<SEC-DOCUMENT>0001171843-16-011199.txt : 20160722
<SEC-HEADER>0001171843-16-011199.hdr.sgml : 20160722
<ACCEPTANCE-DATETIME>20160722123901
ACCESSION NUMBER:		0001171843-16-011199
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160722
ITEM INFORMATION:		Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160722
DATE AS OF CHANGE:		20160722

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAS CARMART INC
		CENTRAL INDEX KEY:			0000799850
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				630851141
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14939
		FILM NUMBER:		161779212

	BUSINESS ADDRESS:	
		STREET 1:		802 SOUTHEAST PLAZA AVE.
		STREET 2:		SUITE 200
		CITY:			BENTONVILLE
		STATE:			AR
		ZIP:			72712
		BUSINESS PHONE:		(479) 464-9944

	MAIL ADDRESS:	
		STREET 1:		802 SOUTHEAST PLAZA AVE.
		STREET 2:		SUITE 200
		CITY:			BENTONVILLE
		STATE:			AR
		ZIP:			72712

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CROWN GROUP INC /TX/
		DATE OF NAME CHANGE:	19971022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CROWN CASINO CORP
		DATE OF NAME CHANGE:	19931104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SKYLINK AMERICA INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):<B>
July 22, 2016</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMERICA&rsquo;S CAR-MART, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="width: 33%; text-align: center"><b>Texas</b></td>
    <TD STYLE="width: 34%; text-align: center"><b>0-14939</b></td>
    <TD STYLE="width: 33%; text-align: center"><b>63-0851141</b></td></tr>
<tr>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">(State or other jurisdiction of incorporation)</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">(Commission file number)</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">(I.R.S. Employer Identification No.)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>802 SE Plaza Avenue, Suite 200, Bentonville,
Arkansas 72712</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">(Address of principal
executive offices, including zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(479) 464-9944</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[ ] Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -49.5pt">Item 5.05.&#9;Amendments
to the Registrant&rsquo;s Code of Ethics, or Waiver of a Provision of the Code of Ethics.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -49.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 22, 2016, the Board of Directors
of America&rsquo;s Car-Mart Inc. (the &ldquo;Company&rdquo;) approved and adopted an updated and expanded Code of Business Conduct
and Ethics (the &ldquo;Code&rdquo;), which applies to all directors, officers and employees of the Company. The Code supersedes
the existing Code of Business Conduct and Ethics adopted by the Board of Directors in 2004.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The existing code was refreshed and updated
to (i) improve its clarity and readability, (ii) enhance Company personnel&rsquo;s understanding of the Company&rsquo;s standards
of ethical business conduct and (iii) promote awareness of ethical issues that may be encountered in carrying out an employee&rsquo;s
or director&rsquo;s responsibilities. In addition, the Code expands the existing code to include additional provisions relating
to areas such as discrimination, compliance with consumer finance laws and regulations, anti-money laundering, harrassment, workplace
safety and violence prevention, theft or fraud, use of electronic media, procurement, anti-bribery and anti-corruption, gifts and
entertainment, internal controls, records management, insider trading, political activities, charitable contributions and environmental
stewardship.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The updated Code is filed as Exhibit 14.1
to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -49.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -49.5pt">Item 8.01.&#9;Other Events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 22, 2016, the Board of Directors
of the Company reauthorized the repurchase of up to 1 million shares of Company&rsquo;s common stock under its common stock repurchase
program which was last amended and approved in November 2014.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -49.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -49.5pt">Item 9.01.&#9;Financial
Statements and Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in">Exhibit 14.1&#9;Code
of Business Conduct and Ethics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">America&rsquo;s Car-Mart, Inc.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="width: 29%">Date: &nbsp;July 22, 2016</td>
    <td style="width: 22%">&nbsp;</td>
    <td style="width: 43%; border-bottom: Black 1pt solid">/s/ Jeffrey A. Williams</td>
    <td style="width: 6%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">Jeffrey A. Williams</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">President and Chief Financial Officer</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">(Principal Financial Officer)</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>



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<TYPE>EX-14.1
<SEQUENCE>2
<FILENAME>exh_141.htm
<DESCRIPTION>EXHIBIT 14.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 14.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.2pt; text-align: center">Code of Business Conduct and Ethics</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.2pt; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>A Message from Our Chief Executive Officer</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Associates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">America&rsquo;s Car-Mart Inc. prides itself
on developing and maintaining a strong reputation. There are many aspects to this effort, but Car-Mart's first priority is ensuring
that we each adhere to the highest standards of integrity and conduct. Nothing that we do is more important.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business is built on the core values
of Respect, Integrity, Compassion and Excellence. The Code of Business Conduct and Ethics is an essential tool to maintaining those
values by helping to guide our actions. This Code is neither a comprehensive resource nor a substitute for sound judgment; it is
a summary of standards intended to drive integrity throughout Car-Mart. I know that learning about the Code and related policies
takes time, but knowing the rules of the road is absolutely necessary before we do anything else.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In every market that we do business, we
must integrate our core values. Remembering that it is our values and actions in everyday business that will set us apart from
our competitors and allow us to achieve our vision of becoming the most respected Buy-Here Pay-Here organization in the country.
