America's Car-Mart, Inc. Announces Promotions and Management Transition

IRVING, Texas--May 9, 2002--America's Car-Mart, Inc. today announced that in connection with the transformation of the Company to a pure play auto retailer focused exclusively on the "Buy Here/Pay Here" segment of the used car market, Edward R. McMurphy, the Company's Chairman, Chief Executive Officer and President will begin his five-month transition into retirement from the Company. Effective immediately, the following promotions have been announced:

T.J. ("Skip") Falgout, III, age 53, a Director and the Company's Executive Vice President and General Counsel since 1995, has become the Company's Chief Executive Officer. William H. ("Hank") Henderson, age 38, who has been with the Company's wholly-owned operating subsidiary (hereinafter referred to as "Car-Mart of Arkansas") since 1987 and has most recently held the position of Chief Operating Officer, has become the Company's President. Eddie L. Hight, age 39, who has been with Car-Mart of Arkansas since 1984 and has most recently held the position of Regional Manager, has become the Company's Chief Operating Officer. Nan R. Smith, age 62, a Director of the Company who has been the driving force behind Car-Mart of Arkansas' success since its inception in 1981 and has most recently held the position of President, has become the Company's Vice Chairman. Mr. McMurphy will continue to serve as Chairman of the Board of Directors until the Company's next annual meeting of shareholders to be held in September 2002. Upon Mr. McMurphy's retirement as Chairman, Nan Smith will be appointed Chairman of the Board of the Company.

"I feel very fortunate to have led the Company since its formation in 1984," commented Edward R. McMurphy, the Company's Chairman. "It has been an incredible experience these past 18 years as the Company has traveled in many directions, most quite lucrative, others not so," continued McMurphy. "With my pending retirement as Chairman, it is with great pride that I report that the Company has never been in a stronger financial position or had better prospects than today. Car-Mart of Arkansas continues to perform at record levels, with an estimated 21% growth in fiscal 2002 earnings as compared to the prior fiscal year. While the Company's stock trades near record levels, we still trade at a relatively low price-to-earnings multiple and substantially below our earnings growth rate."

"In my opinion, this Company has an absolutely great management team going forward," added McMurphy. "Skip Falgout is a seasoned executive who will oversee the Company's management and be directly involved in communicating with the investing public along with Mark Slusser, the Company's CFO since 1989. Nan Smith, Hank Henderson and Eddie Hight, who have led our highly successful and growing Car-Mart of Arkansas subsidiary for more than a decade, will continue with the Company in roles of increased responsibility. As your Chairman and fellow shareholder, I look forward to the Company's future under the leadership of our proven and trusted management team," concluded 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 earnings growth of the Company's wholly-owned operating subsidiary. 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.