Car-Mart Announces Leadership Change
New CEO at America’s Car-Mart
Used-vehicle dealership operator America’s Car-Mart announced a leadership change on Tuesday. Doug Campbell, the current president of the company, will take over as CEO on October 1. Campbell will also join the board of directors while Jeff Williams, the current CEO, will assume the title of CEO emeritus until the end of fiscal year 2024.
Prior to joining America’s Car-Mart in October 2022, Campbell held senior positions at Avis Budget Group Inc. and AutoNation Inc.
Financial Results and Analysts’ Views
In addition to the leadership change, America’s Car-Mart reported its earnings for the three months ended July 31. The company’s quarterly revenue increased by 8.6 percent compared to the same period last year, reaching $368 million. However, net income saw a significant decline of 69 percent, amounting to $4.2 million.
Analysts from Stephens Inc. wrote in a research note that Campbell’s appointment could potentially lead to growth opportunities, including acquisitions. They also praised the continued involvement of Jeff Williams on the board.
Following the announcement, shares of America’s Car-Mart dropped 15 percent to $96.79.
