<SEC-DOCUMENT>0001171843-18-007008.txt : 20181016
<SEC-HEADER>0001171843-18-007008.hdr.sgml : 20181016
<ACCEPTANCE-DATETIME>20181016161043
ACCESSION NUMBER:		0001171843-18-007008
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20181016
DATE AS OF CHANGE:		20181016
EFFECTIVENESS DATE:		20181016

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-227857
		FILM NUMBER:		181124558

	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>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>s8_101618.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<p style="margin: 0">&#160;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">As filed with the Securities and Exchange Commission on October 16,
2018</p>

<p style="font-size: 10pt; text-align: right; margin: 0pt 0">Registration No. 333-______</p>

<p style="font-size: 10pt; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div align="center" style="margin-top: 3pt; margin-bottom: 3pt"><div style="font-size: 1pt; border-top: Black 3pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b>UNITED STATES SECURITIES AND EXCHANGE
COMMISSION</b></font><b> </b><br>
<b>WASHINGTON, D.C. 20549</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">____________________</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>FORM S-8</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">____________________</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>AMERICA&rsquo;S CAR-MART, INC.</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">(Exact name of registrant as specified in its charter)</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 50%; text-align: center"><font style="font-size: 10pt"><b>Texas</b></font><br>
<font style="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</font></td>
    <td style="width: 50%; text-align: center"><font style="font-size: 10pt"><b>63-0851141</b></font><br>
<font style="font-size: 10pt">(IRS Employer Identification Number)</font></td></tr>
</table>
<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 50%; font-size: 10pt; font-weight: bold; text-align: center">802 Southeast Plaza Avenue, Suite 200, Bentonville, AR</td><td style="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="width: 49%; font-size: 10pt; font-weight: bold; text-align: center">72712</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: center">(Address of Principal Executive Offices)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">(Zip Code)</td></tr>
</table>


<p style="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">____________________</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>AMERICA&rsquo;S CAR-MART, INC. AMENDED AND RESTATED STOCK INCENTIVE
PLAN</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">(Full title of the plan)</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">____________________</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 46%">
        <p style="font-size: 10pt; text-align: center; margin: 0pt 24.5pt 0pt 0"><b>Vickie D. Judy<br>
        Chief Financial Officer<br>
        America&rsquo;s Car-Mart, Inc.<br>
        802 Southeast Plaza Avenue, Suite 200</b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 24.5pt 0pt 0"><b>Bentonville, Arkansas 72712</b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 24.5pt 0pt 0"><b>Telephone: (479) 464-9944</b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 24.5pt 0pt 0">(Name, address and telephone number, including area code,
        of agent for service)</p></td>
    <td style="width: 13%; font-size: 10pt; text-align: center">&nbsp;</td>
    <td style="width: 41%">
        <p style="font-size: 10pt; text-align: center; margin: 0pt 24.5pt 0pt 0">Copy to:</p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 24.5pt 0pt 0"><b>Courtney C. Crouch, III<br>
        Mitchell, Williams, Selig, Gates &amp; Woodyard, P.L.L.C.<br>
        425 West Capitol Avenue, Suite 1800</b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 24.5pt 0pt 0"><b>Little Rock, Arkansas 72201</b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 24.5pt 0pt 0"><b>Telephone: (501) 688-8822</b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 24.5pt 0pt 0"><b>Facsimile: (501) 918-7822</b></p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 24.5pt 0pt 0"><b>&nbsp;</b></p></td></tr>
</table>
<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">____________________</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 24.4pt 0pt 0; color: Red">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &ldquo;accelerated
filer,&rdquo; &ldquo;large accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo;
in Rule 12b-2 of the Exchange Act. &nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 67%; font-size: 10pt"><font style="font-size: 10pt">Large accelerated filer&nbsp;&nbsp;<font style="font-family: Wingdings">&uml;</font></font></td>
    <td style="width: 33%; font-size: 10pt"><font style="font-size: 10pt">Accelerated filer&nbsp;&nbsp;<font style="font-family: Wingdings">&thorn;</font></font></td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;<font style="font-family: Wingdings">&uml;</font> (Do not check if a smaller reporting company)</font></td>
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">Smaller reporting company <font style="font-family: Wingdings">&uml;</font></p>
        <p style="font-size: 10pt; margin: 0pt 0">Emerging growth company&nbsp;&nbsp;<font style="font-family: Wingdings">&uml;</font></p></td></tr>
</table>
<p style="font-size: 10pt; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant has elected not
to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 7(a)(2)(B) of the Securities Act. <font style="font-family: Wingdings">&uml;</font></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>CALCUATION OF REGISTRATION FEE</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
    <td colspan="7">



