America’s Car-Mart evidently just made its second deadline to get new credit stipulations.

Through a news release received by Cherokee Media Group at 9 p.m. (ET) on Friday, the buy-here, pay-here dealership company announced that it has entered into an amendment to its credit and guaranty agreement with Silver Point Finance, as administrative agent, and the company’s lenders. It’s all part of the Car-Mart’s “proactive” efforts to preserve liquidity and advance its “ongoing strategic alternatives process.”

Car-Mart said in the news release that additional details of the amendment will be included in the Form 8-K that the company intends to file with the Securities and Exchange Commission “in the coming days.”

Under the terms of the amendment, the company must satisfy certain milestones, and the lenders have agreed to waive specified defaults and events of default under the credit agreement and to provide covenant relief for a defined period.

Car-Mart indicated the amendment provides for an initial period running through early September, with the ability to extend to November if certain conditions are satisfied, providing the company with a workable timeline to advance its review of strategic alternatives.

“The amendment provides us the time to evaluate strategic alternatives and pursue an outcome that best serves our stakeholders,” Car-Mart CEO Doug Campbell said in the news release. “We appreciate our lenders’ cooperation and their agreement to provide us this time, and we are focused on executing on the milestones ahead.”

It’s been quite a turbulent time for Car-Mart, which has closed more than 60 of its dealerships since November.

And when it reported results from the third quarter of its 2026 fiscal year, which finished on Jan. 31, Car-Mart said total revenue dropped 12.0% year-over-year to $286.8 million.

Furthermore, the company acknowledged sales volumes declined 22.1% to 10,275 units, reflecting constraints on origination capacity resulting from the company’s ongoing capital structure transition as well as the significant weather event impacting its primary markets in late January.

When recapping its Q3 performance, Campbell said on March 12, “Just prior to the end of the second quarter, we closed a $300 million term loan, which eliminated our revolving line of credit and removed restrictive income statement covenants that had constrained our operational flexibility. In December, we completed the 2025-4 ABS transaction, introducing a residual cash flow structure that improves the economics of our securitization program over time. These were important milestones in our capital structure transformation.

“We are now focused on completing the final critical component by securing an additional financing source to sustain and supplement our operating cash flows, such as new asset-backed securitizations, warehouse facilities, and other potential sources of financing that would enable the company to execute on its current business plan. We are working diligently on this to restore our origination capacity which will allow us to fully capitalize on the positive demand we see in our markets,” he continued in another news release highlighting that quarterly performance.

“In parallel, we completed Phase 1 and Phase 2 of our SG&A reduction initiatives via store consolidations and headcount reductions in November 2025 and January 2026, respectively, bringing our total active dealership count to 136,” Campbell went on to say. “These actions streamline our operations and position our highest-performing locations to absorb additional volume as our capital structure work advances. We remain committed to serving our customers across our footprint with the same level of care and quality that defines our brand.

“While this is a challenging period, I am confident in our team’s ability to execute our plan. The demand for what we do has never been stronger, and I look forward to reporting on our continued progress as we complete the capital structure transformation,” he added.

On Friday, Campbell and the company reiterated a special committee of the company’s board of directors — composed of chair Adam Paul, Joshua Welch, and Jonathan Buba —will continue to actively evaluate the full range of strategic and financing alternatives available, with a focus on identifying the outcome that maximizes value for all of the company’s stakeholders.

“There can be no assurance that the company’s review of strategic alternatives will result in any transaction or other outcome, or as to the timing or terms of any such transaction or outcome. The company does not intend to comment further regarding the review unless and until it determines that further disclosure is appropriate or required,” the company said in the Friday news release.

The company is advised by Mayer Brown as legal counsel, Houlihan Lokey Capital as investment banker, and FTI Consulting as financial advisor.