We must incorporate the letter and spirit of these principles into our actions as we deliver on our commitments to each other,
Customers, business partners, shareholders and the communities where we do business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 193.7pt 0pt 0; text-align: justify">Thank you for your support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 193.7pt 0pt 0; text-align: justify">Hank Henderson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Introduction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Company is built upon a foundation
of strong core values and business practices. We are fully committed to serving our Customers and employing individuals with personal
standards consistent with those core values. Our Code of Business Conduct and Ethics is designed to deter wrongdoing and to promote:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Honest and ethical
conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Full, fair, accurate, timely, and understandable
disclosure in reports and documents filed with regulatory agencies and other public communications;</FONT></TD></TR>                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Compliance with applicable laws, rules,
and regulations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prompt internal reporting of violations
of this Code; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accountability for adherence to this Code.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Code applies to all directors, officers,
and Associates of the Company and its subsidiaries. Agents and contractors of the Company are also expected to read, understand,
and abide by this Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Code will help guide your conduct
in the course of our business. Many of the principles described in this Code are, however, general in nature, and the Code does
not cover every situation that may arise. Use common sense and good judgment in applying this Code. If you have any questions about
applying the Code, it is your responsibility to seek guidance. This Code is not the exclusive source of guidance and information
regarding the conduct of our business. You should consult applicable policies and procedures in specific areas as they apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">What law applies?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Car-Mart conducts business in many states
around the country. Our Associates are residents of many different states and ethnic backgrounds and, as a result, our operations
are subject to many different laws, customs, and cultures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of laws and regulations around
the country that affect Car-Mart increase and become more complex each year. When it&rsquo;s possible, this Code of Business Conduct
and Ethics will be modified to conform to changes in laws and customs. In some instances, the laws of two or more states will conflict.
When you encounter a conflict, contact the Compliance, Legal or Associate Support Departments for guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Our Responsibilities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a Car-Mart Associate, you are expected
to comply with both the letter and the spirit of our Code. This means you must understand and comply with all of our policies,
laws and regulations that apply to your job, even if you feel pressured to do otherwise. Our Code also requires you to seek guidance
if you have questions or concerns and to cooperate fully in any investigation of suspected violations of the Code that may arise
in the course of your employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Periodically, you may be asked to provide
a written certification that you have reviewed and understand the Company&rsquo;s Code of Conduct, comply with its standards, and
are not personally aware of any violations of the Code by others. This certification is your pledge to live up to our Code and
its expectations and to promptly raise concerns about any situation that you think may violate our Code. Associates who violate
our Code put themselves, fellow Associates, and our Company at risk and are subject to disciplinary action up to and including
termination of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Leaders, by virtue of their positions of
authority, must be ethical role models for all Associates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An important part of a leader's responsibility
is to exemplify our Company values and exhibit the highest standards of integrity. Leaders must communicate the seriousness of
our Company's expectations for ethical conduct and their own personal support of these expectations by holding everyone accountable
for making sound ethical judgments. Leaders must be alert to any situations or actions that may be unethical or potentially damaging
to our reputation. They must take prompt action to address such situations and be careful to avoid even the appearance of implicit
approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Associates who supervise others have an
important responsibility to lead by example and maintain the highest standards of behavior. If you supervise others, you should
create an environment where Associates understand their responsibilities and feel comfortable raising issues and concerns without
fear of retaliation. If an issue is raised, you must take prompt action to address the concerns and correct problems that arise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You must also make sure that each Associate
under your supervision understands our Code and the policies, laws and regulations that affect our workplace. Most importantly,
you must ensure that Associates understand that business performance is never more important than ethical business conduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Honesty</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s reputation for honesty
is one of its greatest strengths. Associates at all levels are expected to maintain the highest level of integrity in all dealings
with our Customers, Vendors and fellow Associates. Our credibility with Customers and Vendors is the most important element in
our relationship with them. Unethical behavior or misrepresentation to a Customer or a Vendor is strictly against Company policy.
