据知情人士透露，Car-Mart Inc. 及其债权人正在推进一项出售交易，以使该企业能够继续经营，因为这家二手车经销商兼次级贷款机构正面临流动性紧张和债务压力不断加大的局面。
Car-Mart Inc. and its lenders are working toward a sale that will allow the business to continue operating, according to people familiar with the matter, as the used-car dealer and subprime lender navigates tight liquidity and mounting debt pressures.
知情人士称，讨论的重点是通过法院监督的第11章破产保护出售程序，或通过股东投票来执行交易。这些人士因讨论私事而要求不具名。他们补充说，谈判仍在进行中，尚未做出决定。
Discussions center around a deal that would be executed through a court-supervised Chapter 11 sale process or via a shareholder vote, said the people, who asked not to be identified discussing a private matter. Talks are ongoing, and no decision has been made, they added.
在流动性危机将公司推向违约边缘后，该公司一直在探索多种选择，包括筹集救援融资和出售部分单独资产。知情人士中有部分人表示，作为重组的一部分，未偿还的资产支持证券化信托预计将保持不变。
The company has been exploring multiple options, including raising rescue financing and selling some separate assets, after a liquidity crunch put it on the verge of default. As part of the restructuring, the outstanding asset-backed securitization trusts are expected to remain untouched, some of the people said.
据彭博汇编的数据，这些信托的报价约为面值的98美分。这意味着贷款处于超额抵押状态，即资产价值超过贷款本金金额。
The trusts are quoted at around 98 cents on the dollar, according to data compiled by Bloomberg. That implies the loans are over-collateralized, meaning that asset value exceeds the principal amount of the loan.
6月，America’s Car-Mart 拖欠了 Silver Point Capital 提供的 3 亿美元定期贷款，该贷款原本用于偿还其资产支持信贷额度。在寻求敲定重组计划的过程中，公司一直在短期展期协议下运营。根据周四的一份监管文件，公司又从债权人处获得了一周的宽限期，延至 10 月 22 日。
In June, America’s Car-Mart defaulted on a $300 million term loan from Silver Point Capital to repay its asset-backed line of credit. It has been operating under short-dated forbearance extensions as it looks to finalize a restructuring plan. The company received another weeklong reprieve from lenders through Oct. 22, according to a regulatory filing on Thursday.
留给 America’s Car-Mart 的信息未获回复，顾问 Houlihan Lokey Inc. 和 Silver Point 的代表均拒绝置评。
Messages left with America’s Car-Mart were not returned, while representatives with adviser Houlihan Lokey Inc. and Silver Point declined to comment.
该公司股票周二下午报 1.10 美元，徘徊在 1992 年上市以来的最低水平附近。作为新冠疫情时期的市场宠儿，America’s Car-Mart 股价曾在 2021 年触及 175 美元左右的高点。
The company’s stock, which traded at $1.10 Tuesday afternoon, is hovering near its lowest levels since going public in 1992. A market darling of the Covid era, America’s Car-Mart shares reached a peak of around $175 in 2021.
美国汽车超市（America’s Car-Mart）是“买车即付款”汽车金融细分领域最知名的公司之一，该领域的公司自营经销店并向客户提供内部融资。该领域面向“深层”次级借款人，这些借款人通常无法在其他地方获得融资。由于高通胀和高利率使信用较低的客户难以偿还债务，次级汽车金融市场的贷款机构面临艰难的市场条件。
America’s Car-Mart is one of the best known in the “buy here, pay here” segment of auto finance, where companies operate their own dealerships and provide financing to customers in house. The sector caters to “deep” subprime borrowers who often can’t obtain financing elsewhere. Lenders in the subprime auto finance market have faced tough market conditions as high inflation and interest rates make it difficult for lower-credit customers to repay their debts.
近年来，“买车即付款”也经历了一系列崩盘事件。2023年，两家贷款机构突然关闭，最近，三色控股（Tricolor Holdings）在一起涉嫌大规模欺诈案曝光后，于去年申请清算。
“Buy here, pay here” has also experienced a series of blow-ups in recent years. In 2023, two lenders abruptly shut down, and more recently, Tricolor Holdings filed for liquidation last year after an alleged massive fraud came to light.