America's Car-Mart, Inc. (CRMT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde complexe de la vente au détail automobile, l'America's Car-Mart, Inc. (CRMT) a creusé un créneau unique en transformant l'expérience d'achat de voitures pour les clients de crédit à risque. En mélangeant ingénieusement les ventes de véhicules abordables avec un financement interne flexible, cette entreprise innovante a révolutionné des solutions de transport pour les particuliers traditionnellement ignorés par les concessionnaires traditionnels. Leur modèle commercial représente une approche stratégique qui fournit non seulement des véhicules d'occasion de qualité mais offre également une voie vers l'autonomisation financière aux clients ayant des antécédents de crédit difficiles.

America's Car-Mart, Inc. (CRMT) - Modèle commercial: partenariats clés

Concessionnaires automobiles d'occasion et enchères pour l'approvisionnement en véhicule

Depuis 2023, les voitures américaines s'approvisionnent par les véhicules grâce à des partenariats stratégiques avec de multiples enchères automobiles et des concessionnaires automobiles d'occasion.

Type de partenaire	Nombre de partenariats actifs	Volume annuel d'acquisition de véhicules
Auctions automobiles régionales	37	48 623 véhicules
Concessionnaires automobiles d'occasion indépendants	52	31 456 véhicules

Institutions financières pour l'origine du prêt et l'entretien

Car-Mart maintient des partenariats financiers critiques pour le traitement et l'entretien des prêts.

Partenaire financier	Durée du partenariat	Valeur totale du portefeuille de prêts
Allié financier	8 ans	412,6 millions de dollars
Partenaires de la banque régionale	Varie	287,3 millions de dollars

Fournisseurs de services de réparation et de maintenance automobile

• Réseau national de 126 ateliers de réparation automobile certifiés
• Coût de réparation moyen par véhicule: 487 $
• Dépenses de partenariat de maintenance annuel: 14,2 millions de dollars

Agences de rapport de crédit pour l'évaluation du crédit client

Agence de crédit	Volume annuel de vérification de crédit	Partenariat établi
Expérien	213 456 rapports de crédit	2015
Transunion	187 923 rapports de crédit	2016
Equifax	165 412 rapports de crédit	2017

America's Car-Mart, Inc. (CRMT) - Modèle d'entreprise: Activités clés

Acheter, rénover et vendre des véhicules d'occasion pour les clients de crédits à risque

Au quatrième trimestre 2023, l'Amérique Car-Mart a exploité 154 concessionnaires dans 11 États. La stratégie d'acquisition de véhicules de l'entreprise implique:

Source d'acquisition de véhicules	Pourcentage
Ventes aux enchères en gros	62%
Métiers	28%
Achats directs	10%

Fournir un financement interne et un service de prêt

Performance financière pour le financement interne en 2023:

• Portfolio total de prêts: 673,4 millions de dollars
• Montant moyen du prêt: 12 487 $
• Taux d'intérêt moyen pondéré: 19,3%
• Originations de prêt en 2023: 53 214 prêts

Reconditionnement des véhicules et inspection de la qualité

Réconditionner les mesures	Valeur
Coût moyen de reconditionnement par véhicule	$2,150
Temps de reconditionnement par véhicule	5,2 jours
Points de contrôle d'inspection de qualité	87 points

Services de conseil et de soutien aux clients

Soutien des mesures pour 2023:

• Personnel total du support client: 412
• Temps d'interaction moyen du service client: 22 minutes
• Taux de rétention de la clientèle: 68,3%

Gestion des risques et surveillance du portefeuille de prêts

Statistiques de gestion des risques pour 2023:

Métrique à risque	Pourcentage
Taux de redevance net	12.7%
Taux de délinquance de plus de 90 jours	8.9%
Réserve de perte de prêt	89,6 millions de dollars

America's Car-Mart, Inc. (CRMT) - Modèle commercial: Ressources clés

Inventaire complet de véhicules d'occasion

Depuis le quatrième trimestre 2023, l'Amérique, Car-Mart, a maintenu un inventaire de véhicules d'occasion de 12 847 véhicules sur son réseau de concessionnaires. La valeur moyenne du véhicule par unité était de 13 762 $.

