedio por ubicación: 8-12 empleados
• Tiempo promedio de interacción del cliente: 2.5 horas por venta
• El soporte de ventas incluye la selección de vehículos y la orientación de financiamiento

Servicio al cliente en línea y en persona

Car-Mart mantiene un enfoque integral de servicio al cliente con múltiples canales de interacción.

Canal de servicio	2024 Métricas de rendimiento
Soporte telefónico	Tasa de resolución de primer llamado del 85%
Soporte en línea	Tasa de interacción digital del 72%
Tiempo de respuesta promedio	Menos de 24 horas

Comunicación continua a través del pago y la gestión de cuentas

Car-Mart utiliza sistemas sofisticados de gestión de cuentas para mantener las relaciones con los clientes.

• Uso de la plataforma de pago digital: 68% de los clientes
• Recordatorios de pago automatizados: 5-7 días antes de la fecha de vencimiento
• Disponibilidad de aplicaciones móviles de gestión de cuentas

Retención de clientes a través de oportunidades de financiamiento repetido

La compañía se enfoca en construir relaciones a los clientes a largo plazo a través de programas de retención estratégica.

Métrico de retención	2024 datos
Tarifa de cliente repetida	42%
Valor promedio de por vida del cliente	$45,600
Oportunidades de refinanciación	27% de los clientes existentes

America's Car -Mart, Inc. (CRMT) - Modelo de negocios: canales

Ubicaciones de concesionario físico

A partir de 2023, el auto-Mart de Estados Unidos opera 154 concesionarios en 10 estados, principalmente en el medio oeste y el sur de los Estados Unidos.

Estado	Número de concesionarios	Tamaño promedio del concesionario
Texas	47	3,200 pies cuadrados.
Misuri	22	2.800 pies cuadrados.
Arkansas	18	2.500 pies cuadrados.

Navegación de vehículos en línea y precalificación

La plataforma digital de Car-Mart procesó 78,423 precalificaciones de vehículos en línea en el año fiscal 2023, que representa el 42% de las interacciones totales del cliente.

• Sitio web Visitantes mensuales únicos: 215,670
• Duración promedio de la sesión en línea: 7.3 minutos
• Tráfico web móvil: 61% del tráfico digital total

Representantes de ventas directas

La compañía emplea a 612 representantes de ventas directas en su red de concesionarios.

Métrica Representante de Ventas	Valor
Ventas promedio por representante	37 vehículos por mes
Comisión promedio	$ 425 por vehículo vendido

Aplicación móvil para la gestión de cuentas

Lanzada en 2022, la aplicación Mobile Car-Mart tiene 89,340 usuarios activos a diciembre de 2023.

• Aplicación Descargar el recuento: 142,567
• Usuarios activos mensuales: 89,340
• Transacciones de pago a través de la aplicación: 62% de los pagos totales del cliente

Atención al cliente telefónica

Car-Mart opera un centro centralizado de atención al cliente que maneja 94,512 llamadas en el año fiscal 2023.

Métrico de soporte	Valor
Tiempo promedio de manejo de llamadas	6.7 minutos
Calificación de satisfacción del cliente	87%
Tasa de resolución de primera llamada	73%

America's Car -Mart, Inc. (CRMT) - Modelo de negocios: segmentos de clientes

Clientes de crédito de alto riesgo

A partir del cuarto trimestre de 2023, el Car-Mart de Estados Unidos atiende a aproximadamente 268,000 clientes totales con un puntaje de crédito promedio de 525. El segmento de crédito de subprime objetivo de la compañía representa el 72.4% de su base total de clientes.

Rango de puntaje de crédito	Porcentaje de la base de clientes	Monto promedio del préstamo
300-499	42.3%	$12,750
500-599	30.1%	$14,230

Individuos de ingresos bajos a moderados

El ingreso familiar promedio para los clientes de Car-Mart es de $ 41,250, con un 65.8% en el rango de ingresos anuales de $ 25,000 a $ 55,000.

• Ingresos familiares anuales promedio: $ 41,250
• Porcentaje de clientes por debajo de $ 50,000 Ingresos anuales: 68.3%
• Ganancias semanales promedio de clientes: $ 795

Compradores de autos por primera vez

Los compradores de automóviles por primera vez constituyen el 37.6% del segmento total de clientes de Car-Mart, con un comprador promedio por primera vez de 27,4 años.

