America’s Car-Mart Inc. has retained a global investment bank to serve as its financial adviser as the company considers “strategic alternatives,” including potential financing, recapitalization, mergers and acquisitions.
The Rogers-based used car retailer announced Wednesday the appointment of Daniel J. “D.J.” Incorvaia to its board of directors, effective immediately. Incorvaia brings more than two decades of automotive industry experience to the Car-Mart board, having served as president and chief operating officer of AutoNation from 2019 to 2024.
The dual announcements signal a potentially significant shift for one of Northwest Arkansas’ largest publicly traded companies. Car-Mart, which operates over 150 dealerships across 12 states, is the nation’s largest publicly held used car retailer focused on the sub-prime market.
The company did not specify timeline or specific parties in its exploration of strategic alternatives. Investment banking firms routinely advise on a range of options including debt refinancing, capital restructuring, sale to a competitor or private equity firm, or merger with another automotive retailer.
Incorvaia’s appointment fills a vacancy on the nine-member board. His tenure at AutoNation, the nation’s largest automotive retailer, included oversight of more than 300 franchise locations and 20,000 employees. Car-Mart CEO Craig H. Boswell called Incorvaia “a respected leader with deep expertise in automotive retail operations and a proven track record of driving growth.”
The strategic alternatives review comes amid a challenging environment for sub-prime used car lenders. Rising interest rates have increased borrowing costs for customers with limited credit histories, while elevated vehicle prices have pressured affordability. Car-Mart’s customer base traditionally includes buyers who finance purchases through in-house installment loans.
The company reported revenue of $1.2 billion in its most recent fiscal year. Car-Mart’s stock trades on the NASDAQ under the symbol CRMT.
Car-Mart was founded in 1981 and has been headquartered in Rogers for over four decades. The company employs approximately 3,500 people across its dealership network, which spans Arkansas, Oklahoma, Texas, Missouri, Tennessee, Kentucky, Alabama, Mississippi, Indiana, Kansas, Georgia, and Ohio.
Incorvaia holds a bachelor’s degree in business administration from the University of Notre Dame and an MBA from the University of Chicago Booth School of Business. He also serves on the board of directors of KAR Global, a wholesale vehicle auction company.
Source: Talk Business & Politics
