America’s Car-Mart, Inc. (NASDAQ:CRMT) Q3 2023 Earnings Call Transcript

Vincent Caintic: Okay, perfect. So like historical metrics are, sort of, you think we can get back to that, or even the improved from that level? Is that fair from your comments?

Jeff Williams: That would be, yes, that would be our intentions with all the investments we’re making in the business.

Vincent Caintic: Okay, great. Thank you. And my follow-up, so a more specific question just about the inventory. So I appreciate your comments on the press release about that inventory levels. We’re getting back to historical levels. But if you talk about what’s the average age inventory, and are we pretty much done from this point, or maybe after tax refund season, we’re done from this point in terms of inventory normalization? Thank you.

Jeff Williams: I think we’ve worked through a good percentage. The majority of our inventory challenges, there’s some left to work through. But we are getting there making progress, fully focused on improving efficiencies and inventory turns and working through some product that has been acquired over the last year. So, but I’d say we’re, we’re well on our way. And we’re not fully finished yet. But making good progress.

Doug Campbell: I’d add the inventory that we’re sourcing out of this new channel, as it starts to make its way through the ecosystem. We’ll also have a benefit there, and the wholesale, what I’ll call the centralized wholesale selling that to be accretive to the margins that we’ll have going forward to, so that’s, that’s exciting as well.

Vincent Caintic: Okay. Great. And sorry, did you have the days of ages inventory. I think last quarter was in the mid or high 50s, just want to have that comparison. Thank you.

Jeff Williams: That was totally — that was days inventory in days sales in inventory. That’s relatively flat with what it was last year. I think the aged inventory has come down. We are making progress again. We’ve worked through most of it. We have a little work to do there.

Vincent Caintic: Okay. Gotcha. Thanks very much.

Jeff Williams: Thank You.

Operator: And thank you. And I am showing no further questions. I would now like to turn the call back over to Jeff Williams for closing remarks.

Jeff Williams: Okay. Again, well, thank you for listening in today. I appreciate your interest in America’s Car-Mart. And again, thanks to all of our associates out there for all they do to keep our customers on the road. Have a great day. Thank you.

Operator: This concludes today’s conference call. Thanks for participating. You may now disconnect.