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August 23, 2013

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America’s Car-Mart Inc (NASDAQ:CRMT)Q3 2020 Balance CallFeb 20, 2020, 11:00 a.m. ET

Operator

Good morning, everyone. Acknowledge you for holding, and acceptable to America’s Car-Mart’s Third Division Budgetary 2020 Conference Call. The affair of this alarm will be the balance and operating after-effects for the company’s third division for budgetary 2020.

Before we begin, I would like to admonish anybody that this alarm is actuality recorded and will be accessible for epitomize for the abutting 30 days. The dial-in cardinal and admission advice are included in aftermost night’s columnist release, which can be begin on America’s Car-Mart’s website at www.car-mart.com. As you all know, some of our management’s comments today may accommodate advanced statements, which inherently absorb risks and uncertainties that could account absolute after-effects to alter materially from management’s present view. These statements are fabricated pursuant to the safe anchorage accoutrement of the Private Securities Litigation Reform Act of 1995.

The aggregation cannot agreement the accurateness of any anticipation or appraisal nor does it undertake any obligation to amend such advanced statements. For added advice apropos advanced information, amuse see Allotment one of the company’s anniversary address on Form 10-K for the budgetary year concluded April 30, 2019, and its accepted and annual letters furnished to or filed with the Securities and Exchange Commission on Forms 8-K and 10-Q. Participating on this alarm this morning are Jeff Williams, the company’s President and Chief Executive Officer; and Vickie Judy, Chief Financial Officer.

And now I’d like to about-face the alarm over to the company’s Chief Executive Officer, Jeff Williams.

Jeffrey A. Williams — President and Chief Executive Officer

Okay. Well, acknowledge you for abutting us this morning. It is acceptable to see us aces up bazaar allotment and serve added barter with our continuing efforts to advantage our absolute cast with the abounding talented, acute and accomplished assembly that we accept at all levels in our company. We will abide to advance in our business and abnormally in our bodies as we move advanced to accommodate outstanding advance opportunities for our accomplished associates. Our accepted managers and their staffs are absolutely advancement our bold in the acreage by absorption on the chump experience, starting with a vehicle, and afresh by accouterment outstanding account afterwards the auction to accumulate our barter on the road, a accord of apperception that alone Car-Mart can give.

Our eyes is to be America’s best auto sales and accounts aggregation in the eyes of our assembly and barter while convalescent the communities we serve. There is amazing appeal for our offering, and we accept an obligation to serve added barter at the accomplished levels, because we accept that their lives are bigger aback they’re allotment of our Car-Mart family.

I’ll now about-face it over to Vickie to go over some numbers. Vickie?

Vickie D. Judy — Chief Financial Officer

Good morning. We were admiring to see a acquirement access of 15.9% up to $187 million. This resulted from a 16.8% access in sales, of 11% added volumes and 5% boilerplate sales amount increase. We additionally had a 10.5% access in absorption income. And we’re actual blessed to see same-store revenues up 15.1%. Revenues from food in over 10 years of age class was up 14%. Food in the bristles to 10-year class was up 19%, and revenues for food in the beneath than bristles years of age class was up about 47% to about $17 million. At quarter-end, 18 or 12% of our dealerships were from aught to bristles years old, 41 or 28% were from bristles to 10 years old and the actual 86 were 10 years old or older. Our all-embracing abundance was 30.6 units per lot per month, up about 10% from 27.9 compared to the above-mentioned year quarter.

Our 10-year-plus lots produced 33.1 units per ages per lot for the division compared to 30.4 for the above-mentioned year quarter. Lots in the five- to 10-year class produced 28.6 compared to 26.9. And the lots beneath than bristles years of age had abundance of 23.4 compared to 20.7 for the third division of aftermost year. Our bottomward acquittal allotment was basically collapsed compared to the above-mentioned year quarter. And collections as a allotment of boilerplate accounts receivables was collapsed at 13.2%, but up on a about abject due to the access in term. Our appellation access was primarily due to the accretion boilerplate affairs amount of the car. The boilerplate basic arrangement appellation for the division was 30.8 months compared to 29.4 for the above-mentioned year division and up from 30.4 per ages sequentially. The boilerplate affairs amount was up $604 with 1.4-month access in the term.

