America's Car-Mart, Inc. Reaches Agreement to Sell Stake in Precision IBC for $3.75 Million

    IRVING, Texas--April 9, 2002--America's Car-Mart, Inc. , formerly Crown Group, Inc., today announced that it has reached an agreement to sell its remaining 50% interest in Precision IBC, Inc., a firm specializing in the sale and rental of intermediate bulk containers. The selling price of approximately $3.75 million roughly equals the Company's investment in Precision and will be paid in cash. Closing of the sale, which is subject to certain conditions, is expected to occur within the next 30 days.
    "The sale of Precision marks one of the final steps in completing the Company's transition strategy whereby the Company will focus exclusively on the `Buy Here/Pay Here' segment of the used car market," commented Edward R. McMurphy, the Company's Chairman and Chief Executive Officer. "After the sale of Precision is completed, we will have only one non-core business remaining to sell," continued McMurphy. "In that regard, we are hopeful to have news to report in the near future."

    About America's Car-Mart

    America's Car-Mart operates 55 automotive dealerships in seven states and is one of the largest automotive retailers in the United States focused exclusively on the "Buy Here/Pay Here" segment of the used car market. The Company operates its dealerships primarily in small cities and rural locations throughout the South-Central United States, selling quality used vehicles and providing financing for substantially all of its customers.
    The Company also owns interests in two subsidiaries that are held for sale and are included in discontinued operations. These subsidiaries include (i) an 80% interest in Concorde Acceptance Corporation, a prime and sub-prime mortgage lender; and (ii) a 50% interest in Precision IBC, Inc., a firm specializing in the sale and rental of intermediate bulk containers.

    Included herein are forward-looking statements, including a statement with respect to the expected closing date of the sale of the Company's 50% interest in Precision IBC, Inc. All forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.