It may also be against the law and you could be held personally liable. Unfortunately, it is no secret that the used car industry
has been stereotyped with a reputation for being less than completely honest. With that in mind, we take our stance on honesty
very seriously. Any intentional misrepresentation or any omission of pertinent facts by an Associate can be grounds for disciplinary
action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Making Good Decisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recognizing ethical issues and doing the
right thing in all Car-Mart business activities is your responsibility. When engaging in business activities for the Company, consider
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 37.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">What feels right
or wrong about the planned action?</FONT></TD></TR>                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Is the planned action
consistent with the Code, Company policies, laws and regulations?</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">&nbsp;</TD><TD STYLE="width: 37.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">How will the planned
action appear to your manager, Company executives, the Board, or the general public?</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Would another person's
input help to evaluate the planned action?</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 64.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Asking Questions and Reporting Concerns</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You are obligated to report violations
of the Code, the law, or any other Company policy or procedure. If you have questions, concerns, or need to report a known or suspected
violation, you should discuss it with your manager, any member of your management team, an Associate Support representative, Compliance
or contact the Associate Hotline where you can report your concern confidentially or anonymously. You may be subject to discipline,
up to and including termination, for your failure to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Commitment to Non-Retaliation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any Associate who reports a violation will
be treated with dignity and respect and will not be subjected to any form of discipline or retaliation for reporting in good faith.
Retaliation against anyone who provides information or otherwise assists in an investigation or proceeding regarding any conduct
that the Associate believes in good faith constitutes a violation of applicable laws or regulations, our Code, or the Company&rsquo;s
related policies is prohibited and will, in itself, be treated as a violation of our Code of Conduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reporting Channels</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have questions, concerns, or need
to report a known or suspected violation, contact the Compliance and Ethics Hotline at<B> <U>1-800-435-5858</U></B>, where you
can report your concern confidentially or anonymously.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Complying with the Code of Conduct</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To maintain the highest standards of integrity,
we must dedicate ourselves to complying with our Code, Company policies and procedures and applicable laws and regulations. Violations
of our Code not only damage our Company's standing in the communities we serve--they may also be illegal. Associates involved in
violating our Code will likely face negative consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will take the appropriate disciplinary
action in response to each case, up to and including termination. In addition, Associates involved may be subject to government
fines or criminal or civil liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Discrimination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Car-Mart does not tolerate discrimination
on a prohibited basis. We recognize that highly productive and diverse Associates are essential to our success and should be given
opportunities to flourish in a barrier-free, non-discriminatory environment. We will conduct all employment practices including
activities relating to recruiting, hiring, benefits, leaves of absence, training, transfer, promotion, job assignments, compensation,
corrective action and termination in a nondiscriminatory manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conduct business without regard to,