Our abounding boilerplate arrangement appellation for the absolute portfolio, including modifications, was 32.5 months compared to 32 months for the above-mentioned year. And the abounding boilerplate age of the portfolio was collapsed at nine months. Absorption assets added $2.2 actor or 10.5% compared to the above-mentioned year, primarily due to $55.9 actor access in accounts receivables, the 10.4% increase. The abounding boilerplate absorption amount for all accounts receivables at the end of the division was about 16.4% collapsed from the above-mentioned year quarter. Gross accumulation per retail assemblage awash added by $84 to $4,938, a 1.7% access compared to the above-mentioned year quarter. The gross accumulation allotment was 40.3% compared to 41.5% for the above-mentioned year division and bottomward aloof hardly from the consecutive quarter. Again, the boilerplate affairs amount added $604 over the above-mentioned year quarter, and gross allowance percentages are lower at college affairs prices. The majority of this affairs amount access relates to the all-embracing backbone of the acclimated car ethics in our bazaar and a continuing accomplishment to buy high-quality vehicle. We did see a slight access in the cardinal of SUVs awash over the above-mentioned year quarter. We accept added our affection and our alternative of cartage to accommodated customers’ needs during the accessible tax acquittance season, with an added $6 actor advance in inventory, best of which relates to added quantities.

With these added investments in inventory, both aggregate and quality, it’s basic that we break actual able in our operational processes. SG&A for the division was up $3.8 million, 18.66% of sales compared to 18.9% for the above-mentioned year quarter, and 61.9% of absolute revenues beneath amount of sales and accouterment for acclaim losses compared to 60.5% for the above-mentioned year quarter. Best of the access is due to amount costs for added accessory calculation as able-bodied as connected investments in pay, allowances and training. The accepted division did accept about $357,000 of added banal advantage amount compared to the above-mentioned year quarter. These investments are actuality fabricated to ensure that we can account a growing chump abject at the accomplished akin and acquire their echo business. We accept the investments that we’re authoritative in our associates, our arrangement and the basement are basic to continuing operational improvements and actuality able to booty affliction of our customers. We added over 5,100 barter aback this time aftermost year and over 1,300 this quarter. We’ll consistently abide to break focused on efficiencies and amount control, while continuing to advance for the continued term. For the accepted quarter, net charge-offs as a allotment of boilerplate accounts receivables was 5.9%, bottomward from 6.2% in the above-mentioned year third quarter.

We abide to see advance in both the abundance and the severity of losses compared to the above-mentioned year as a aftereffect of a college affection vehicle, bigger accord structures and our focus on the operational nonnegotiables accompanying to collection. Recovery ante for the division were hardly lower than the third division of 2019 and about collapsed compared to the consecutive quarter. Our able assets tax amount was 19% for the third division compared to 23.7% for the above-mentioned year quarter. The assets tax amount did accommodate an assets tax account of $922,000 and $41,000 accompanying to share-based advantage for the accepted division and the above-mentioned year quarter, respectively, or about $0.13 per adulterated share. We apprehend our abject able tax amount to be about 24% activity advanced above-mentioned to any balance tax allowances from banal advantage exercises. At quarter-end, our absolute debt was about $184 million, and we had over $56 actor in added availability beneath our revolving acclaim facilities.

Our debt-to-equity arrangement is 63.2%. And our debt-to-finance receivables arrangement is 30.3%, and this was compared to 31.4% at this time aftermost year here. We did repurchase 12,384 shares of our aggregation during the division for $1.1 actor at an boilerplate of $91 per share. Aback 2010, we’ve repurchased about 54% of the aggregation for $240 actor at an boilerplate amount of $38 per share. We abide to accept actual able banknote flows. For the aboriginal nine months, we’ve added $64.2 actor in accounts receivables, repurchased $15.8 actor of accepted stock, adjourned $3.2 actor in net basic expenditures and added account by $16.5 million, a absolute of $99.7 actor with alone a $31.3 actor access in debt.

Thank you, and I’ll about-face it aback to Jeff now.

Jeffrey A. Williams — President and Chief Executive Officer

Okay. Acknowledge you, Vickie. As you saw in the columnist release, we are abutting to finishing our Taylor Motors acquisition, and we’ll be aperture our Cabot, Arkansas dealership during the fourth quarter. This will accord us six new dealerships for budgetary 2020. We are advanced on our new dealership locations in Edmond, Oklahoma and in Chattanooga, Tennessee. And we afresh active a charter for a new area in Norman, Oklahoma. New dealership openings will be allotment of our advance plan activity forward, and we’re additionally accessible to added opportunities like the Taylor Motors befalling as we move forward. As we’ve said over the aftermost few years, best of our absolute accepted managers accept the adeptness and are in towns and locations that accept the abeyant to serve 1,000 barter or added over time.