Métrique des stocks	Valeur
Total des véhicules en inventaire	12,847
Valeur moyenne du véhicule	$13,762
Valeur d'inventaire total	$176,855,174

Capacités de financement interne et d'évaluation du crédit

Les ressources financières de Car-Mart comprennent 444,2 millions de dollars de créances financières totales au 30 novembre 2023.

• Créiteurs financiers totaux: 444,2 millions de dollars
• Taux d'intérêt moyen pondéré: 18,3%
• Terme du prêt moyen: 36 mois

Réseau de concessionnaires robuste

En 2023, l'Amérique Car-Mart a exploité 154 concessionnaires dans 10 États du sud et du Midwest des États-Unis.

Métriques du réseau de concessionnaires	Valeur
Concessionnaires totaux	154
États couverts	10
Revenus de concessionnaires moyens	4,2 millions de dollars

Systèmes de gestion de la relation client

Car-Mart a investi 3,7 millions de dollars dans l'infrastructure technologique et les systèmes CRM au cours de l'exercice 2023.

Personnel expérimenté des ventes et des finances

L'entreprise a employé 2 876 employés au total au 30 novembre 2023, avec un mandat moyen de 4,6 ans.

Métriques du personnel	Valeur
Total des employés	2,876
Mandat moyen des employés	4,6 ans
Taille de l'équipe de vente	1,214
Taille de l'équipe financière	387

America's Car-Mart, Inc. (CRMT) - Modèle d'entreprise: propositions de valeur

Solutions de transport abordables pour les clients de crédit à risque

Au quatrième trimestre 2023, le MART AMÉRIQUE dessert environ 228 000 clients totaux avec un prix de vente moyen de véhicule de 15 321 $. La société exploite 154 concessionnaires dans 10 États, en se concentrant sur les clients avec des scores de crédit inférieurs à 650.

Segment de clientèle	Pointage moyen de crédit	Prix ​​moyen du véhicule
Clients de crédit à risque	En dessous de 650	$15,321

Options de financement flexibles avec crédit interne

Le modèle de financement interne de Car-Mart a généré 576,4 millions de dollars de revenus totaux pour l'exercice 2023, avec 87% des ventes impliquant un financement interne.

• Terme du prêt moyen: 33 mois
• Jacque moyen: 1 247 $
• Réduction des taux d'intérêt: 14,5% - 22,3%

Des véhicules d'occasion de qualité avec garantie complète

La société maintient un inventaire de véhicules de 9 247 unités avec un âge moyen de 7,2 ans. Chaque véhicule subit un processus d'inspection de 125 points.

Couverture de garantie	Durée	Miles couverts
Garantie standard	12 mois	12 000 miles

Processus d'achat de voitures simplifié pour les individus détenus par le crédit

Car-Mart a traité 53 412 ventes totales de véhicules au cours de l'exercice 2023, avec un temps de transaction moyen de 2,5 heures par client.

Opportunité de reconstruction du crédit grâce à des paiements cohérents

Environ 62% des clients améliorent leur pointage de crédit dans les 12 mois suivant l'historique cohérent des paiements. La Société rapporte un taux de remboursement des prêts de 76,4%.

Amélioration de la cote de crédit	Pourcentage de clients	Augmentation du score moyen
Dans les 12 mois	62%	45 points

America's Car-Mart, Inc. (CRMT) - Modèle d'entreprise: relations clients

Conseil de crédit personnalisé

Depuis 2024, l'Amérique Car-Mart fournit des services de conseil en crédit personnalisés aux clients avec des profils de crédit difficiles. La société dessert environ 228 000 clients au total avec un prix moyen du véhicule de 14 171 $.

Métriques de conseil en crédit	2024 données
Score de crédit moyen des clients	En dessous de 600
Sessions de conseil en crédit par client	2-3 par cycle de financement
Taux d'amélioration du crédit client	37% dans les 12 mois

Assistance des ventes directes chez les concessionnaires

Car-Mart exploite 154 lieux de concessionnaires dans 11 États, fournissant un soutien aux ventes en personne direct.

• Pabite de concessionnaire moyen par emplacement: 8 à 12 employés
• Temps moyen d'interaction du client: 2,5 heures par vente
• Le soutien aux ventes comprend la sélection des véhicules et les conseils de financement

Service client en ligne et en personne

Car-Mart maintient une approche complète du service client avec plusieurs canaux d'interaction.

