America's Car-Mart is a used car dealer and in-house finance company focused exclusively on the "buy here, pay here" (BHPH) segment — selling vehicles and providing installment financing to customers who can't qualify for conventional auto loans. As of April 2025, Car-Mart operated 154 dealerships concentrated in small cities across 12 states in the South-Central U.S. Car-Mart sells basic, older used vehicles — primarily SUVs, trucks, and sedans — at an average price of roughly $19,400. Car-Mart finances virtually all of its own sales, carrying a loan portfolio at a weighted average interest rate of about 17.6%. The business is effectively as much a consumer finance company as a car dealer: interest income from the growing receivables portfolio is a core earnings driver, and credit loss management is central to profitability. Because Car-Mart lends exclusively to subprime borrowers, underwriting discipline and collections capability define the economics. Car-Mart has invested in a proprietary loan origination system to tighten deal structures and recently launched risk-based pricing nationwide to improve risk-adjusted returns. Car-Mart grows through organic volume growth at existing stores and acquisitions of smaller BHPH dealers, which are under financial stress in the current environment. Car-Mart funds its receivables through an asset-based revolving credit facility and an ABS securitization program, giving it a funding cost advantage over smaller BHPH competitors.