<hr size="3" noshade="noshade" align="center" style="width: 100%; color: black">

        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 38%"><font style="font-size: 10pt"><b>Title of securities to be registered</b></font></td>
    <td style="width: 14%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount to be registered (1)</b></font></td>
    <td style="width: 15%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Proposed maximum offering price per share (2)</b></font></td>
    <td style="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</td>
    <td style="width: 15%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Proposed&nbsp;maximum</b></font><br>
<font style="font-size: 10pt"><b>aggregate&nbsp;offering</b></font><br>
<font style="font-size: 10pt"><b>price (2)</b></font></td>
    <td style="width: 1%; border-bottom: black 1pt solid">&nbsp;</td>
    <td style="width: 16%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount of</b></font><br>
<font style="font-size: 10pt"><b>registration&nbsp;fee (2)</b></font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><font style="font-size: 10pt">Common Stock, par value $0.01 per share</font></td>
    <td style="vertical-align: top; padding-left: 12pt; text-align: center; text-indent: -12pt"><font style="font-size: 10pt">100,000</font></td>
    <td style="vertical-align: top; padding-left: 12pt; text-align: center; text-indent: -12pt"><font style="font-size: 10pt">$72.421</font></td>
    <td style="vertical-align: bottom; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">$7,242,100</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt">$877.75</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="7">
<hr size="3" noshade="noshade" align="center" style="width: 100%; color: black">

        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p></td></tr>
</table>
<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 2%"><font style="font-size: 10pt">(1)</font></td>
    <td style="width: 98%"><font style="font-size: 10pt">This Registration Statement shall also cover any additional shares of common stock which become issuable under the America&rsquo;s Car-Mart, Inc. Amended and Restated Stock Incentive Plan (the &ldquo;Plan&rdquo;) by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of the outstanding shares of America&rsquo;s Car-Mart, Inc. (the &ldquo;Registrant&rdquo;) common stock.</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">(2)</font></td>
    <td><font style="font-size: 10pt">Calculated solely for the purpose of calculating the registration fee in accordance with Rules 457(c) and (h) under the Securities Act of 1933, as amended, based upon the average of the high and low prices of the common stock of the Registrant on October 12, 2018, as reported on the NASDAQ Global Select Market, which was $72.421. </font></td></tr>
</table>




<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"></p>

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<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>EXPLANATORY NOTE</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">On December 9, 2015, America&rsquo;s Car-Mart, Inc., a Texas corporation
(the &ldquo;Corporation&rdquo; or the &ldquo;Registrant&rdquo;) filed a registration statement on Form S-8 (Commission File No.
333-208416) (the &ldquo;Prior Registration Statement&rdquo;) to register 177,527 shares of its common stock, par value $0.01 per
share (the &ldquo;Common Stock&rdquo;), issuable to employees, officers and directors of the Corporation under the America&rsquo;s
Car-Mart, Inc. Amended and Restated Stock Incentive Plan (the &ldquo;Plan&rdquo;), which shares were carried forward from an earlier
registration statement on Form S-8 relating to the Corporation&rsquo;s Stock Incentive Plan. The current Registration Statement
on Form S-8 is filed by the Corporation to register 100,000 shares of its Common Stock issuable under the Plan, which shares are
in addition to the 177,527 shares of Common Stock registered by the Corporation under the Prior Registration Statement.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">This Registration Statement relates to securities of the same class
as that to which the Prior Registration Statement relates, and is submitted in accordance with General Instruction E to Form S-8
regarding Registration of Additional Securities. Pursuant to Instruction E of Form S-8, the contents of the Prior Registration
Statement are incorporated herein by reference and made part of this Registration Statement, except as amended hereby.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>PART II</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 3.</b></td><td><b>Incorporation of Documents by Reference. </b></td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">The following documents, which have previously been filed by the
Corporation with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;), are incorporated by reference herein and
shall be deemed to be a part hereof:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation&rsquo;s
Annual Report on Form 10-K for the year ended April 30, 2018, filed with the Commission on June 14, 2018;</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-indent: 0.25in; margin: 0pt 0 0pt 0.25in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation&rsquo;s
Quarterly Report on Form 10-Q for the quarter ended July 31, 2018, filed with the Commission on September 4, 2018;</p>