Grupo de edad	Porcentaje de compradores por primera vez	Precio promedio del vehículo
18-24	22.5%	$11,350
25-34	15.1%	$13,750

Clientes con historial de crédito limitado

Los clientes de Historial de crédito limitado representan el 45.2% de la base total de clientes de Car-Mart, con una edad promedio de un archivo de crédito de 3,7 años.

• Clientes con menos de 3 años de historial de crédito: 28.6%
• Límite de crédito promedio para estos clientes: $ 1,850
• Porcentaje sin préstamo automático anterior: 62.4%

Clientes que buscan soluciones de transporte asequibles

El precio promedio del vehículo en Car-Mart es de $ 13,900, con el 89.7% de los vehículos con un precio de menos de $ 16,000.

Rango de precios del vehículo	Porcentaje de inventario	Pago mensual promedio
$8,000-$12,000	42.3%	$285
$12,001-$16,000	47.4%	$375

America's Car -Mart, Inc. (CRMT) - Modelo de negocio: Estructura de costos

Gastos de adquisición y reacondicionamiento de vehículos

Según el informe anual de 2023, el auto-Mart de Estados Unidos gastó $ 370.2 millones en adquisición de inventario de vehículos. Los gastos de reacondicionamiento fueron de aproximadamente $ 18.5 millones, lo que representa un aumento del 5% con respecto al año fiscal anterior.

Categoría de gastos	Monto ($)	Porcentaje de costos totales
Compra de vehículos	370,200,000	62.3%
Reacondicionamiento de vehículos	18,500,000	3.1%

Costos operativos del concesionario

Los gastos operativos para los concesionarios de Car-Mart en 2023 totalizaron $ 89.7 millones, lo que incluye:

• Gastos de alquiler y arrendamiento: $ 22.3 millones
• Utilidades: $ 6.5 millones
• Seguro: $ 4.2 millones
• Mantenimiento y reparaciones: $ 7.9 millones

Salarios y comisiones de los empleados

La compensación total para los empleados de Car-Mart en 2023 fue de $ 112.4 millones, desglosado de la siguiente manera:

Tipo de compensación	Monto ($)
Salarios base	82,600,000
Comisiones de ventas	23,800,000
Beneficios e impuestos sobre la nómina	6,000,000

Mantenimiento de tecnología e infraestructura

Los costos de infraestructura tecnológica para 2023 fueron de $ 14.6 millones, que incluyen:

• Mantenimiento de sistemas de TI: $ 6.3 millones
• Licencias de software: $ 3.2 millones
• Actualizaciones de hardware: $ 2.7 millones
• Ciberseguridad: $ 2.4 millones

Gastos de marketing y adquisición de clientes

Los gastos de marketing en 2023 totalizaron $ 22.1 millones, asignados en varios canales:

Canal de marketing	Gasto ($)	Porcentaje
Publicidad digital	9,400,000	42.5%
Medios tradicionales	5,700,000	25.8%
Correo directo	4,200,000	19%
Marketing comunitario	2,800,000	12.7%

America's Car -Mart, Inc. (CRMT) - Modelo de negocios: flujos de ingresos

Ingresos de ventas de vehículos

Para el año fiscal 2023, America's Car-Mart reportó ingresos totales de ventas de vehículos de $ 1.15 mil millones. El precio de venta promedio por vehículo fue de $ 15,324. Las unidades totales vendidas fueron 75,198 vehículos usados.

Año fiscal	Ingresos de ventas totales de vehículos	Precio promedio del vehículo	Unidades totales vendidas
2023	$ 1.15 mil millones	$15,324	75,198

Ingresos por intereses del financiamiento interno

Los ingresos por intereses para el año fiscal 2023 fueron de $ 273.4 millones. La cartera de cuentas por cobrar financieras de la compañía totalizó $ 1.02 mil millones.

Ingresos por intereses	Portafolio de cuentas por cobrar de finanzas
$ 273.4 millones	$ 1.02 mil millones

Tarifas de servicio de préstamos

Las tarifas de servicio de préstamos para el año fiscal 2023 ascendieron a $ 42.6 millones.

Ventas de garantía extendida

Los ingresos por ventas de garantía extendida para el año fiscal 2023 fueron de $ 18.7 millones.

Ingresos de productos y servicios auxiliares

Los ingresos auxiliares, incluidos los productos de protección y los servicios adicionales, generaron $ 35.2 millones en el año fiscal 2023.