and do not discriminate because of, an Associate's race, color, religion, creed, sex, gender identity, sexual orientation, age,
disability, pregnancy, national origin, genetic information or ancestry, as well as citizenship, marital, veteran, and family and
medical leave status or any other status protected by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Consumer Finance</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following policies reflect the views
of America&rsquo;s Car-Mart concerning Consumer Finance. All Car-Mart Associates, Management, Officers and Board Members are expected
to adhere to these policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Fair Lending:</U> </B>The Company
does not discriminate against any applicant with respect to any aspect of a credit transaction on the basis of sex, marital status,
race, color, religion, national origin, age (provided the applicant has the legal capacity to enter into a binding contract), the
fact that all or part of the applicant&rsquo;s income is derived from a public assistance program, the applicant&rsquo;s good faith
exercise of rights under the Consumer Credit Protection Act (15 U.S.C. &sect;&sect; 1601 et seq.) (&ldquo;prohibited basis&rdquo;
or &ldquo;ECOA prohibited basis&rdquo;), sexual orientation, military status, familial status, or disability (&ldquo;nondiscrimination
category&rdquo;). This prohibition applies to &ldquo;any aspect of a credit transaction&rdquo;, which means any stage or element
of the credit process, which includes application, credit evaluation, credit decision, credit terms, servicing, collection and
payoff. All Personnel shall treat all Customers and prospective Customers fairly and consistently throughout the entire credit
process without regard to prohibited basis or nondiscrimination category.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Anti-UDAAP:</U> </B>The goal of the
Anti-UDAAP Program is to carry out the Company&rsquo;s commitment and actively work to prevent the Company from engaging in UDAAP
or providing substantial assistance to others engaged in UDAAPs. The Anti-UDAAP Program applies to all aspects of all credit products
and services offered by the Company (collectively &ldquo;Credit Products&rdquo;) and across all of the Company&rsquo;s operations,
including marketing, underwriting, servicing, collection, loss mitigation, and payoff activities (collectively &ldquo;Operations&rdquo;).
It applies throughout the entire lifecycle of the Credit Products (&ldquo;Lifecycle&rdquo;) and to all Company persons, including
all Associates, the Board of Directors and Service Providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Complaint Management:</U> </B>The
Company will handle all Customer complaints responsibly, equitably and with care. The Company will work to resolve each matter
promptly, reasonably and in compliance with applicable laws. Associates will be professional, courteous, and receptive when dealing
with Customers. Customers will be kept informed of the progress of their complaint throughout the complaint handling process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Privacy:</U> </B>The Company&rsquo;s
Associates and Service Providers, in the course of their regular business, may regularly receive and transmit sensitive personal
information about Customers. The Company is committed to keeping Customer Information confidential in compliance with all applicable
Privacy Laws and to safeguard Customer Information from unauthorized disclosure and use. The Company is committed to complying
with all other requirements of Privacy Laws including, but not limited to, providing privacy notices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Harassment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Every Associate has a right to a work environment
free from harassment, regardless of whether the harasser is a co-worker, manager, Customer, vendor or visitor. Harassment can include
any behavior (verbal, visual or physical) that creates an intimidating, offensive, abusive or hostile work environment. In addition,
any harassment that either impacts or influences wages, hours, working conditions or employment advantages is specifically prohibited.
Unlawful harassment includes harassment based on race, color, religion, creed, sex, gender identity, sexual orientation, age, disability,
national origin or ancestry, as well as citizenship, marital, veteran, and family and medical leave status, or any other status
protected by law. Sexual harassment includes harassment of a sexual nature of a person of the same or opposite sex as the harasser.