Canal de service	2024 Métriques de performance
Support téléphonique	Taux de résolution de 85% du premier appel
Assistance en ligne	Taux d'interaction numérique de 72%
Temps de réponse moyen	Moins de 24 heures

Communication continue par le paiement et la gestion des comptes

Car-Mart utilise des systèmes de gestion des comptes sophistiqués pour maintenir les relations avec les clients.

• Utilisation de la plate-forme de paiement numérique: 68% des clients
• Rappels de paiement automatisé: 5-7 jours avant la date d'échéance
• Gestion des comptes Disponibilité de l'application mobile

Rétention de la clientèle grâce à des opportunités de financement répétées

L'entreprise se concentre sur la création de relations avec les clients à long terme grâce à des programmes de rétention stratégique.

Métrique de rétention	2024 données
Tarif client répété	42%
Valeur à vie moyenne du client	$45,600
Opportunités de refinancement	27% des clients existants

America's Car-Mart, Inc. (CRMT) - Modèle d'entreprise: canaux

Lieux de concessionnaires physiques

En 2023, l'Amérique Car-Mart exploite 154 concessionnaires dans 10 États, principalement dans le Midwest et le sud des États-Unis.

État	Nombre de concessionnaires	Taille moyenne des concessionnaires
Texas	47	3 200 pieds carrés.
Missouri	22	2 800 pieds carrés.
Arkansas	18	2 500 pieds carrés.

Navigation et pré-qualification des véhicules en ligne

La plate-forme numérique de Car-Mart a traité 78 423 pré-qualifications de véhicules en ligne au cours de l'exercice 2023, représentant 42% des interactions totales des clients.

• Site Web Visiteurs mensuels uniques: 215 670
• Durée moyenne de session en ligne: 7,3 minutes
• Trafic Web mobile: 61% du trafic numérique total

Représentants des ventes directes

La société emploie 612 représentants des ventes directes dans son réseau de concessionnaires.

Métrique représentative des ventes	Valeur
Ventes moyennes par représentant	37 véhicules par mois
Commission moyenne	425 $ par véhicule vendu

Application mobile pour la gestion des comptes

Lancé en 2022, l'application Car-Mart Mobile compte 89 340 utilisateurs actifs en décembre 2023.

• Compte de téléchargement d'applications: 142 567
• Utilisateurs actifs mensuels: 89 340
• Transactions de paiement via l'application: 62% du total des paiements des clients

Téléphone Assistance à la clientèle

Car-Mart exploite un centre de support client centralisé avec 94 512 appels au cours de l'exercice 2023.

Métrique de soutien	Valeur
Temps moyen de gestion des appels	6,7 minutes
Évaluation de satisfaction du client	87%
Taux de résolution de premier appel	73%

America's Car-Mart, Inc. (CRMT) - Modèle d'entreprise: segments de clientèle

Clients de crédit à risque

Au quatrième trimestre 2023, le MART de l'Amérique dessert environ 268 000 clients totaux avec un pointage de crédit moyen de 525. Le segment de crédit à risque cible de la société représente 72,4% de leur clientèle totale.

Plage de cotes de crédit	Pourcentage de clientèle	Montant moyen du prêt
300-499	42.3%	$12,750
500-599	30.1%	$14,230

Individus à revenu faible à modéré

Le revenu médian des ménages pour les clients automobiles est de 41 250 $, avec 65,8% de la fourchette annuelle de 25 000 $ à 55 000 $.

• Revenu annuel moyen des ménages: 41 250 $
• Pourcentage de clients inférieurs à 50 000 $ Revenu annuel: 68,3%
• Général hebdomadaire médian des clients: 795 $

Acheteurs de voitures pour la première fois

Les acheteurs de voitures pour la première fois représentent 37,6% du segment de clientèle total de Car-Mart, avec un premier âge d'acheteur moyen de 27,4 ans.

Groupe d'âge	Pourcentage de nouveaux acheteurs	Prix ​​moyen du véhicule
18-24	22.5%	$11,350
25-34	15.1%	$13,750

Clients ayant un historique de crédit limité

Les clients limités sur les antécédents de crédit représentent 45,2% de la clientèle totale de Car-Mart, avec un dossier de crédit moyen de 3,7 ans.