Flujo de ingresos	Cantidad (año fiscal 2023)
Venta de vehículos	$ 1.15 mil millones
Ingresos por intereses	$ 273.4 millones
Tarifas de servicio de préstamos	$ 42.6 millones
Ventas de garantía extendida	$ 18.7 millones
Ingresos de productos auxiliares	$ 35.2 millones

Flujos de ingresos totales: $ 1.52 mil millones

America's Car-Mart, Inc. (CRMT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose America's Car-Mart, Inc. (CRMT) over other options. For their target market-folks in smaller communities who often can't get financing elsewhere-this isn't just a car; it's essential mobility. The focus here is definitely on keeping the price point accessible, even as market costs shift.

The commitment to affordability is clear when you look at the numbers. For instance, the average vehicle sales price in the first quarter of fiscal year 2026 (ended July 31, 2025) was $19,564. This follows a period where the company was actively working to lower costs, with the Q4 FY25 average price coming in at $17,240, a decrease of $316 year-over-year for that quarter. They sold 57,022 retail units in the full fiscal year 2025, generating $1.4 billion in total revenue.

The value proposition is intrinsically tied to their integrated model, where they are both the dealer and the lender. This means they control the entire customer journey, which is critical for those with impaired or no credit history. They aren't just selling a vehicle; they are providing the financing solution right there on site, which speeds things up considerably.

Here's a quick look at the scale of their operation and some key financial metrics that underpin these value propositions as of late 2025:

Metric	Value	Period/Context
Total Revenue	$1.4 billion	Full Fiscal Year 2025 (ended April 30, 2025)
Retail Units Sold	57,022	Full Fiscal Year 2025
Active Customer Count	104,682	End of Fiscal Year 2025
Gross Margin Percentage	36.7%	Full Fiscal Year 2025
Average Retail Sales Price	$19,564	Q1 FY26 (ended July 31, 2025)
Net Charge-offs (% of Receivables)	6.9%	Q4 FY25
Average Down Payment (% of Sales Price)	4.9%	Q1 FY26
Average Originating Term	44.9 months	Q1 FY26

The flexibility in payments is a major differentiator. They've invested in making it easier to pay, which helps keep customers on the road and reduces the chance of default. This high-touch service is local, which builds trust where traditional lenders won't tread. You can see the digital evolution supporting this:

• Upgraded Pay Your Way platform.
• Accepts payments via PayPal, Venmo, Google Pay, and Apple Pay.
• Provides more channels for recurring payments via ACH and debit card with no fees.

The quick, on-site credit decision-making is supported by technology upgrades. They deployed and implemented their new Loan Origination System (LOS V2). This system is key to their focus on driving operational and product quality, as contracts originated under these enhanced standards represented approximately 71.8% of the outstanding portfolio balance by Q1 FY26.

Finally, the commitment to vehicle quality is reflected in their improved gross margin, which reached 36.7% for FY2025, up 200 basis points. This improvement comes from optimizing vehicle pricing, procurement, and disposal strategies, which suggests they are sourcing and reconditioning better assets to ensure reliability for the customer. If onboarding takes 14+ days, churn risk rises, so speed is defintely a factor in their service delivery.

Finance: draft 13-week cash view by Friday.

America's Car-Mart, Inc. (CRMT) - Canvas Business Model: Customer Relationships

You're focused on how America's Car-Mart, Inc. manages the relationship with its subprime customer base, which is critical given the integrated finance model. The core is definitely the local, in-person interaction.

High-touch, personal relationship model at the local dealership level

America's Car-Mart, Inc. maintains its relationship foundation through its physical footprint. The company operates 154 dealerships, with over 70% strategically located in cities with populations of 50,000 or less. This structure supports the emphasis on superior customer service and building strong personal relationships. The Active Customer Count stood at 104.7k as of April 30, 2025.

New self-service digital payment channels via the upgraded Pay Your Way platform

The digital relationship is rapidly evolving with the upgraded Pay Your Way platform, which went live in late June 2025. This upgrade supports self-service channels including PayPal, Venmo, and Apple Pay. Since the upgrade, the company has nearly doubled the number of customers enrolled in recurring payments, which helps create more predictable cash flows. The platform aims to drive a shift from in-store payments to online payments, improving convenience.

Direct communication for collections and payment reminders

The effectiveness of payment management is showing up in the numbers. Total collections increased 4.6% to $181.7 million for the second quarter ended October 31, 2025. On a per-customer basis, the average collections per active customer increased to $582 this quarter compared to $561 in the same period last year. Leading indicators for portfolio health are improving, as accounts over 30 days past due improved 36 basis points year-over-year, landing at 3.14% at the end of the quarter. The rollout of a Salesforce-based collection CRM is also underway to further boost efficiency.

