EPS Was Reduced by $.02 for Change in Fair Value of Interest Rate Swap
                     Debt Decrease of $4.8 Million

BENTONVILLE, Ark., Dec. 2, 2008 (GLOBE NEWSWIRE) -- America's Car-Mart, Inc. (Nasdaq:CRMT) today announced its operating results for the second fiscal quarter ended October 31, 2008.

Highlights of second quarter operating results:

 * Net income of $3.9 million or $.33 per diluted share vs. net income
   of $3.5 million or $.29 per diluted share for the second fiscal
   quarter of 2008. EPS was reduced by $.02 for change in fair value
   of interest rate swap
 * Strong cash flows resulted in debt decrease of $4.8 million from
   July 31, 2008 (to $37.8 million) with a $3.2 million increase in
   finance receivables and $800,000 in capital asset additions
 * Debt to equity of 25.5% and debt to finance receivables of 16.9% at
   October 31, 2008 (versus 29.7% and 19.3%, respectively at July 31,
   2008)
 * Overall revenue growth of 5.5% with same store revenue growth of
   5.3%
 * Retail unit sales increase of .6%
 * Provision for credit losses of 22.0% of sales vs. 22.9% for the
   second fiscal quarter of 2008
 * Net charge-offs as a percentage of average finance receivables of
   6.2% compared to 6.7% for the second fiscal quarter of 2008
 * Accounts over 30 days past due at 3.8% at October 31, 2008 and 2007
 * Finance receivables increase of 1.5% for the quarter to $224
   million

For the three months ended October 31, 2008, revenues increased 5.5% to $71.98 million compared with $68.24 million in the same period of the prior year. Income for the quarter was $3.9 million or $.33 per diluted share versus $3.5 million or $.29 per diluted share in the same period last year. EPS was reduced by $.02 for change in fair value of interest rate swap. Receivables grew by $3.2 million during the quarter or 1.5% to $224 million while total debt decreased by $4.8 million (to $37.8 million). Total debt to equity was 25.5% and total debt to finance receivables was 16.9% at October 31, 2008. Retail unit sales increased .6%, with 6,958 vehicles sold in the current quarter, compared to 6,914 in the same period last year. Same store revenue increased 5.3% for the quarter. The provision for credit losses was 22% of sales compared to 22.9% in the same period last year. Net charge-offs as a percentage of average finance receivables was 6.2% compared to 6.7% in the same period last year. The allowance for credit losses is 22% of Finance Receivables principal balance at both October 31, 2008 and 2007.

The $.02 per share non-cash charge related to a change in fair value of Company's interest rate swap agreement which was entered into in May, 2008. The agreement provides that the Company pay interest on a $20 million notional amount at a fixed rate and receive monthly interest on the notional amount at a floating rate based on the prime lending rate (effective rate of 6.43% at October 31, 2008). The change in fair value was caused by a number of factors, including changes in interest rates, amount of notional debt outstanding, and number of months until maturity. Since the Company intends to hold the interest rate swap until maturity (May 2013), the charge, which resulted from a change in fair value, will reverse by the maturity date. Notwithstanding the company's intention to hold the swap until maturity, pursuant to SFAS No. 157, "Fair Value Measurements," changes in fair value will continue to be recognized quarterly as non-cash charges or gains, as the case may be.

Highlights of six month operating results:

 * Net income of $9.2 million or $.78 per diluted share vs. $5.6
   million or $.47 per diluted share for the prior year. EPS was
   reduced by $.02 for change in fair value of interest rate swap.
 * Strong cash flows resulted in debt decrease of $2.5 million from
   April 30, 2008 (to $37.8 million) with a $15.4 million increase in
   finance receivables and $1.5 million in capital asset additions
 * Overall revenue growth of 16.3% with same store revenue growth of
   16.0%
 * Retail unit sales increase of 12.1%
 * Provision for credit losses of 21.5% compared to 22.4% for the
   prior year
 * Net charge-offs as a percentage of average finance receivables of
   11.9% compared to 13.2% for the same period in the prior year

For the six months ended October 31, 2008, revenues increased 16.3% to $147.64 million, compared with $126.95 million in the same period of the prior fiscal year. Income for the first six months of FY 2009 was $9.2 million compared to $5.6 million ($.47 per diluted share) for the same period in the prior year. EPS was reduced by $.02 for change in fair value of interest rate swap. Retail unit sales increased 12.1%, with 14,311 vehicles sold during the first six months of fiscal 2009 compared to 12,761 in the same period last year. Same store revenue increased 16.0% for the six months. The provision for credit losses was 21.5% of sales compared to 22.4% in the same period last year. Net charge-offs as a percentage of average finance receivables was 11.9% compared to 13.2% in the same period last year.

"This was another solid quarter for Car-Mart," said William H. ("Hank") Henderson, America's Car-Mart's President and Chief Executive Officer. "Although it was only a slight increase in unit sales over last year's 2nd quarter, it was an increase, and we are extremely pleased as we believe we are doing a better job with regard to the quality of our deals as we continue to take a disciplined approach to the structure of our deals and continue to improve our credit scoring system. In addition, credit losses as a percentage of sales continue to decrease, and our delinquency levels are within expected and acceptable ranges for this time of year. At a time when others are reporting higher levels of consumer debt credit losses and delinquencies, particularly in the automotive sector, ours are actually improving in quality and performance."

"Going forward, contrary to what other auto retailers are forecasting, we believe our sales will continue to increase," added Mr. Henderson. "The credit tightening trend among other used auto lenders makes Car-Mart a great alternative for even more folks who need a quality vehicle and readily accessible financing. As we did last year at this time, we launched our 'Zero Down' tax refund promotion in November and the sales results were impressive. We are off to great start with this promotion. Importantly, we continue to effectively source and maintain a good inventory mix of cars, trucks and SUV's to provide our customers with a great selection. Also, the wholesale cost of our inventory has been flat and we have been able to maintain our average retail sales price at a little under $9,000 for each of the last three quarters, thereby making these vehicles available to our customers at an affordable price."

"We continue to have what we believe to be the strongest balance sheet in the business. Our debt to equity and debt to finance receivable ratios (25.5% and 16.9%, respectively) are at their lowest levels since the first quarter of fiscal 2005.