Associates should refer to the Car-Mart Non-Harassment Policy for more information or contact the Company&rsquo;s Associate Support
Department, Compliance Department or call the Ethics and Compliance Hotline at 1-800-435-5858.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fair Wages</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Company is committed to following all
applicable wage and hour laws and regulations. To help ensure that all work performed for Car-Mart is compensated correctly, Associates
compensated on the basis of hours worked must report and record time accurately in accordance with established procedure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Workplace Safety and Violence Prevention</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Company strives to provide a safe and
healthy workplace for Associates, Customers and visitors to its premises. All managers have responsibility for ensuring proper
safety and health conditions for their Associates. Management is committed to maintaining industry standards in all areas of Associate
safety and health. To support this commitment, Associates are responsible for observing all safety and health rules, practices
and laws that apply to their jobs, and for taking precautions necessary to protect themselves, their coworkers and visitors. Associates
are also responsible for immediately reporting accidents, injuries, occupational illnesses and unsafe practices or conditions to
their manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Threats, acts of violence and physical
intimidation are strictly prohibited. Possession of weapons on the job or on Company premises is prohibited, unless permitted by
law. No talk of violence or joking about violence will be tolerated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As is the case with any violation of the
Code, Associates have a responsibility to report any unsafe behavior or condition regardless of whether they are directly involved
or a witness</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Proprietary and Confidential Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In carrying out Car-Mart's business, Associates,
officers and directors often learn confidential or proprietary information about our Company, its Customers, prospective Customers,
or other third parties. Associates, officers and directors must maintain the confidentiality of all information so entrusted to
them, except when disclosure is authorized or legally mandated. Confidential or proprietary information includes, among other things,
any nonpublic information concerning Car-Mart, including its businesses, financial performance, much of the information we share
internally&mdash;costs of vehicles, financing terms, rates of return, delinquency percentages, accounting and financial information,
personnel information, etc.&mdash;is confidential and is not to be shared with anyone who does not have a &ldquo;need to know&rdquo;
for such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Theft or Fraud</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fraud or deception in any form, whether
perpetrated on the Company, our vendors, our Customers, or your co-workers, can constitute a criminal act and will not be tolerated.
Stealing from the Company, its vendors, Customers, or your coworkers, regardless of the value or nature of the item, are grounds
for immediate termination. As a matter of Company policy we will investigate all reported incidents of theft and/or fraud. If necessary
we will involve the local police, discipline the guilty party(ies) and where appropriate, prosecute those involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Proper Use of Electronic Media</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Company uses global electronic communications
and resources as routine parts of our business activities. However, they can present risks. Therefore, it is essential that electronic
resources used to perform Company business are protected to ensure that these resources are accessible for business purposes and
operated in a cost-effective manner, that our Company's reputation is protected, and that we minimize the potential for legal risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Social media is of growing importance in
the marketplace. It enables us to learn from and share information with our stakeholders, as well as communicate with the public
about our Company. In addition to following all Company policies, a general rule to remember when utilizing social media is to
think about the effect of statements that you make. Keep in mind that these transmissions are permanent and easily transferable,
and can affect our Company's reputation and relationships with coworkers and Customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When using social media tools like blogs,
Facebook, Twitter or wikis, ensure that you do not make comments on behalf of Car-Mart without proper authorization. Also, you
must not disclose our Company's confidential or proprietary information about our business, our Vendors or our Customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Third Party Information Privacy </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We take the protection of privacy for third
parties that have entrusted us with information very seriously. We follow all applicable laws and regulations directed toward privacy
and information security. We must safeguard all confidential information third parties share with us by ensuring that their information
is only used for the reasons for which the information was gathered. If you do not have a business reason to access this information,
you should not do so. If you do, you must also take steps to protect the information against unauthorized use or release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Anti-Money Laundering</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Money laundering is a global problem with
far-reaching and serious consequences. Money laundering is defined as the process of converting illegal proceeds so that funds
are made to appear legitimate, and it is not limited to cash transactions. Complex commercial transactions may hide financing for
criminal activity such as terrorism, illegal narcotics trade, bribery, and fraud. Involvement in such activities undermines our
integrity, damages our reputation and can expose Car-Mart and individuals to severe sanctions. Our Company forbids knowingly engaging
in transactions that facilitate money laundering or result in unlawful diversion. Beyond this, America&rsquo;s Car-Mart is subject
to Federal laws under the Office of Foreign Assets Control (&ldquo;OFAC&rdquo;). OFAC is an office within the Department of Treasury
that administers certain laws and executive orders that protect the United States and furthers U.S. foreign policy and national
security objectives. OFAC&rsquo;s primary mission is to administer and enforce economic sanctions against targeted foreign countries
and regimes, terrorists and terrorist organizations, weapons of mass destruction proliferators, narcotic traffickers, and others,
to further U.S. national security, foreign policy, and economic objectives. Under Presidential national emergency powers and specific
legislation, OFAC has the power to prohibit certain transactions and to block assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We take affirmative steps to detect and
prevent unacceptable or illegal forms of payment and financial transactions. Anti-money laundering laws of the United States and
other countries and international organizations require transparency of payments and the identity of all parties to transactions.