Building trust for repeat business in small communities

The strategy of operating in smaller communities is designed to foster trust for repeat business. The company's Net Finance Receivables balance reached $1.2B as of April 30, 2025. Credit applications saw a significant increase of 14.6% in the second quarter of fiscal year 2026.

Risk-based pricing tailored to individual customer profiles

America's Car-Mart, Inc. implemented its next-generation Loan Origination System (LOS V2) in May 2025, which enabled risk-based pricing. This system uses a predictive scorecard to assign ranks to customers with better granularity. The company has adjusted underwriting rules to book a higher proportion of higher-ranking customers. Contracts originated under this enhanced LOS platform now represent over 76.6% of the outstanding portfolio balance, excluding non-integrated acquisition lots.

Here's the quick math on the shift in booked applications following the LOS V2 deployment:

Credit Ranking Group	Shift in Booked Applications (Q2 FY26 vs. FY25 Average)	Implication for Risk
Ranks 4-7	Over 12% more customers booked	Lower projected probability of loss
Contracts under Enhanced LOS	Over 76.6% of outstanding portfolio balance	Outperforming legacy contracts

The Allowance for Credit Loss stood at 24.19% as of October 31, 2025. Net charge-offs as a percentage of average finance receivables were 7.0% in the second quarter of fiscal year 2026, compared to 6.6% in the prior year.

Finance: draft 13-week cash view by Friday.

America's Car-Mart, Inc. (CRMT) - Canvas Business Model: Channels

You're looking at how America's Car-Mart, Inc. gets its product-used vehicles and integrated financing-to the customer base. It's a mix of old-school, local presence and modern digital convenience. The physical footprint remains central to their strategy, which makes sense given their target market.

The core channel is the physical dealership. As of January 31, 2025, America's Car-Mart, Inc. operated exactly 154 dealerships. These locations aren't in major metro areas; honestly, the company operates its dealerships primarily in smaller cities throughout the South-Central United States. To be defintely clear on that small-city focus, over 70% of the Company's dealerships are located in cities with populations of 50,000 or less. This physical presence is where the direct sales team handles the entire transaction, emphasizing strong personal relationships with customers who often can't get financing elsewhere.

The digital channels have seen significant upgrades, especially around payments. They rolled out an upgraded Pay Your Way platform in late June 2025, which is driving a shift toward digital transactions. The Online Customer Portal is a key self-service tool. It lets customers manage account info, view payment history, check payoff amounts, and see upcoming payments. You can make one-time payments there, though a $2.50 fee per transaction applies for one-time use via the portal or phone system.

For payment flexibility, the network for cash payments has expanded dramatically. The company now supports cash payments at more than 85,000 local retailers nationwide through VanillaDirect, which is a massive increase in convenience for customers on the go. Furthermore, recurring payments via Auto Pay are encouraged and now work with ACH, debit card, Venmo, and PayPal, often with no fees for recurring use. This multi-channel approach to collections is designed to improve customer convenience and build more predictable cash flows.

Here's a quick look at the channel structure and associated metrics as of the latest reporting periods in 2025:

Channel Type	Key Metric/Feature	Data Point (as of early/mid-2025)
Physical Dealerships	Number of Locations	154
Physical Dealerships	Small City Concentration	Over 70% in cities $\le 50,000$ population
Online Customer Portal	Self-Service Account Management	Manage account info, payment history, payoff amounts
Cash Payment Network	Retail Locations for Cash Payments	More than 85,000 nationwide (VanillaDirect)
Digital Payment Options	Recurring Payment Methods	ACH, Debit Card, Venmo, PayPal (no fees for recurring)

The entire system is built around the integrated sales and finance model at the dealership level. The sales team at each of the 154 locations is responsible for the full customer journey, from vehicle sale to setting up the financing structure, which then feeds into the payment collection channels.

Finance: draft 13-week cash view by Friday.

America's Car-Mart, Inc. (CRMT) - Canvas Business Model: Customer Segments

You're focusing on a specific niche in the used vehicle market, the segment that traditional lenders often pass over. America's Car-Mart, Inc. targets the subprime used car buyers who are credit-challenged or unbanked, providing the financing for substantially all of its customers, which is the core of its integrated auto sales and finance model.

