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America’s Car-Mart CEO Henderson Announces Retirement

2 min read

Hank Henderson said he would step down as CEO of America’s Car-Mart of Bentonville at the end of December after more than 30 years with the company.

Henderson said CFO and President Jeff Williams would become CEO. Henderson will remain a member of the board of directors and serve as an advisor.

“I have been with the company for over 30 years and could not be more proud of what we have built, and the position the company is in to be able to continue to prosper into the future,” Henderson said. “We have a great team in place, and the time is right for me to take a step back from day-to-day operations.”

Henderson announced his retirement alongside the company’s earnings report for the first quarter of fiscal 2018, which ended July 31.

Henderson’s total compensation was a little more than $500,000 in 2016, according to a proxy statement the company filed with the U.S. Securities & Exchange Commission in June; Williams earned compensation of $400,000 in 2016.

Car-Mart had revenue of $146.4 million in the first quarter of fiscal 2018, a slight increase from $145.8 million in the same quarter of fiscal 2017. Income for the quarter was just shy of $7 million, a slight decrease from $7.1 million; earnings per share was 90 cents, up from 87 cents.

“We are pleased with our results for the quarter and are confident in the strength of the business model to produce favorable results,” Henderson said. “We are seeing the positive results of our efforts, and we are very excited about the future of our business.”

Car-Mart said it had opened one new dealership during the first quarter to give it 140 total, down three from the same quarter a year ago. Same-store revenue was up 2.1 percent in the quarter, an improvement from 0.5 percent in the first quarter of fiscal 2017.

The company reported a drop in overall vehicles sold, from 11,957 a year ago to 11,837, but the per-store monthly average rose from 27.9 vehicles to 28.2 vehicles.

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