ROGERS, AR—Americas CarMart Inc. (NASDAQ:CRMT), a prominent auto dealership and gasoline station company, has announced the adoption of a revised Code of Conduct and Ethics applicable to all directors, officers, and employees. The updated code, approved by the Board of Directors on Monday, replaces the previous code established in 2016.
The modifications to the Code of Conduct and Ethics are designed to reflect the evolution of Americas CarMart's operations and the modern work environment. The company stated that the updated code includes modernized language and structure, aiming to bolster risk mitigation among company personnel.
Americas CarMart, headquartered in Rogers (NYSE:ROG), Arkansas, has been a key player in the retail-auto dealers and gasoline stations industry, with a history of name changes that trace back to its former identities as Crown Casino Corp and Skylink America Inc. The company's fiscal year ends on April 30, and it is incorporated in Texas.
The new code is intended to ensure that the company's practices remain aligned with ethical standards and legal requirements. While the full details of the updated code were not disclosed in the summary, the document is available as an exhibit to the company's Current Report on Form 8-K filed with the Securities and Exchange Commission.
This move by Americas CarMart underscores the importance of corporate governance and ethical conduct in today's business landscape. The company's commitment to revising and improving its ethical guidelines demonstrates a proactive approach to compliance and corporate responsibility.
In other recent news, America's Car-Mart (NASDAQ:CRMT) reported a mixed bag for the fourth quarter of fiscal 2024. The automotive retailer experienced a 13.6% decrease in sales, yet saw an improvement in gross margin by 200 basis points. The company has been grappling with rising auto insurance rates, which have affected consumers, and has partnered with Cox Automotive to improve its vehicle supply chain. The implementation of its Loan Origination System (LOS) is a strategic move aimed at reducing losses and enhancing deal structures.
Furthermore, the company has recently completed the acquisition of Texas Auto Center, a move expected to contribute to future revenue and net income growth. On the downside, net charge-offs increased to 7.3% due to customer budget pressures, leading to a higher default frequency. However, delinquencies improved to 3.1% and the allowance for credit losses improved by 42 basis points.
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