BENTONVILLE, Ark. — Wrapping up a fiscal year that included
8-percent jumps in both retail sales and revenue, buy-here, pay-here dealership
chain America's Car-Mart highlighted personnel and technology moves it's making
to make the next fiscal year even better.

Car-Mart president and chief executive officer William "Hank"
Henderson first mentioned what he described as a comprehensive training program,
"that has long been in the works." Henderson indicated the company's associate
development team launched the training strategy this past quarter, a timeframe
that wrapped up on April 30.

Henderson told participants during a conference call when
Car-Mart reported its fourth-quarter and fiscal year performance that the
company now has online courses for each lot-level position. He explained each session
contains a step-by-step training plan or "owner's manual as we call it."

The Car-Mart boss pointed out each employee must complete video
training and pass proficiency testing before moving forward in the coursework.
All told, the company produced 43 training videos.

"This team has done some truly excellent work, and we are
already beginning to see some very positive results," Henderson said.

Along with the human capital enhancement, Henderson also
highlighted how Car-Mart completely reconstructed its proprietary operational
software that manages the company's purchasing, inventory management, sales,
financing, collections and associated reporting.

Car-Mart intends to begin rolling out this new system in
June and to have it up and running throughout its network of more than 120 dealerships
by October.

"This was a substantial undertaking and a significant investment.
We're confident that this new system is second to none in the industry and will
greatly enhance our operations," Henderson said.

"While our prior system was very good, this new system is
even more intuitive and greatly speeds up our sales process, has more efficient
screens for collections and will provide us with an improved customer
management system to give us even more tools for our ultimate purpose of
assuring the highest possible level of repeat business," he went on to say.

Henderson added one other element about the new software
system that he hopes will benefit Car-Mart well beyond the 2014 fiscal year.

"This new system has been developed in a modular fashion so
that we will be able to make changes and enhance our software much more quickly
as we move forward than we could with our past system," Henderson said. "Becoming
even more nimble in this regard as we grow is very exciting because we are
indeed growing."

This past fiscal year, Car-Mart reached its target of adding
10 new stores, pushing its network to 124 dealerships. The company launched
three stores in Alabama, three locations in Missouri and one dealership each in
Arkansas, Tennessee, Georgia and Mississippi.

"Spreading out these openings and by not putting all of the
new stores into the same region, we're able to assure that each gets the added
attention that new stores require to assure the very best possible start,"
Henderson said.

During the next fiscal year, Car-Mart is looking to open 12
new locations, four of which Henderson said should begin to sell vehicles
during the first quarter. Those stores are set to come on board in Oklahoma,
Tennessee, Georgia and Mississippi.

"For the past several years, we've been working diligently
to build up the best possible team and infrastructure to take us to the next
level," Henderson said. "We've been focused on being prepared ahead of our
growth and we have made some significant changes in this past year for that
purpose."

Q4 and Fiscal Year Results

As mentioned, Henderson conducted the conference call as
Car-Mart reported its fourth-quarter and full-year results.

First, among the fourth-quarter metrics, Car-Mart
highlighted:

—Net income of $8.8 million or $.92 per diluted share versus
$.97 per diluted share for prior year quarter. The prior-year quarter includes
$1 million after-tax positive effect from a reduction to the allowance for
credit losses of $.09 per diluted share.

—Revenues of $126 million compared to $113 million for the
prior year quarter with same store revenue increase of 5.3 percent.

—Retail unit sales increase of 10 percent to 10,767 units
from 9,789 units for the prior-year quarter with productivity increase of 1.8
percent to 29.4 retail units sold per store per month from 28.9 for prior year
quarter.

—Average retail sales price increased $179 to $9,963 or 1.8
percent from the prior year quarter and $166 or 1.7 percent sequentially

—Net charge-offs as a percent of average finance receivables
of 7.1 percent, flat with prior year quarter.

—Provision for credit losses of 22.6 percent of sales vs.
19.1 percent for prior-year quarter (20.6 percent for prior year quarter
excluding the effect of the reduction to the allowance for credit losses).

—Selling, general and administrative expenses at 16.9
percent of sales versus 17.1 percent for the prior-year quarter

—Active accounts base now almost 58,000.

—Debt to equity ratio of 49.2 percent and debt to finance
receivables of 27.4 percent.

—Allowance for credit losses at 21.5 percent of finance
receivables at April 30.

As a result of those performances, Car-Mart determined that
its full fiscal year operating results came in as follows:

—Net income of $32.1 million or $3.36 per diluted share
versus $3.24 per diluted share for prior year. The prior year includes the $.09
positive effect from a reduction to the allowance for credit losses.

—Revenue increase of 8.0 percent to $465 million from $430
million for the prior year with same store revenue growth of 3.3 percent.

—Retail unit sales increase of 8.0 percent to 40,737 units
from 37,722 units for the prior year with a 0.5-percent increase in average
retail sales price to $9,721 with productivity increase of 0.6 percent to 28.8
retail units sold per store per month.

—Net charge-offs as a percentage of average finance
receivables of 25.2 percent compared to 24.8 percent for the prior year.

—Provision for credit losses of 23.1 percent of sales versus
21.1 percent for prior year (21.5 percent for the prior year excluding the
effect of the reduction to the allowance for credit losses)

—Strong cash flows supporting the significant increase in
revenues and the $46 million increase in finance receivables, the $5.6 million
increase in inventory to support higher sales levels, $5.5 million in net
capital expenditures, and $17.3 million in common stock re-purchases, with a
$21.7 million increase in total debt

"We are very pleased with our results for the quarter and
for the year and are very excited about our future," Henderson said.

"Increased funding to the subprime auto industry has
certainly contributed to some additional competitive pressure this year," he
continued. "We have answered the challenge, and our general managers have
remained focused on earning repeat business and highlighting the value of
Car-Mart's local presence and face to face relationships giving us the ability
to work with customers most effectively.

"Our customers are looking for good, reliable and affordable
transportation, excellent service and the peace of mind that goes with dealing
with America's Car-Mart," Henderson went on to say. "Our associates take great
care of our customers. After almost 32 years in this business, we understand
the company's future success will be determined by the success of our customers
and we are committed to doing everything we can to help them succeed."

Nick Zulovich can be reached at nzulovich@subprimenews.com. Continue the conversation with SubPrime Auto Finance News on LinkedIn and Twitter.