America's Car-Mart, Inc. (NASDAQ:CRMT) Q3 2023 Earnings Conference Call February 22, 2023 11:00 AM ET
Company Participants
Jeff Williams - Chief Executive Officer
Doug Campbell - President
Vickie Judy - Chief Financial Officer
Conference Call Participants
John Rowan - Janney
Vincent Caintic - Stephens
Operator
Good day, everyone. Thank you for holding, and welcome to America's Car-Mart’s Third Quarter Fiscal 2023 Conference Call. The topic of this call will be the earnings and operating results for the company's third quarter of fiscal year of 2023.
Before we begin, today's call is being recorded and will be available for replay for the next 12 months. As a reminder, some of management's comments today may include forward-looking statements, which inherently involve risks and uncertainties that could cause actual results to differ materially from management's present view.
These statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The company cannot guarantee the accuracy of any forecast or estimate, nor does it undertake any obligation to update forward-looking statements.
For more information regarding forward-looking statements, please see Part 1 of the company's annual report on Form 10-K for the fiscal year ended April 30, 2022 and its current quarterly reports furnished to or filed with the Securities and Exchange Commission on Forms 8-K and 10-Q.
Participating on the call this morning are Jeff Williams, the company's Chief Executive Officer; Doug Campbell, President; and Vickie Judy, Chief Financial Officer.
And now, I'd like to turn the call over to the company's Chief Executive Officer, Jeff Williams.
Jeff Williams
Okay. Well, thank you for joining us this morning. We saw an increase in unit volumes for the quarter both on an absolute basis and on the same store basis and absent weather challenges would have seen more unit volume increases, Doug will cover sales for the quarter in just a minute.
Our volume increases are in the face of affordability challenges and overall inflationary pressures, and when compared to the previous two years a lack of stimulus in the marketplace. However, overall used car prices did come down in 2022. As expected, we are seeing a normal tax season uptick in the most recent months, but we do expect pricing to level off in the short-term and experience more gradual normal decline for the balance of the year. The car we do buy is expected to better hold value due to supply-demand affordability dynamics.