<p style="font-size: 10pt; text-indent: 0.25in; margin: 0pt 0 0pt 0.25in">&nbsp;</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation&rsquo;s
Current Report on Form 8-K/A filed with the Commission on July 18, 2018, and the Corporation&rsquo;s Current Report on Form 8-K
filed with the Commission on September 4, 2018; and</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of the
Common Stock contained in the Corporation&rsquo;s Registration Statement on Form 10 filed with the Commission on December 23, 1986,
as amended by a Current Report on Form 8-K filed with the Commission on November 2, 2005, together with any amendment or report
filed with the Commission for the purpose of updating such description.</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">In addition, all documents filed by the Corporation pursuant to Sections
13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) (other than any portions
of the respective filings that are furnished pursuant to Item 2.02 or Item 7.01 of Current Reports on Form 8-K, including exhibits
related thereto) prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities
offered hereby have been sold or which deregisters all such securities then remaining unsold, shall be deemed to be incorporated
by reference in this Registration Statement and made part hereof from their respective dates of filing (such documents, and the
documents listed above, being hereinafter referred to as &ldquo;Incorporated Documents&rdquo;); provided, however, that the documents
listed above or subsequently filed by the Corporation pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act in each
year during which the offering made by this Registration Statement is in effect prior to the filing with the Commission of the
Corporation&rsquo;s Annual Report on Form 10-K covering such year shall cease to be Incorporated Documents or be incorporated by
reference in this Registration Statement from and after the filing of such Annual Report. The Corporation&rsquo;s Exchange Act
file number with the Commission is 000-14939.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">Any statement contained in an Incorporated Document shall be deemed
to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in
any other subsequently filed Incorporated Document modifies or supersedes such statement. Any statement contained herein shall
be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in
any subsequently filed Incorporated Document modifies or supersedes such statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

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<p style="font-size: 10pt; margin: 0pt 0"><b></b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 8.</b></td><td><b>Exhibits. </b></td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: bottom">
    <td style="width: 0; font-size: 10pt; text-align: left"></td><td style="width: 1in; font-size: 10pt"><u>Exhibit No.</u>&nbsp;&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Exhibit Description</td></tr>
</table>


<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><a href="http://www.sec.gov/Archives/edgar/data/799850/000118811205002006/t8141_s8.htm">4.1</a></td><td><a href="http://www.sec.gov/Archives/edgar/data/799850/000118811205002006/t8141_s8.htm">Articles of Incorporation of the Corporation, as amended (incorporated by reference to Exhibits 4.1-4.8 to the Corporation&rsquo;s
Registration Statement on Form S-8 filed with the Commission on November 16, 2005 (Commission File No. 333-129727)).</a></td></tr></table>

<p style="font-size: 10pt; text-indent: -1in; margin: 0pt 0 0pt 1in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><a href="http://www.sec.gov/Archives/edgar/data/799850/000118811207003553/ex3-2.htm">4.2</a></td><td><a href="http://www.sec.gov/Archives/edgar/data/799850/000118811207003553/ex3-2.htm">Amended and Restated Bylaws of the Corporation dated December 4, 2007 (incorporated by reference to Exhibit 3.2 to the Corporation&rsquo;s
Quarterly Report on Form 10-Q for the quarter ended October 31, 2007 filed with the Commission on December 7, 2007).</a></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><a href="http://www.sec.gov/Archives/edgar/data/799850/000117184314000805/exh_31.htm">4.3</a></td><td><a href="http://www.sec.gov/Archives/edgar/data/799850/000117184314000805/exh_31.htm">Amendment No. 1 to the Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s
Current Report on Form 8-K filed with the SEC on February 19, 2014).</a></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><a href="exh_51.htm">5.1</a></td><td><a href="exh_51.htm">Opinion of Mitchell, Williams, Selig, Gates &amp; Woodyard, P.L.L.C.</a></td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><a href="exh_231.htm">23.1</a></td><td><a href="exh_231.htm">Consent of Grant Thornton LLP.</a></td></tr></table>

