Used-vehicle dealership operator America’s Car-Mart said Tuesday its president, Doug Campbell, will succeed Jeff Williams as CEO on Oct. 1.
Campbell will remain the company’s president and also join its board of directors, America’s Car-Mart said in a news release. Williams will stay on the board and hold a CEO emeritus title through the end of fiscal year 2024.
Before he joined America’s Car-Mart in October 2022, Campbell worked as senior vice president and head of fleet services for the Americas division of rental car company Avis Budget Group Inc. He also previously worked at public dealership group AutoNation Inc. in corporate and field leadership roles, according to the release.
America’s Car-Mart, of Rogers, Ark., also reported earnings for the three months ended July 31. Quarterly revenue rose 8.6 percent year over year to $368 million. Net income was $4.2 million, a 69 percent drop from the year-earlier period.
In a research note published Tuesday, Stephens Inc. analysts Vincent Caintic and Morgan O’Donovan wrote that Campbell could drive growth opportunities, including “through acquisitions.”
“We also like that current CEO Jeff Williams, who we regard highly for his work … will remain” on the board, the analysts wrote.
Shares of America’s Car-Mart fell 15 percent to $96.79 in afternoon trading Tuesday.