America's Car-Mart Inc., a buy-here, pay-here auto dealership headquartered in Rogers, has received its third loan repayment extension from creditor Silver Point Finance this month. According to a filing with the U.S. Securities and Exchange Commission, the deadline for the company's $300 million loan has been pushed to Monday, Sept. 25.
Earlier extensions in September moved the repayment deadline from Sept. 4 to Sept. 11 and then to Sept. 22. In the SEC filing, the company stated that the repeated extensions provide time to "evaluate the alternatives available" as it navigates serious financial difficulties.
The financial challenges follow a bleak fiscal 2026 for the company, closing with a loss of $139.1 million. In the first quarter of fiscal 2027 alone, Car-Mart reported an additional loss of nearly $69 million. To reduce expenses, the company has closed 60 dealerships, and vehicle sales have dropped by 82% in the most recent quarter compared to the same period last year.
Car-Mart has formed a special committee to explore potential options for weathering its financial troubles. The company is one of the largest buy-here, pay-here auto dealers in the country and has traditionally focused on selling vehicles to customers with limited access to traditional financing options.