America's Car-Mart, Inc. Reaches Agreement to Sell Mortgage Lender Subsidiary; Company Completes $3.8 Million Sale of Precision IBC Subsidiary

    IRVING, Texas--May 6, 2002--America's Car-Mart, Inc. today announced that it has reached an agreement to sell its 80% interest in Concorde Acceptance Corporation, a residential mortgage lender.
    Under the terms of the agreement, the buyer, which is made up of Concorde's senior management team, will pay approximately $2.9 million for the Company's 80% ownership interest. In addition, at closing, Concorde will repay approximately $2.1 million of borrowings from the Company, resulting in total cash proceeds to the Company of approximately $5.0 million. Closing of the sale, which is subject to certain conditions, is expected to occur by the end of June.
    In addition, the Company completed the sale of its 50% interest in Precision IBC, Inc., a firm specializing in the sale and rental of intermediate bulk containers, to an affiliate of the president of that company for $3,771,000. Proceeds from the sale will be used to reduce debt.
    "We are very pleased to have closed the Precision IBC transaction and to have reached an agreement to sell our last non-core subsidiary," commented Edward R. McMurphy, the Company's Chairman and Chief Executive Officer. "Upon closing of the sale of Concorde Acceptance, the Company will have divested all of its non-core subsidiaries, leaving the Company no other operations except its highly profitable chain of Car-Mart dealerships," continued McMurphy.

    About America's Car-Mart

    America's Car-Mart, formerly Crown Group, Inc., 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 an 80% interest in Concorde Acceptance Corporation, a prime and sub-prime mortgage lender which is held for sale and is included in discontinued operations.

Included herein are forward-looking statements, including a statement with respect to the expected closing date of the sale of the Company's 80% interest in Concorde Acceptance Corporation. 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.