We will abide to attending to advantage that opportunity. We accept such a able ability and our assembly accord 100% every day to advice anniversary added and to advice our barter succeed. There is absolute purpose in our work, and we’re actual appreciative of the aberration we’re making, and we’re actual aflame to be in a position to aggrandize what we do to added customers. And lastly, acknowledge you to all of our hardworking, amorous assembly who appear to assignment every day to accomplish a difference.

You accomplish Car-Mart great, and acknowledge you. We will now accessible it up for questions. Operator?

Operator

[Operator Instructions] I would like to reiterate that my beforehand comments apropos advanced statements administer both to the participants’ able animadversion and to annihilation that may appear up during the Q&A. [Operator Instructions] Our aboriginal catechism in comes from the band of John Murphy with Bank of America. Your band is open.

John Murphy — Analyst

Good morning, guys. This is Yarden Amsalem for John.

Jeffrey A. Williams — President and Chief Executive Officer

Good morning.

John Murphy — Analyst

Good morning. So aboriginal question, on your top line, what would you aspect the actual able same-store sales access to? I beggarly can you maybe point to the key one or two factors? And would you say it was added apprenticed by our newest abundance or they are added bequest stores?

Jeffrey A. Williams — President and Chief Executive Officer

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I would say it’s a aggregate of things. It starts with inventory. We’re accomplishing a bigger job with account procurement. We’re accustomed added cars, bigger affection cars. We’ve additionally spent a lot of time training our acreage sales reps. So it’s an advance in training, it’s inventory. Our agenda efforts online are additionally accidental to the sales improvements. And I would say it’s ambrosial abundant beyond the lath as far as aggregate improvements and abundance improvements. All of our dealerships are seeing added traffic, added interest, and we’re closing added sales.

John Murphy — Analyst

So aloof to aftereffect on that, you’ve afresh talked about your advance in agenda belvedere and online capabilities and marketing. Can you maybe allotment added blush on these efforts and what affectionate of absorption are you accepting from your consumers?

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Jeffrey A. Williams — President and Chief Executive Officer

Well, we’ve had our online acclaim appliance in abode aloof alpha this budgetary year. And we’re accepting a lot of cartage online. We’re accepting a lot of applications online. And we’re accomplishing a fair job of converting those applications to concrete visits to the dealerships. And afresh the abutting amount for those sales is ambrosial high. So we’re absolutely adequately new into that accomplishment at this point, but we’re optimistic that over time, we’re activity to be we’re acceptable now, but we’re activity to get bigger as far as our agenda efforts. But they absolutely accept added our traffic, and we’ve apparent some acceptable after-effects so far.

Vickie D. Judy — Chief Financial Officer

We’ve additionally aloof approved to accept a bigger and a bigger attendance on aloof several of the amusing media channels with chump reviews and chump testimonials. And I anticipate some of that Google reviews and that blazon of thing. And I anticipate that’s helped some as well.

John Murphy — Analyst

Excellent. And I guess, lastly, how should we anticipate about gross margins for the new cartage activity forward? I know, like, the abasement of this is partly apprenticed by college boilerplate affairs prices. But I’m aloof analytical to apprehend if you guys anticipate it should accumulate advancing beneath burden abutting year? Or maybe can you anytime go aback against the 42% level?

Vickie D. Judy — Chief Financial Officer

Yes, the 42% akin apparently becomes a bit of a challenge. I don’t anticipate we’ll see that big of a change to get aback to that allotment with the acclimated agent bazaar area it’s at, abnormally with the affection that we’re aggravating to backpack and the added appeal for the SUVs and trucks there also. So I anticipate there’ll abide to be some burden there. I anticipate there will abide to be some burden there, as we try to aggrandize our chump acquaintance and footfall into some altered areas there. So…

Jeffrey A. Williams — President and Chief Executive Officer

We do accept some allowance to abide to attending at abundance improvements and efficiencies in the field, in the adjustment cost. There are things that we’re alive on to advance those gross accumulation percentages. But the dollar gross allowance is activity up, but the allotment is a little added of a challenge, but we apperceive that, and we’re aggravating to do all we can to accumulate that gross allowance allotment up.

John Murphy — Analyst

Okay, acknowledge you actual much.

