America's Car-Mart To Acquire Texas Auto Center; No Financial Terms Disclosed
America's Car-Mart, Inc. (NASDAQ:CRMT), today announced that it has entered into a definitive agreement to purchase the dealership assets of Texas Auto Center ("TAC"). The transaction, which excludes legacy finance receivables, is expected to close in the first quarter of Car-Mart's 2025 fiscal year, which begins May 1, 2024.
Since founding Texas Auto Center in 1995, Bob and Erika Blankenship have grown their operation into an award-winning dealership group with locations in Austin and San Marcos, Texas.
"The acquisition of Texas Auto Center furthers our commitment to acquisitions being a part of our growth strategy. This acquisition will deliver exceptional outcomes for our customers, associates, and shareholders. TAC's high-performance culture, customer focus, and strong alignment of values makes it a fantastic addition to what is an already great team," said Douglas Campbell, President and Chief Executive Officer. "Bob and Erika are highly respected industry veterans with decades of experience delivering quality used vehicles and excellent service to their customers. We are excited to welcome them, and the entire Texas Auto Center team, to America's Car-Mart."
"We are very excited to enter into this relationship," said Bob Blankenship. "My wife, Erika, and I have devoted nearly thirty years to building our business and have been honored to forge relationships with our customers. With the help of our dedicated associates, we have grown to two large dealerships, proudly serving the Austin metro area."
"America's Car-Mart operates with integrity, respect, and compassion, making it the perfect fit for us," Mr. Blankenship explained. "Together, we share a mission to earn repeat business by providing quality vehicles, stress-free financing, and excellent customer service. We are committed to the success of this transaction and to satisfying the car-buying and account servicing needs of our customers for generations to come."
"This agreement reinforces our commitment to acquisitions as a part of our growth strategy that will not only strengthen America's Car-Mart, but the entire industry. This acquisition expands and strengthens our footprint in the Texas market," said Vickie Judy, Chief Financial Officer. "We will continue to partner with experienced owner-operators to transition their businesses in a way that creates value for their customers and future growth opportunities for their associates as well as being accretive to our revenue."