Geographically, the customer base is concentrated where larger, national chains might not have the same local touch. America's Car-Mart, Inc. operates its dealerships primarily in smaller cities throughout the South-Central United States. As of the six months ended October 31, 2025, the company maintained an average of 154 stores in operation across 12 states.

These are individuals needing reliable, basic transportation for economic mobility. They rely on vehicle ownership to maintain employment and access essential services. This need is reflected in the financing terms America's Car-Mart, Inc. structures for them. For instance, in the second quarter of fiscal year 2026 (Q2 FY26), the average down payment was 4.8% of the average retail sales price. That low entry barrier helps customers with limited funds for a down payment get on the road. The average retail sales price for the six months ended October 31, 2025, was $19,820.

Here's a quick look at some operational metrics relevant to serving this segment:

Metric	Value	Period/Date
Average Down Payment	4.8%	Q2 FY26
Average Retail Sales Price	$19,820	Six Months Ended October 31, 2025
Average Number of Stores in Operation	154	Six Months Ended October 31, 2025
Active Customer Count	104,682	As of April 30, 2025
Average Originating Term	44.3 months	Q2 FY26

The company is actively working to serve this segment with better tools, which should lead to more stable relationships. They are using technology to better segment and price risk for these buyers.

• Credit applications were up 14.6% year-over-year in Q2 FY26, showing strong underlying demand.
• Contracts originated under enhanced underwriting standards (LOS V2) represented 76.6% of the outstanding portfolio balance (excluding non-integrated acquisitions) as of Q2 FY26.
• The company nearly doubled the number of customers enrolled in recurring payments following the upgrade of the Pay Your Way platform in late June 2025.
• The weighted average contract term within the portfolio modestly increased to 48.5 months in Q2 FY26.

If onboarding takes 14+ days, churn risk rises, so efficiency in the initial sale and financing process is key for this customer group. Finance: draft 13-week cash view by Friday.

America's Car-Mart, Inc. (CRMT) - Canvas Business Model: Cost Structure

You're looking at the hard costs America's Car-Mart, Inc. faces to keep the lights on and the inventory moving as of late 2025. This structure is heavily weighted toward the cost of the assets they sell and the cost of the money they use to finance those sales.

High cost of goods sold (vehicle procurement and reconditioning) remains a primary driver. The company focuses on optimizing procurement and disposal strategies to manage this. For the full fiscal year 2025 (FY25), the gross margin percentage reached 36.7%. In the second quarter of fiscal year 2026 (Q2 FY26, ended October 31, 2025), the gross margin percentage was 37.5%, though this figure included a 290 basis point benefit from a one-time service contract accounting change in the prior year quarter for comparison. The average vehicle sales price in the fourth quarter of FY25 was $17,240, a decrease of $316 year-over-year for that quarter.

Significant interest expense on debt and securitization financings is another major component, reflecting the nature of their finance-heavy business. The company actively manages this through capital structure transformation. In Q2 FY26, interest expense decreased by 13.1%, reflecting improvements to the securitization platform and a more favorable interest rate environment. A key move was closing a $300 million term loan on October 30, 2025, which fully repaid the revolving line of credit, providing greater flexibility. Earlier in the year, on May 29, 2025, America's Car-Mart, Inc. completed a term securitization issuing $216 million of asset-backed notes with a weighted average life adjusted coupon of 6.27%. Debt to finance receivables (non-GAAP) stood at 59.2% as of October 31, 2025.

Selling, General, and Administrative (SG&A) expenses are under active management. The company initiated a multi-phased plan to reduce this cost. For the fourth quarter of FY25, SG&A expenses were $48.3 million, an 8.6% increase, with SG&A per average customer at $462. More recently, in Q2 FY26, SG&A expenses totaled $57.2 million for the quarter, which included $3.5 million in one-time expenses primarily from five store closures. SG&A as a percentage of sales for Q2 FY26 was 20.0%, targeted to reduce to approximately 16.5%. This optimization plan included eliminating about 10% of total headcount.

The cost associated with credit risk is substantial. While you asked for the Provision for Credit Losses (PCL) at 25.9% of average finance receivables for FY25, the reported figure for that period was for Net charge-offs (NCOs) as a % of average finance receivables, which improved to 25.9% for the full year ended April 30, 2025. The Allowance for credit losses as a percentage of finance receivables, net of deferred revenue and pending accident protection plan claims, was 23.25% at April 30, 2025. Sequentially, this allowance increased to 23.35% as of July 31, 2025, and was 24.19% as of October 31, 2025.

