America's Car-Mart, Inc. (CRMT): Modelo de negócios Canvas [Jan-2025 Atualizado]

No complexo mundo do varejo automotivo, a America's Car-Mart, Inc. (CRMT) criou um nicho único ao transformar a experiência de compra de carros para clientes de crédito subprime. Ao misturar engenhosamente as vendas de veículos acessíveis com financiamento interno flexível, esta empresa inovadora revolucionou soluções de transporte para indivíduos tradicionalmente ignorados pelas concessionárias convencionais. Seu modelo de negócios representa uma abordagem estratégica que não apenas fornece veículos usados ​​de qualidade, mas também oferece um caminho para o empoderamento financeiro para os clientes com históricos de crédito desafiadores.

America's Car -Mart, Inc. (CRMT) - Modelo de negócios: Parcerias -chave

Concessionárias de carros usados ​​e leilões para fornecimento de veículos

A partir de 2023, o Car-Mart da América obtém veículos por meio de parcerias estratégicas com vários leilões de automóveis e concessionárias de carros usados ​​regionais.

Tipo de parceiro	Número de parcerias ativas	Volume anual de aquisição de veículos
Leilões de automóveis regionais	37	48.623 veículos
Concessionárias de carros usados ​​independentes	52	31.456 veículos

Instituições financeiras para originação e manutenção de empréstimos

O CAR-Mart mantém parcerias financeiras críticas para processamento e manutenção de empréstimos.

Parceiro financeiro	Duração da parceria	Valor total da carteira de empréstimos
Aliado financeiro	8 anos	US $ 412,6 milhões
Parceiros do Banco Regional	Varia	US $ 287,3 milhões

Provedores de serviços de reparo e manutenção de automóveis

• Rede nacional de 126 lojas de reparo de automóveis certificados
• Custo médio de reparo por veículo: US $ 487
• Despesas anuais de parceria de manutenção: US $ 14,2 milhões

Agências de relatórios de crédito para avaliação de crédito do cliente

Agência de crédito	Volume anual de verificação de crédito	Parceria estabelecida
Experian	213.456 relatórios de crédito	2015
Transmunião	187.923 relatórios de crédito	2016
Equifax	165.412 relatórios de crédito	2017

America's Car -Mart, Inc. (CRMT) - Modelo de negócios: Atividades -chave

Compre, reformular e vender veículos usados ​​para subprime Credit Clients

A partir do quarto trimestre de 2023, o Car-Mart da América operava 154 concessionárias em 11 estados. A estratégia de aquisição de veículos da empresa envolve:

Fonte de aquisição de veículos	Percentagem
Leilões por atacado	62%
Trade-ins	28%
Compras diretas	10%

Fornecer financiamento interno e manutenção de empréstimos

Desempenho financeiro para financiamento interno em 2023:

• Portfólio de empréstimos totais: US $ 673,4 milhões
• Valor médio do empréstimo: US $ 12.487
• Taxa de juros médios ponderados: 19,3%
• Origenas de empréstimos em 2023: 53.214 empréstimos

Recondicionamento de veículos e inspeção de qualidade

Métricas de recondicionamento	Valor
Custo médio de recondicionamento por veículo	$2,150
Tempo de recondicionamento por veículo	5,2 dias
Pontos de controle de inspeção de qualidade	87 pontos

Serviços de aconselhamento e suporte de crédito ao cliente

Métricas de serviços de suporte para 2023:

• Equipe total de suporte ao cliente: 412
• Tempo médio de interação do atendimento ao cliente: 22 minutos
• Taxa de retenção de clientes: 68,3%

Gerenciamento de riscos e monitoramento da portfólio de empréstimos

Estatísticas de gerenciamento de riscos para 2023:

Métrica de risco	Percentagem
Taxa de cobrança líquida	12.7%
Taxa de inadimplência de mais de 90 dias	8.9%
Reserva de perda de empréstimo	US $ 89,6 milhões

America's Car -Mart, Inc. (CRMT) - Modelo de negócios: Recursos -chave

Extenso inventário de veículos usados

A partir do quarto trimestre de 2023, o Car-Mart da América manteve um inventário de veículos usados ​​de 12.847 veículos em sua rede de concessionárias. O valor médio do veículo por unidade foi de US $ 13.762.