• Clients avec moins de 3 ans d'historique de crédit: 28,6%
• Limite de crédit moyenne pour ces clients: 1 850 $
• Pourcentage sans prêt automatique précédent: 62,4%

Clients à la recherche de solutions de transport abordables

Le prix moyen du véhicule à Car-Mart est de 13 900 $, avec 89,7% des véhicules au prix de moins de 16 000 $.

Fourchette de prix du véhicule	Pourcentage d'inventaire	Paiement mensuel moyen
$8,000-$12,000	42.3%	$285
$12,001-$16,000	47.4%	$375

America's Car-Mart, Inc. (CRMT) - Modèle d'entreprise: Structure des coûts

Dépenses d'acquisition et de reconditionnement des véhicules

Selon le rapport annuel de 2023, l'America's Car-Mart a dépensé 370,2 millions de dollars pour l'acquisition des stocks de véhicules. Les dépenses de reconditionnement étaient d'environ 18,5 millions de dollars, ce qui représente une augmentation de 5% par rapport à l'exercice précédent.

Catégorie de dépenses	Montant ($)	Pourcentage des coûts totaux
Achat de véhicule	370,200,000	62.3%
Reconditionnement des véhicules	18,500,000	3.1%

Coûts opérationnels du concessionnaire

Les dépenses opérationnelles des concessionnaires de Car-Mart en 2023 ont totalisé 89,7 millions de dollars, ce qui comprend:

• Frais de location et de location: 22,3 millions de dollars
• Services publics: 6,5 millions de dollars
• Assurance: 4,2 millions de dollars
• Entretien et réparations: 7,9 millions de dollars

Salaires et commissions des employés

La rémunération totale des employés de Car-Mart en 2023 était de 112,4 millions de dollars, en panne comme suit:

Type de compensation	Montant ($)
Salaires de base	82,600,000
Commissions de vente	23,800,000
Avantages et taxes sur la paie	6,000,000

Maintenance de technologie et d'infrastructure

Les coûts d'infrastructure technologique pour 2023 étaient de 14,6 millions de dollars, notamment:

• Maintenance des systèmes informatiques: 6,3 millions de dollars
• Licence logicielle: 3,2 millions de dollars
• Mises à niveau matériel: 2,7 millions de dollars
• Cybersécurité: 2,4 millions de dollars

Frais de marketing et d'acquisition des clients

Les dépenses de marketing en 2023 ont totalisé 22,1 millions de dollars, allouées sur divers canaux:

Canal de marketing	Dépenses ($)	Pourcentage
Publicité numérique	9,400,000	42.5%
Médias traditionnels	5,700,000	25.8%
Publication de publication	4,200,000	19%
Marketing communautaire	2,800,000	12.7%

America's Car-Mart, Inc. (CRMT) - Modèle d'entreprise: Strots de revenus

Revenus de ventes de véhicules

Pour l'exercice 2023, l'America's Car-Mart a déclaré un chiffre d'affaires total des ventes de véhicules de 1,15 milliard de dollars. Le prix de vente moyen par véhicule était de 15 324 $. Les unités totales vendues étaient de 75 198 véhicules d'occasion.

Exercice fiscal	Revenu total des ventes de véhicules	Prix ​​moyen du véhicule	Unités totales vendues
2023	1,15 milliard de dollars	$15,324	75,198

Revenu des intérêts du financement interne

Les revenus des intérêts pour l'exercice 2023 étaient de 273,4 millions de dollars. Le portefeuille de créances financières de la société a totalisé 1,02 milliard de dollars.

Revenu d'intérêt	Portefeuille de créances financières
273,4 millions de dollars	1,02 milliard de dollars

Frais de service de prêt

Les frais de service de prêt pour l'exercice 2023 s'élevaient à 42,6 millions de dollars.

Ventes de garantie prolongée

Le chiffre d'affaires de la garantie prolongée pour l'exercice 2023 était de 18,7 millions de dollars.

Revenus de produits et de services auxiliaires

Les revenus auxiliaires, y compris les produits de protection et les services supplémentaires, ont généré 35,2 millions de dollars au cours de l'exercice 2023.

Flux de revenus	Montant (exercice 2023)
Ventes de véhicules	1,15 milliard de dollars
Revenu d'intérêt	273,4 millions de dollars
Frais de service de prêt	42,6 millions de dollars
Ventes de garantie prolongée	18,7 millions de dollars
Revenus de produits auxiliaires	35,2 millions de dollars

Total des sources de revenus: 1,52 milliard de dollars

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.