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AMERICA’S CAR-MART REPORTS FIRST QUARTER EARNINGS FROM
CONTINUING OPERATIONS OF $0.55 PER SHARE VS. FORECAST OF $0.50

Bentonville, Arkansas (September 10, 2003) — America’s Car-Mart, Inc. (NASDAQ NMS: CRMT) today announced its operating results for the first fiscal quarter ended July 31, 2003. The Company’s results are segmented into continuing and discontinued operations.

For the three months ended July 31, 2003, revenues from continuing operations increased 20% to $43.3 million, compared with $36.1 million in the same period of the prior fiscal year. Income from continuing operations for the quarter increased 27% to $4.4 million, or $0.55 per diluted share, versus $3.4 million, or $0.43 per diluted share, in the same period last year. Retail unit sales increased 15% to 6,066 vehicles in the current quarter, compared to 5,273 vehicles in the same period last year.

“We are very pleased to report stronger than expected operating results this quarter, with revenue growth of 20% and income growth of 27% over the same period last year, as well as same store revenue growth this quarter of 16%,” commented T. J. (“Skip”) Falgout, III, Chief Executive Officer of America’s Car-Mart. “Along with our strong financial results, we added over $4.5 million in net finance receivable balances, and maintained our debt level at around $25.3 million. At July 31, 2003 our debt-to-equity ratio was .35 to 1 as compared to .39 to 1 at April 30, 2003, and debt as a percentage of finance receivable principal balances decreased to 21% at July 31 from 23% at April 30th.”

“We opened two new dealerships this quarter, in Longview and Tyler, Texas,” stated Hank Henderson, America’s Car-Mart’s President, “and these new locations are on track to become solid performers for us. We expect to open three more dealerships in Texas within the next three months, in Paris, Lufkin, and Nacogdoches, Texas. This will give us a total of nine dealerships in Texas, with the potential for many more excellent Texas locations in the future.”

The Company has adjusted its fiscal year 2004 earnings estimate from continuing operations to reflect higher than expected earnings in the first quarter and has reaffirmed its outlook for the remainder of the fiscal year. Accordingly, the Company projects that it will earn $2.06 per diluted share from continuing operations in FY2004 as follows:

Management will be holding a conference call on Wednesday, September 10, 2003 at 11:00 a.m. Eastern time to discuss first quarter results. To participate, please dial 877-616-4479 (international callers dial 706-634-0640). Callers should dial in approximately 10 minutes before the call begins. The conference call can also be accessed on www.vcall.com.

A conference call replay will be available one hour following the call for seven days and can be accessed by calling: 800-642-1687 or 706-645-9291, conference ID# 2606968.

America’s Car-Mart operates 66 automotive dealerships in seven states and is the largest publicly held automotive retailer in the United States focused exclusively on the “Buy Here/Pay Here” segment of the used car market. The Company operates its dealerships primarily in small cities throughout the South-Central United States selling quality used vehicles and providing financing for substantially all of its customers. For more information on America’s Car-Mart, please visit our website at www.car-mart.com.

Included herein are forward-looking statements, including statements with respect to projected earnings per share amounts. There are many factors that affect management’s view about future earnings. These factors involve risks and uncertainties that could cause actual results to differ materially from management’s present view. These factors include, without limitation, assumptions relating to unit sales, credit losses, gross margins, operating expenses and economic conditions, and other risk factors described under “Forward-Looking Statements” of Item 1 of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2003. All forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company does not undertake any obligation to update forward-looking statements.

America’s Car-Mart, Inc.
Consolidated Results of Operations
(in thousands, except operating, period end and share data)


									% Change
												As a % of Sales
			Three Months Ended						2003			Three Months Ended
			July 31,						vs			July 31,
			2003			2002			2002			2003			2002

Operating Data:
	Retail units sold			6,066			5,273			15.0	%
	Average number of stores in operation			65.7			57.7			13.9
	Average retail units sold per store per month			30.8			30.5			1.0
	Average retail sales price		$	6,439		$	6,213			3.6
	Same store revenue growth			16.0	%		14.5	%
Period End Data:
	Stores open			66			59			11.9	%
	Accounts 30 days or more past due			4.8	%		4.4	%
Revenues:
	Sales		$	40,320		$	33,821			19.2	%		100.0	%		100.0	%
	Interest income			2,990			2,276			31.4			7.4			6.7

		Total		43,310			36,097			20.0			107.4			106.7

Costs and expenses:
	Cost of sales			20,936			17,750			17.9			51.9			52.5
	Selling, general and administrative			7,307			6,555			11.5			18.1			19.4
	Provision for credit losses			7,721			5,602			37.8			19.1			16.6
	Interest expense			315			536			(41.2	)		0.8			1.6
	Depreciation and amortization			82			65			26.2			0.2			0.2

		Total		36,361			30,508			19.2			90.2			90.2

		Income from continuing operations before taxes		6,949			5,589			24.3			17.2			16.5
Provision for income taxes				2,570			2,152			19.4			6.4			6.4

		Income from continuing operations		4,379			3,437			27.4			10.9			10.2

Discontinued operations:
	Income from discontinued operations, net of taxes and minority interests			165			375
	Loss on sale of discontinued operation, net of tax						(125	)

		Income from discontinued operations		165			250

		Net income	$	4,544		$	3,687			23.2	%

Basic earnings per share:
	Continuing operations		$	0.60		$	0.49			21.7	%
	Discontinued operations			0.02			0.04

		Total	$	0.62		$	0.53

Diluted earnings per share:
	Continuing operations		$	0.55		$	0.43			27.9	%
	Discontinued operations			0.02			0.03

		Total	$	0.57		$	0.46

Weighted average number of shares outstanding:
	Basic			7,294,931			6,968,149
	Diluted			7,909,500			7,937,008


			July 31,			April 30,
			2003			2003

Cash and cash equivalents			$	664,731		$	783,786
Finance receivables, net			$	95,956,189		$	91,358,935
Total assets			$	107,308,362		$	101,840,582
Revolving credit facility			$	25,286,735		$	25,968,220
Stockholders’ equity			$	71,820,630		$	65,960,873
Shares outstanding				7,394,608			7,207,963
Book value per share			$	9.71		$	9.15
Stores open at period end				66			64

Finance receivables:
	Principal balance		$	117,737,655		$	111,754,030
	Allowance for credit losses			(21,781,466	)		(20,395,095	)

		Finance receivables, net	$	95,956,189		$	91,358,935

	Allowance as % of principal balance			18.50	%		18.25	%


o		Revenue growth of 20% over the prior year quarter
o		Income growth of 27% over the prior year quarter
o		Diluted EPS growth of 28% over the prior year quarter
o		Retail unit sales growth of 15% over the prior year quarter


			Diluted
Period	Period Ending		EPS

1st Quarter		7-31-03	$	.55	(actual)
2nd Quarter		10-31-03		.48	(projected)
3rd Quarter		1-31-04		.47	(projected)
4th Quarter		4-30-04		.56	(projected)

Fiscal 2004		4-30-04	$	2.06	(projected)


Contacts:		T.J. (“Skip”) Falgout, III, CEO, or Mark D. Slusser, CFO at (972)717-3423
		or
		J. Todd Atenhan or Valerie K. Kimball, Investor Relations at (888)917-5109


		Three Months Ended
		July 31,

		2003			2002

Balance at beginning of year		$	20,395,095		$	17,042,609
Provision for credit losses			7,720,863			5,601,921
Net charge-offs			(6,334,492	)		(4,408,880	)

	Balance at end of period	$	21,781,466		$	18,235,650