Jeffrey A. Williams — President and Chief Executive Officer

Thank you.

Operator

Thank you. And our abutting catechism comes from the band of Kyle Joseph with Jefferies. your band is open.

Kyle Joseph — Analyst

Hey, acceptable morning, guys. And acknowledgment for demography my questions. I aloof capital to aces your academician on the aggressive environment. Obviously, accustomed your same-store sales trends, we can affectionate of assumption what’s activity on in the aggressive environment. Aloof but aloof capital to apprehend what you guys are seeing there.

Vickie D. Judy — Chief Financial Officer

Competition is still very, actual strong. I don’t anticipate that we’ve apparent any abatement there. But what we’re aggravating to do is accomplish abiding we’ve got the affection vehicle. And afresh we’re aggravating to accent our amount and what we action compared to our competitors out there. Aloof aggravating to get bigger in what we’re doing.

Jeffrey A. Williams — President and Chief Executive Officer

Yes. And we do accent our lower absorption rate, our beneath term, the absolute amount of affairs with Car-Mart and afresh the accord of apperception that’s so important to the affection of lives of our customers. Aback you put all that together, what we action is above to added offerings in the market. But there are a lot of added offerings in the bazaar and antagonism is actual high. But we’re accomplishing acceptable in a bazaar aloof because of our efforts to absolutely block and tackle, run the comedy and amusement these barter at the accomplished level.

Kyle Joseph — Analyst

Got it. And afresh accustomed that we’re in February now, could you guys accord us a faculty for expectations for tax refunds this year in agreement of admeasurement and timing?

Vickie D. Judy — Chief Financial Officer

Yes. So the timing has been pushed aback a little bit afresh this year. Refunds absolutely haven’t started been appear yet. So it will apparently all activity to appear actuality in aloof a actual abbreviate aeon of time.

Kyle Joseph — Analyst

Got it. Okay. And afresh aloof lastly, in agreement of credit, obviously, things accept been abiding in agreement of your bottomward payments and collections. But activity forward, with the revamped advance here, can you accord us affectionate of your angle for both charge-offs as able-bodied as the accouterment activity advanced and any appulse the array of renewed new advance would accept there?

Vickie D. Judy — Chief Financial Officer

Yes. So of course, with the added affairs amount and the appellation activity out a little bit, the severity becomes a little bit fatigued aback you do booty article aback and afresh if action change in your FMVs and that puts some burden there as well. So we’re activity to be focused on the chump acquaintance and authoritative abiding that we accumulate our abundance of the units that we’re repossessing bottomward and that we’re demography affliction of all of those customers. But there will absolutely be some burden from the severity ancillary as we move forward.

Jeffrey A. Williams — President and Chief Executive Officer

But we are assertive that we’re putting a bigger artefact out, college affection car and that our account levels accept bigger immensely, and our collections efforts are solid and strong. And we apprehend continuing acceptable improvements that after-effects in the acclaim accident band as we go forward, alike with the added volumes.

Vickie D. Judy — Chief Financial Officer

Yes, our underwriting is actual solid. We feel like we’ve kept a acceptable handle on our underwriting there.

Kyle Joseph — Analyst

Got it. That’s it for me. Acknowledgment actual abundant for answering my questions.

Jeffrey A. Williams — President and Chief Executive Officer

Thank you.

Operator

Thank you. Our abutting catechism comes from Vincent Caintic with Stephens. Your band is open.

Vincent Caintic — Analyst

Hey, acknowledge you. Acceptable morning. I capital to blow on two things. So afterward up on Kyle’s catechism on the competition. Aloof we’ve heard from some added lenders, like for example, Acclaim Acceptance, who are affectionate of adverse maybe difficulties from the aggressive environment, but nice to see that you’ve been growing absolutely well. Aback you’ve I guess, your growth, has it been accept you apparent bazaar allotment that you’re taking? Is it added of affectionate of aloof acclamation barter that weren’t served before? Array of what’s the ambiance there in agreement of maybe acclamation new opportunities against demography share?

Jeffrey A. Williams — President and Chief Executive Officer

I aloof I anticipate we’ve done a acceptable job afresh with our agenda efforts, as Vickie mentioned, in the on the announcement ancillary and the cast acceptability and the association involvement. And afresh aback you amalgamate that with added cars and a broader mix of cars and nicer cars on the dealership and afresh you brainwash our assembly and the communities on the accurate amount of ownership, our transaction looks added and added ambrosial to barter that accept choices in the market. And what’s nice about our archetypal is we’ve added about three units per ages on the sales side. And so it’s in anniversary community, it’s adamantine to apperceive absolutely area those three units of bazaar allotment came from. But I anticipate it’s a aggregate of all the acceptable things we’re doing.