We are committed to full compliance with anti-money laundering laws throughout the world and will conduct business only with reputable
Customers involved in legitimate business activities and transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For questions regarding OFAC policy or
procedures, contact the Compliance Department.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Selection and Use of Third Parties/Procurement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe in doing business with third
parties that embrace and demonstrate high principles of ethical business behavior. We rely on vendors, contractors, and consultants
to help us accomplish our goals. They are part of the Car-Mart team and should be treated according to our values. To create an
environment where our vendors have an incentive to work with Car-Mart, they must be confident that they will be treated in an ethical
manner. We offer fair opportunities for prospective third parties to compete for our business. The manner in which we select our
vendors and the character of the vendors we select reflect on the way we conduct business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Anti-corruption / Anti-bribery (combines FCPA &amp; Improper Payments and Bribes)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The United States has laws that prohibit
bribery, kickbacks, and other improper payments. No Car-Mart Associate, officer, agent, or independent contractor acting on our
behalf may accept, offer, or provide bribes or other improper benefits in order to obtain business or an unfair advantage. A bribe
is defined as directly or indirectly offering or accepting anything of value (e.g., gifts, money, or promises) to influence or
induce action, or to secure an improper advantage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect all Associates, officers, agents,
and independent contractors acting on behalf of Car-Mart to strictly abide by these laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Gifts and Entertainment</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not permit any of our Associates
to accept gifts of any value from those with whom we do business. The giving or accepting of bribes, inappropriate, lavish or repeated
gifts, or other benefits is always prohibited, even if acceptable by local custom. Similarly, requesting or soliciting gifts or
services, or requesting contributions from vendors, or other business partners for yourself or the Company, is prohibited, except
with regard to charitable organizations specifically sanctioned or supported by our Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an Associate does receive a goodwill
gift of food given in the spirit of the holidays (cookies, cakes, etc.) it must be shared with all Associates in the location and
not be taken home as a personal gift. If you are offered or given a gift that you cannot decline for any reason (e.g., something
shipped directly to you without prior notice), immediately report it to your manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Maintain Accurate Financial Records / Internal Accounting Controls</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accurate and reliable records are crucial
to our business. We are committed to maintaining accurate Company records and accounts in order to ensure legal and ethical business
practices and to prevent fraudulent activities. We are responsible for helping ensure that the information we record, process,
and analyze is accurate, and recorded in accordance with applicable legal or accounting principles. We also need to ensure that
it is made secure and readily available to those with a need to know the information on a timely basis. Company records include
payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic
data files, and all other records maintained in the ordinary course of our business. All Company records must be complete, accurate,
and reliable in all material respects. There is never a reason to make false or misleading entries. Undisclosed or unrecorded funds,
payments, or receipts are inconsistent with our business practices and are prohibited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Manage Records Properly</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our records are our Company memory, providing
evidence of actions and decisions and containing data and information critical to the continuity of our business. Records consist
of all forms of information created or received by the Company, whether originals or copies, regardless of media. Examples of Company
records include paper documents, e-mail, electronic files stored on disk, tape or any other medium (CD, DVD, USB data storage devices,
etc.) that contains information about our Company or our business activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All records are the property of Car-Mart
and should be retained in accordance with our Records Retention Policy. We are responsible for properly labeling and carefully
handling confidential, sensitive, and proprietary information and securing it when not in use. All aspects of Car-Mart business
are subject to document retention. We do not destroy official Company documents or records before the retention time expires, but
do destroy documents when they no longer have useful business purpose. Refer to the Records Retention Schedule for more specific
retention and destruction guidelines. Direct all questions on document retention to the Compliance department.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><BR>
Accurate and Timely Periodic Reports &ndash; Your Role </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a public Company, we are committed to
providing investors with full, fair, accurate, timely and understandable disclosures in the periodic reports we are required to
file or submit to the Securities and Exchange Commission and in other public communications. It is of critical importance that
the Company&rsquo;s filings and submissions with the Securities and Exchange Commission be accurate and timely. The Company must
fairly and timely report the Company&rsquo;s financial results and condition. To this end, the Company will: (1) comply with all
