Article Excerpt:
TWST: What is America's Car-Mart?Mr. Falgout: We're the largest publicly traded buy here, pay here automotive retailer. About 80% of our customers make their payments at the dealership, either in cash or by check. This is a sale of an automobile that's to the non-bank or credit-impaired customer who doesn't have access to the traditional credit markets. So we're sort of at the middle to the lower end of the automotive used car business, selling to the customer who is buying typically an older used car, on average about six or seven years, who does not have sufficient credit to be qualified for a traditional car loan.
TWST: What's the competitive landscape?
Mr. Falgout: We're in seven states, mainly in small towns, although we
are in a couple of larger towns such as Tulsa, Oklahoma, and Little
Rock, Arkansas. In most of our markets, our competitors are local
dealers, mom and pops for the most part, with a few regional dealers,
which gives us a very large advantage in that we're one of the few, if
not the only one, that has any size, capital and consistency in their
marketing and product.
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