And we’re assertive that we accept added allowance to brainwash the bazaar about the accurate amount hypothesis out there and the accord of apperception we accord barter in allowance them accumulate those cars on the road. So it’s a aggregate of things. But the bazaar is actual competitive, but I anticipate the acceptable assignment that we’re accomplishing is acutely added than offsetting the aggressive pressures.

Vincent Caintic — Analyst

Okay, great. Acclimated car prices, what are you seeing there? Accept you been accepting some account there? Or is it are you still seeing some burden from college acclimated car prices?

Vickie D. Judy — Chief Financial Officer

It’s there’s absolutely been not a lot of change recently. We’re aggravating to aggrandize some of the markets that we’re affairs in and attractive at altered purchasing options. But we absolutely haven’t apparent a big change in the amount of the cars we’re buying. This time a car about or this time of the year about tax time is about college anyway, but not a big change.

Vincent Caintic — Analyst

Okay. And maybe aloof one added from me. The action for befitting cars on the road, aloof affectionate of apprehensive how that rollout has gone and if there’s added assignment that needs to be done or any added investments that charge to be done.

Jeffrey A. Williams — President and Chief Executive Officer

We abide to attending for artistic value-added means to advice our barter break on the alley and accumulate those cars in acceptable operating shape. So we abide to assignment on things that are activity to set us afar from the antagonism alike added than we accept already. And annihilation that we appear up with will be directed at that consumer, allowance that customer out, befitting them in the car, befitting their car on the road. And we feel like we’ve got allowance to abide to attending for artistic means to advance our already outstanding offer.

Vincent Caintic — Analyst

Okay, great. Acknowledgment actual much.

Operator

Thank you. [Operator Instructions] Our abutting catechism comes from John Rowan with Janney. Your band is open.

John Rowan — Analyst

Morning.

Vickie D. Judy — Chief Financial Officer

Morning.

John Rowan — Analyst

Reminding,Vickie, you mentioned added accident severity a brace of questions ago. I didn’t get bottomward why there’s added accident severity. Is that aloof about acclimated car appraisement blame up your the amount of the cars, or is it a continuance issue? What’s active that?

Vickie D. Judy — Chief Financial Officer

Yes. So currently, we are still seeing a abatement in the severity. So we quarter-over-quarter actuality recently, we’ve apparent decreases in both abundance and severity. But as we attending advanced and our affairs amount continues to acceleration or we advertise added of these college affection or the mix of SUVs and added and if that sales amount continues to rise, that does put burden on that severity.

John Rowan — Analyst

Okay. And afresh you additionally talked about tax acquittance season. And I guess, aloof to dig in a little bit more, we’ve acutely apparent some of the antecedent abstracts advancing out of the IRS. I beggarly aftermost year, there was a action about-face about becoming assets tax acclaim and the added adolescent affliction tax credits that absolutely pushed about decidedly the timing of tax refunds. Are you acquainted of any agnate change in IRS action that would accept a structural about-face in the timing of assertive ample tax acquittance cohorts agnate to what happened aftermost year?

Vickie D. Judy — Chief Financial Officer

Now and our barter were abundantly artless aftermost year too. I beggarly they absolutely got aback a little added aftermost year, and we’re assured about the aforementioned blazon of refunds this year as they got aftermost year. So no absolute changes this year added than aloof the timing has been pushed out a little bit.

John Rowan — Analyst

Okay. Acknowledge you.

Vickie D. Judy — Chief Financial Officer

Thank you.

Operator

Thank you, And I’m not assuming any added questions at this time.

Jeffrey A. Williams — President and Chief Executive Officer

Okay. Well, acknowledge you for alert in again. Acknowledge you for your absorption in America’s Car-Mart, and accept a abundant day. Acknowledge you.

Operator

[Operator Closing Remarks].

Duration: 27 minutes

Jeffrey A. Williams — President and Chief Executive Officer

Vickie D. Judy — Chief Financial Officer

John Murphy — Bank of America — Analyst

Kyle Joseph — Jefferies — Analyst

Vincent Caintic — Stephens — Analyst

John Rowan — Janney — Analyst

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