generally accepted accounting principles at all times; (2) maintain books and records that accurately and fairly reflect the Company&rsquo;s
transactions; (3) prohibit the establishment of any undisclosed or unrecorded funds or assets; (4) maintain a system of internal
controls that will provide reasonable assurances to management that material information about the Company is made known to management
in a timely fashion, particularly during periods in which the Company&rsquo;s period reports are being prepared; and (5) present
information in a clear, understandable and orderly manner. Depending on your position with the Company, you may be called upon
to provide information to assure that the Company&rsquo;s public reports are complete, fair and understandable. We expect you to
take this responsibility very seriously and to provide prompt and accurate answers to inquiries related to the Company&rsquo;s
public disclosure requirements, and to accurate information and reports that are used in the preparation of the Company&rsquo;s
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Avoiding Conflicts of Interest </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have an obligation to make sound business
decisions in the best interests of the Company without the influence of personal interests or gain. Our Company requires you to
avoid any conflict, or even the appearance of a conflict, between your personal interests and the interests of our Company. A conflict
exists when your interests, duties, obligations or activities, or those of a family member are, or may be, in conflict or incompatible
with the interests of America&rsquo;s Car-Mart, Inc. Conflicts of interest expose our personal judgment and that of our Company
to increased scrutiny and criticism and can undermine our credibility and the trust that others place in us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should any business or personal conflict
of interest arise, or even appear to arise, you should disclose it immediately to leadership for review. In some instances, disclosure
may not be sufficient and we may require that the conduct be stopped or that actions taken be reversed where possible. As it is
impossible to describe every potential conflict, we rely on you to exercise sound judgment, to seek advice when appropriate, and
to adhere to the highest standards of integrity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Insider Trading</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You are prohibited from trading or enabling
others to trade Company stock or stock of another Company - such as a Customer, vendor, competitor, potential acquisition or alliance
- while in possession of material nonpublic information (&quot;inside information&quot;) about that Company. Material information
is any information that an investor might consider important in deciding whether to buy, sell, or hold securities. Information
is considered non-public if it has not been adequately disclosed to the public. Information is not considered public until the
first business day after it has been disclosed to the public. All non-public information about Car-Mart or about companies with
which we do business is considered confidential information. To use material non-public information in connection with buying or
selling securities, including &quot;tipping&quot; others who might make an investment decision on the basis of this information,
is not only unethical, it is illegal. We must exercise the utmost care when handling material inside information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Communicating with External Parties</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Car-Mart Associates are not authorized
to speak with the media, investors, and analysts on behalf of our Company unless authorized by our Corporate Office. Unless authorized,
do not give the impression that you are speaking on behalf of Car-Mart in any communication that may become public. This includes
posts to online forums, social media sites, blogs, chat rooms, and bulletin boards. This policy also applies to comments to journalists
about specific matters that relate to our businesses, as well as letters to the editor and endorsements of products or services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Political Activities and Contributions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may support the political process through
personal contributions or by volunteering your personal time to the candidates or organizations of your choice. These activities,
however, must not be conducted on Company time or involve the use of any Company resources such as telephones, computers or supplies.
You may not make or commit to political contributions on behalf of Car-Mart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Charitable Contributions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We support community development throughout
the U.S. Car-Mart Associates may contribute to these efforts, or may choose to contribute to organizations of their own choice.
However, as with political activities, you may not use Company resources to personally support charitable or other non-profit institutions
not specifically sanctioned or supported by our Company. You should consult the legal department or the Ethics and Compliance Hotline
at 1-800-435-5858 if you have questions about permissible use of Company resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U><BR>
Environmental Stewardship</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are committed to conducting business
in an environmentally responsible manner and strive to improve our performance to benefit our Associates, Customers, communities,
shareholders, and the environment. We use energy wisely and efficiently and employ technology to minimize any risk of environmental
impact. Associates whose work affects environmental compliance must be completely familiar with the permits, laws, and regulations
that apply to their work. All Associates are responsible for making sure that Car-Mart business is conducted in compliance with
all applicable laws and in a way that is protective of the environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>





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