Benzinga | Dec 15, 2021 05:15PM EST

America's Car-Mart To Acquire Smart Auto Dealerships; Terms Not Disclosed

America's Car-Mart, Inc. (NASDAQ:CRMT) today announced that its subsidiary, America's Car Mart, Inc. (the "Company"), has entered into a definitive agreement to purchase the ongoing dealership assets of Smart Auto, Inc., Smart Auto Johnson City, Inc., and Bright Motors Company LLC (collectively, "Smart Auto"). As a result, the Company will gain dealership locations in Johnson City, Tennessee and Knoxville, Tennessee. The existing finance receivables will be excluded from the transaction and will be collected by the seller. The Company expects to close on the Johnson City location by the end of 2021 and the Knoxville location by December 31, 2022.

"We are very excited to welcome Smart Auto into the Car-Mart family," said Jeff Williams, President and Chief Executive Officer of the Company. "Smart Auto brings a highly experienced and talented team of associates while also helping to create a stronger presence and expanding our footprint in Tennessee. We are excited for the opportunities to grow our customers in this market."

"Smart Auto, owned by Vincent Keller, has been in business since 2005 and their values align perfectly with ours. We are looking forward to getting to know their customers and help to keep them on the road," added Mr. Williams. "The Smart Auto team is professional, capable and focuses on providing quality, affordable vehicles to their customers. Smart Auto will be a fantastic addition to our business and will help us build a better future for the Company, our associates and our customers."