<p style="font-size: 10pt; text-indent: -1in; margin: 0pt 0 0pt 1in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><a href="exh_51.htm">23.2</a></td><td><a href="exh_51.htm">Consent of Mitchell, Williams, Selig, Gates &amp; Woodyard, P.L.L.C. (included in Exhibit&nbsp;5.1).</a></td></tr></table>

<p style="font-size: 10pt; text-indent: -1in; margin: 0pt 0 0pt 1in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><a href="#a_001">24.1</a></td><td><a href="#a_001">Power of Attorney (contained on signature page hereto).</a></td></tr></table>

<p style="font-size: 10pt; text-indent: -1in; margin: 0pt 0 0pt 1in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><a href="http://www.sec.gov/Archives/edgar/data/799850/000117184315003561/def14a_062215.htm">99.1</a></td><td><a href="http://www.sec.gov/Archives/edgar/data/799850/000117184315003561/def14a_062215.htm">Amended and Restated Stock Incentive Plan (incorporated by reference to Appendix A to the Company&rsquo;s Proxy Statement on
Schedule 14A filed with the SEC on June 23, 2015).</a></td></tr></table>

<p style="font-size: 10pt; text-indent: -1in; margin: 0pt 0 0pt 1in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><a href="http://www.sec.gov/Archives/edgar/data/799850/000117184318006365/exh_102.htm">99.2</a></td><td><a href="http://www.sec.gov/Archives/edgar/data/799850/000117184318006365/exh_102.htm">Amendment to Amended and Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company&rsquo;s Current
Report on Form 8-K filed with the SEC on September 4, 2018).</a></td></tr></table>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"></p>

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<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><a name="a_001"></a><b>SIGNATURES</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused
this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bentonville,
State of Arkansas, on this 16th day of October, 2018.</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">AMERICA&rsquo;S CAR-MART, INC.</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25in; margin: 0pt 0 0pt 3.25in">By: <u>/s/ Vickie D. Judy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 3.25in">Vickie D. Judy</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 3.25in">Chief Financial Officer</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>POWER OF ATTORNEY</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Jeffrey A. Williams and Vickie D. Judy, and each of them, his true and lawful attorneys-in-fact
and agents, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with
all exhibits thereto and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite
and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that each said attorneys-in-fact and agents, or any of them or their or his substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the capacities and on the date indicated.</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 45%; font-size: 10pt"><font style="font-size: 10pt"><b>Signature </b></font></td>
    <td style="width: 33%; font-size: 10pt"><font style="font-size: 10pt"><b>Title</b></font></td>
    <td style="width: 22%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>Date</b></font></td></tr>
<tr style="vertical-align: top">
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; margin: 0pt 0"><u>/s/ Jeffrey A. Williams</u></p>
        <p style="font-size: 10pt; margin: 0pt 0">Jeffrey A. Williams</p>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p></td>
    <td style="font-size: 10pt"><p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
                                <p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 10pt">President, Chief Executive
Officer and Director (principal executive officer)</font></p></td>
    <td>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">October 16, 2018</p></td></tr>
<tr style="vertical-align: top">
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; margin: 0pt 0"><u>/s/ Vickie D. Judy</u></p>
        <p style="font-size: 10pt; margin: 0pt 0">Vickie D. Judy</p>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p></td>
    <td style="font-size: 10pt"><p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
                                <p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 10pt">Chief Financial Officer
</font><br> <font style="font-size: 10pt">(principal financial and accounting officer) </font></p></td>
    <td>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">October 16, 2018</p></td></tr>
<tr style="vertical-align: top">
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; margin: 0pt 0"><u>/s/ Ray C. Dillon </u></p>
        <p style="font-size: 10pt; margin: 0pt 0">Ray C. Dillon</p>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p></td>
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; margin: 0pt 0">Chairman of the Board</p></td>
    <td>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">October 16, 2018</p></td></tr>
<tr style="vertical-align: top">
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; margin: 0pt 0"><u>/s/ Daniel J. Englander</u></p>
        <p style="font-size: 10pt; margin: 0pt 0">Daniel J. Englander</p>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p></td>
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; margin: 0pt 0">Director</p></td>
    <td>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">October 16, 2018</p></td></tr>
<tr style="vertical-align: top">
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; margin: 0pt 0"><u>/s/ William H. Henderson</u></p>
        <p style="font-size: 10pt; margin: 0pt 0">William H. Henderson</p>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p></td>
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; margin: 0pt 0">Director</p></td>
    <td>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">October 16, 2018</p></td></tr>
<tr style="vertical-align: top">
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; margin: 0pt 0"><u>/s/ Jim von Gremp</u></p>
        <p style="font-size: 10pt; margin: 0pt 0">Jim von Gremp</p></td>
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; margin: 0pt 0">Director</p></td>
    <td>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">October 16, 2018</p></td></tr>
<tr style="vertical-align: top">
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; margin: 0pt 0"><u>/s/ Joshua G. Welch</u></p>
        <p style="font-size: 10pt; margin: 0pt 0">Joshua G. Welch</p></td>
    <td>
        <p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; margin: 0pt 0">Director</p></td>
    <td>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>
        <p style="font-size: 10pt; text-align: center; margin: 0pt 0">October 16, 2018</p></td></tr>
</table>
<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">3</p>