Métrica de inventário	Valor
Veículos totais no inventário	12,847
Valor médio do veículo	$13,762
Valor total do inventário	$176,855,174

Recursos internos de financiamento e avaliação de crédito

Os recursos financeiros da Car-Mart incluem US $ 444,2 milhões em recebíveis financiadores totais em 30 de novembro de 2023.

• Total de recebíveis financeiros: US $ 444,2 milhões
• Taxa de juros médios ponderados: 18,3%
• Termo médio de empréstimo: 36 meses

Rede de concessionária robusta

Em 2023, o Car-Mart da América operava 154 concessionárias em 10 estados nos Estados Unidos do sul e do Centro-Oeste.

Métricas de rede de concessionárias	Valor
Total de concessionárias	154
Estados cobertos	10
Receita média de concessionária	US $ 4,2 milhões

Sistemas de gerenciamento de relacionamento com clientes

A Car-Mart investiu US $ 3,7 milhões em sistemas de infraestrutura de tecnologia e CRM no ano fiscal de 2023.

Pessoal de vendas e finanças experiente

A empresa empregou 2.876 funcionários totais em 30 de novembro de 2023, com uma posse média de 4,6 anos.

Métricas de pessoal	Valor
Total de funcionários	2,876
Posse média dos funcionários	4,6 anos
Tamanho da equipe de vendas	1,214
Tamanho da equipe financeira	387

America's Car -Mart, Inc. (CRMT) - Modelo de Negócios: Proposições de Valor

Soluções de transporte acessíveis para clientes de crédito subprime

A partir do quarto trimestre de 2023, o Car-Mart da América atende a aproximadamente 228.000 clientes no total, com um preço médio de venda de US $ 15.321. A empresa opera 154 concessionárias em 10 estados, concentrando -se em clientes com pontuações de crédito abaixo de 650.

Segmento de clientes	Pontuação média de crédito	Preço médio do veículo
Clientes de crédito subprime	Abaixo de 650	$15,321

Opções de financiamento flexíveis com crédito interno

O modelo de financiamento interno da Car-Mart gerou US $ 576,4 milhões em receita total para o ano fiscal de 2023, com 87% das vendas envolvendo financiamento interno.

• Termo médio de empréstimo: 33 meses
• Adiantamento médio: US $ 1.247
• Taxas de juros variam: 14,5% - 22,3%

Veículos usados ​​de qualidade com garantia abrangente

A empresa mantém um inventário de veículos de 9.247 unidades com idade média de 7,2 anos. Cada veículo passa por um processo de inspeção de 125 pontos.

Cobertura de garantia	Duração	Milhas cobertas
Garantia padrão	12 meses	12.000 milhas

Processo de compra de carros simplificado para indivíduos desafiados por crédito

O CAR-Mart processou 53.412 vendas totais de veículos no ano fiscal de 2023, com um tempo médio de transação de 2,5 horas por cliente.

Oportunidade de reconstrução de crédito através de pagamentos consistentes

Aproximadamente 62% dos clientes melhoram sua pontuação de crédito dentro de 12 meses após o histórico de pagamentos consistente. A Companhia relata uma taxa de pagamento de empréstimos de 76,4%.

Melhoria da pontuação de crédito	Porcentagem de clientes	Aumento da pontuação média
Dentro de 12 meses	62%	45 pontos

America's Car -Mart, Inc. (CRMT) - Modelo de Negócios: Relacionamentos do Cliente

Aconselhamento de crédito personalizado

A partir de 2024, o Car-Mart da América fornece serviços personalizados de aconselhamento de crédito aos clientes com perfis de crédito desafiadores. A empresa atende a aproximadamente 228.000 clientes totais com um preço médio do veículo de US $ 14.171.

Métricas de aconselhamento de crédito	2024 dados
Pontuação de crédito médio de clientes	Abaixo de 600
Sessões de aconselhamento de crédito por cliente	2-3 por ciclo de financiamento
Taxa de melhoria de crédito do cliente	37% em 12 meses

Suporte de vendas diretas em locais de concessionária

O CAR-Mart opera 154 localizações de concessionárias em 11 estados, fornecendo suporte direto às vendas pessoalmente.

• Funcionários médios de concessionária por local: 8-12 funcionários
• Tempo médio de interação do cliente: 2,5 horas por venda
• O suporte de vendas inclui a seleção de veículos e orientação de financiamento

Atendimento ao cliente online e pessoal

O CAR-Mart mantém uma abordagem abrangente de atendimento ao cliente com vários canais de interação.

