America's Car-Mart sold 82 percent fewer cars as unrestricted cash fell
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Inventory set the limit.
America's Car-Mart sold 2,450 retail vehicles in its fiscal first quarter, down 81.9 percent from a year earlier, according to its Wednesday filing. Revenue fell 57.3 percent to $145.8m.
The used-car retailer says limited capital constrained inventory purchases and sales. Inventory ended July at $35.2m, against $112.5m a year earlier. Net charge-offs rose to 9.5 percent of average finance receivables from 6.6 percent.
Unrestricted cash fell to $27.5m from $47.0m at the April year end. A board committee is still evaluating financing and strategic alternatives, and the company says there is no assurance that the process will produce a transaction or acceptable financing.