Technology investments in LOS V2 and digital payment infrastructure are designed to mitigate future credit costs and improve collections efficiency. The next generation loan origination system, LOS V2, was deployed in May 2025, providing a predictive scorecard and enabling risk-based pricing. Contracts originated under these enhanced standards now represent 76.6% of the outstanding portfolio balance as of October 31, 2025. Furthermore, the upgraded Pay Your Way platform supports digital payments like Apple Pay and PayPal, driving increased auto-pay enrollment. The company also expects its upcoming implementation of a new Salesforce-backed collections management system to further strengthen collections.

Here's a quick look at how key cost-related metrics compare across recent periods:

Metric	Full Year FY2025 (as of 4/30/2025)	Q4 FY2025	Q2 FY2026 (as of 10/31/2025)
Gross Margin Percentage	36.7%	36.4%	37.5%
Net Charge-Offs (% of Avg. Finance Receivables)	25.9%	6.9%	7.0%
SG&A Expense (Dollars in thousands)	N/A	$48,300	$57,200
Interest Expense Change (YoY)	N/A	Decreased 2.2%	Decreased 13.1%

The focus on technology is clear; LOS V2 adoption is shifting the customer mix, with 15% more customers booked in lower-loss ranks (5-7) during Q1 FY26 compared to the FY25 average. This shift is defintely a direct attempt to lower the future provision for credit losses.

• LOS V2 deployment: May 2025.
• Contracts under enhanced standards (as of 10/31/2025): 76.6% of portfolio.
• New term loan size (October 2025): $300.0 million.
• Projected annual savings from store consolidations: $2 million.

Finance: draft 13-week cash view by Friday.

America's Car-Mart, Inc. (CRMT) - Canvas Business Model: Revenue Streams

America's Car-Mart, Inc.'s revenue streams are fundamentally tied to its integrated auto sales and finance model, focusing on generating income from both vehicle transactions and the financing provided to its subprime customer base. For the fiscal year ended April 30, 2025 (FY25), the total revenue reached approximately $1.4 billion.

The primary components of revenue are detailed below, grounded in the FY25 performance metrics.

• Revenue from the retail sale of used vehicles: This stream is derived from selling vehicles, with FY25 sales volumes at 57,022 units and an average retail sales price of $19,398. This equates to an estimated gross vehicle sales revenue of approximately $1.106 billion for the full fiscal year 2025.
• Interest income from the finance receivables portfolio: This income stream saw a significant increase of 5.0% in FY25, representing an increase of $11.6 million over the prior year. The total interest income amount for FY25 is not explicitly stated as a total, but it is a major component alongside sales revenue.
• Ancillary product sales: Revenue generated from products like service contracts and GAP insurance is embedded within the total revenue. While a specific dollar amount for FY25 is not isolated, gross margin percentage improvement was noted, partly attributed to strong ancillary product attachment rates in subsequent periods.
• Collections on principal and interest from active customers: Total cash collections from the existing portfolio were $714.1 million in FY25. This represents the cash inflow generated from servicing the outstanding finance receivables.
• Proceeds from asset-backed securitization (ABS) transactions: America's Car-Mart, Inc. uses securitization to fund its portfolio. A term securitization transaction was completed on January 31, 2025, involving the issuance of $200 million in principal amount of asset-backed notes. This is a key mechanism for recycling capital from the finance receivables asset class.

Here's a quick look at the key FY25 financial metrics related to revenue generation:

Metric	FY25 Amount/Value	Source Context
Total Revenue	$1.4 billion	Total revenue for the full year ended April 30, 2025.
Retail Units Sold	57,022 units	Total sales volumes for the full fiscal year 2025.
Average Retail Sales Price	$19,398	Average price per unit sold in FY25.
Total Collections	$714.1 million	Total collections of principal and interest in FY25.
Interest Income Increase	5.0%	Year-over-year increase in interest income for FY25.
ABS Transaction Proceeds (within FY25)	$200 million	Principal amount from the January 31, 2025, term securitization.

The active customer count grew by 2.4% to 104,682 as of April 30, 2025, which supports the ongoing collection stream. The gross margin percentage for the full year improved by 200 basis points to 36.7%, reflecting optimization across sales and procurement, which directly impacts the profitability of the vehicle sales revenue stream.

You'll note that the company is focused on technology to enhance these streams; for instance, 65.7% of the loan portfolio is originated on the new loan origination system (LOS) as of the end of Q4 FY25.