Canal de serviço	2024 Métricas de desempenho
Suporte telefônico	85% taxa de resolução de primeira ligação
Suporte online	Taxa de interação digital de 72%
Tempo médio de resposta	Abaixo de 24 horas

Comunicação contínua por meio de pagamento e gerenciamento de contas

O Car-Mart utiliza sistemas sofisticados de gerenciamento de contas para manter o relacionamento com os clientes.

• Uso da plataforma de pagamento digital: 68% dos clientes
• Lembretes de pagamento automatizados: 5-7 dias antes da data de vencimento
• Disponibilidade de aplicativos móveis de gerenciamento de contas

Retenção de clientes através de oportunidades de financiamento repetidas

A empresa se concentra na construção de relacionamentos de clientes de longo prazo por meio de programas de retenção estratégica.

Métrica de retenção	2024 dados
Repetir a taxa de cliente	42%
Valor médio de vida útil do cliente	$45,600
Oportunidades de refinanciamento	27% dos clientes existentes

America's Car -Mart, Inc. (CRMT) - Modelo de Negócios: Canais

Locais de concessionária física

Em 2023, o Car-Mart da América opera 154 concessionárias em 10 estados, principalmente no meio-oeste e no sul dos Estados Unidos.

Estado	Número de concessionárias	Tamanho médio da concessionária
Texas	47	3.200 pés quadrados.
Missouri	22	2.800 pés quadrados.
Arkansas	18	2.500 pés quadrados.

Navegação de veículos on-line e pré-qualificação

A plataforma digital da Car-Mart processou 78.423 pré-qualificações de veículos on-line no ano fiscal de 2023, representando 42% do total de interações com os clientes.

• Site exclusivo visitantes mensais: 215.670
• Duração média da sessão online: 7,3 minutos
• Tráfego da Web móvel: 61% do tráfego digital total

Representantes de vendas diretas

A empresa emprega 612 representantes de vendas diretas em sua rede de concessionárias.

Métrica representativa de vendas	Valor
Vendas médias por representante	37 veículos por mês
Comissão Média	US $ 425 por veículo vendido

Aplicativo móvel para gerenciamento de contas

Lançado em 2022, o aplicativo móvel Car-Mart possui 89.340 usuários ativos em dezembro de 2023.

• Download do aplicativo Contagem: 142.567
• Usuários ativos mensais: 89.340
• Transações de pagamento através do aplicativo: 62% do total de pagamentos dos clientes

Suporte ao cliente por telefone

O CAR-Mart opera um centro de suporte ao cliente centralizado lidando com 94.512 chamadas no ano fiscal de 2023.

Métrica de suporte	Valor
Tempo médio de manuseio de chamadas	6,7 minutos
Classificação de satisfação do cliente	87%
Taxa de resolução de primeira chamada	73%

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

Clientes de crédito subprime

No quarto trimestre 2023, o Car-Mart da América atende a aproximadamente 268.000 clientes totais com uma pontuação média de crédito de 525. O segmento de crédito subprime-alvo da empresa representa 72,4% de sua base total de clientes.

Intervalo de pontuação de crédito	Porcentagem de base de clientes	Valor médio do empréstimo
300-499	42.3%	$12,750
500-599	30.1%	$14,230

Indivíduos de renda baixa a moderada

A renda familiar média para clientes de car-Mart é de US $ 41.250, com 65,8% caindo na faixa de renda anual de US $ 25.000 a US $ 55.000.

• Renda familiar média anual: US $ 41.250
• Porcentagem de clientes abaixo de US $ 50.000 Renda anual: 68,3%
• Mediano Weekly Lucking of Client: US $ 795

Compradores de carros pela primeira vez

Os compradores de carros pela primeira vez constituem 37,6% do segmento total de clientes da Car-Mart, com uma idade média de 27,4 anos de comprador pela primeira vez.

Faixa etária	Porcentagem de compradores iniciantes	Preço médio do veículo
18-24	22.5%	$11,350
25-34	15.1%	$13,750

Clientes com histórico de crédito limitado

Os clientes limitados do histórico de crédito representam 45,2% da base total de clientes da Car-Mart, com uma idade média do arquivo de crédito de 3,7 anos.

• Clientes com menos de 3 anos de histórico de crédito: 28,6%
• Limite de crédito médio para esses clientes: US $ 1.850
• Porcentagem sem empréstimo de automóvel anterior: 62,4%

Clientes que buscam soluções de transporte acessíveis

O preço médio do veículo na Car-Mart é de US $ 13.900, com 89,7% dos veículos com preços abaixo de US $ 16.000.

Faixa de preço do veículo	Porcentagem de inventário	Pagamento mensal médio
$8,000-$12,000	42.3%	$285
$12,001-$16,000	47.4%	$375

America's Car -Mart, Inc. (CRMT) - Modelo de negócios: estrutura de custos

Despesas de aquisição e recondicionamento de veículos

De acordo com o relatório anual de 2023, o Car-Mart da América gastou US $ 370,2 milhões em aquisição de inventário de veículos. As despesas de recondicionamento foram de aproximadamente US $ 18,5 milhões, representando um aumento de 5% em relação ao ano fiscal anterior.

Categoria de despesa	Valor ($)	Porcentagem de custos totais
Compra de veículo	370,200,000	62.3%
Recondicionamento de veículos	18,500,000	3.1%

Custos operacionais da concessionária

As despesas operacionais das concessionárias da Car-Mart em 2023 totalizaram US $ 89,7 milhões, o que inclui:

• Despesas de aluguel e arrendamento: US $ 22,3 milhões
• Utilitários: US $ 6,5 milhões
• Seguro: US $ 4,2 milhões
• Manutenção e reparos: US $ 7,9 milhões

Salários e comissões de funcionários

A compensação total para funcionários da Car-Mart em 2023 foi de US $ 112,4 milhões, divididos da seguinte forma:

Tipo de compensação	Valor ($)
Salários da base	82,600,000
Comissões de vendas	23,800,000
Benefícios e impostos sobre a folha de pagamento	6,000,000

Manutenção de tecnologia e infraestrutura

Os custos de infraestrutura de tecnologia para 2023 foram de US $ 14,6 milhões, incluindo:

• Manutenção de sistemas de TI: US $ 6,3 milhões
• Licenciamento de software: US $ 3,2 milhões
• Atualizações de hardware: US $ 2,7 milhões
• Segurança Cibernética: US $ 2,4 milhões

Despesas de marketing e aquisição de clientes

As despesas de marketing em 2023 totalizaram US $ 22,1 milhões, alocadas em vários canais:

Canal de marketing	Gastos ($)	Percentagem
Publicidade digital	9,400,000	42.5%
Mídia tradicional	5,700,000	25.8%
Mala direta	4,200,000	19%
Marketing comunitário	2,800,000	12.7%

America's Car -Mart, Inc. (CRMT) - Modelo de negócios: fluxos de receita

Receita de vendas de veículos

Para o ano fiscal de 2023, a America's Car-Mart registrou uma receita total de vendas de veículos de US $ 1,15 bilhão. O preço médio de venda por veículo foi de US $ 15.324. As unidades totais vendidas foram 75.198 veículos usados.

Ano fiscal	Receita total de vendas de veículos	Preço médio do veículo	Unidades totais vendidas
2023	US $ 1,15 bilhão	$15,324	75,198

Receita de juros do financiamento interno

A receita de juros do ano fiscal de 2023 foi de US $ 273,4 milhões. O portfólio de recebíveis financeiros da empresa totalizou US $ 1,02 bilhão.

Receita de juros	Portfólio de recebíveis financeiros
US $ 273,4 milhões	US $ 1,02 bilhão

Taxas de manutenção de empréstimos

As taxas de manutenção de empréstimos para o ano fiscal de 2023 totalizaram US $ 42,6 milhões.

Vendas de garantia estendida

A receita prolongada de vendas de garantia para o ano fiscal de 2023 foi de US $ 18,7 milhões.

Receitas auxiliares de produtos e serviços

Receitas auxiliares, incluindo produtos de proteção e serviços adicionais, geraram US $ 35,2 milhões no ano fiscal de 2023.

Fluxo de receita	Valor (ano fiscal de 2023)
Vendas de veículos	US $ 1,15 bilhão
Receita de juros	US $ 273,4 milhões
Taxas de manutenção de empréstimos	US $ 42,6 milhões
Vendas de garantia estendida	US $ 18,7 milhões
Receita de produtos auxiliares	US $ 35,2 milhões

Fluxos totais de receita: US $ 1,52 bilhão

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.