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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exh_51.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="mw.jpg" ALT="">&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"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<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-transform: uppercase; text-align: center"><FONT STYLE="font-size: 7pt; font-variant: small-caps; text-transform: none">425
West Capitol Avenue, Suite 1800</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 7pt; font-variant: small-caps; text-transform: none">Little
Rock, Arkansas 72201-3525</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 7pt; font-variant: small-caps; text-transform: none">Telephone
501-688-8800</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 7pt; font-variant: small-caps; text-transform: none">Fax
501-688-8807</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-variant: small-caps; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-variant: small-caps; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">October 16, 2018</P>



<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">&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">America&rsquo;s Car-Mart, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">802 Southeast Plaza Ave., Suite 200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bentonville, Arkansas 72712</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: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify">Registration Statement on Form S-8 &ndash; America&rsquo;s Car-Mart Inc. Amended and Restated Stock
Incentive Plan</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">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as counsel
to America&rsquo;s Car-Mart, Inc., a Texas corporation (the &ldquo;Company&rdquo;), in connection with the preparation and filing
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), of the Company&rsquo;s Registration Statement on Form S-8 (the &ldquo;Registration Statement&rdquo;) registering 100,000
shares (the &ldquo;Shares&rdquo;) of the Company&rsquo;s common stock, $0.01 par value per share, subject to issuance by the Company
under the Company&rsquo;s Amended and Restated Stock Incentive Plan, as amended (the &ldquo;Plan&rdquo;). This opinion letter is
furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. &sect;
229.601(b)(5), in connection with the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In so acting we have
examined originals, or copies certified or otherwise identified to our satisfaction, of (a) the Registration Statement, (b) the
Articles of Incorporation of the Company, as amended, (c) the Amended and Restated Bylaws of the Company, as amended, (d) the Plan,
and (e) such other documents, records, certificates and other instruments as in our judgment are necessary or appropriate for purposes
of this opinion. We have assumed that (i) the Shares will be issued for consideration consisting of any tangible or intangible
benefit to the Company, cash, services performed or a contract for services to be performed, a security of the Company or other
property of any kind or nature; (ii) the consideration will not be less than the par value of the Shares; and (iii) the Shares
were or will be issued in compliance with applicable federal and state securities laws and in accordance with the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In our examination
of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy
and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic
original documents of all documents submitted to us as copies (including electronic copies and telecopies). This opinion letter
is given, and all statements herein are made, in the context of the foregoing.</P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">MITCHELL, WILLIAMS, SELIG, GATES &amp; WOODYARD, P.L.L.C. | ATTORNEYS AT LAW</FONT></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">MITCHELLWILLIAMSLAW.COM</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">America&rsquo;s Car-Mart, Inc.</FONT></P><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">October 16, 2018</FONT></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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; text-indent: 0.5in">This opinion letter
is based as to matters of law solely on the Texas Business Organizations Code. We express no opinion herein as to any other laws,
statutes, ordinances, rules or regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon, subject
to and limited by the foregoing, we are of the opinion that the Shares, when issued, will be duly authorized, validly issued, fully
paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinion represents
the reasoned judgment of Mitchell, Williams, Selig, Gates &amp; Woodyard, P.L.L.C., as to certain matters of law based upon facts
presented to us or assumed by us and should not be considered or construed as a guaranty. Our opinion is subject to future changes
in law or fact, and we disclaim any obligation to advise you of or update this opinion for any changes of applicable law or facts
that may affect matters or opinions set forth herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion letter
has been prepared solely for your use in connection with the filing of the Registration Statement and speaks as of the date hereof.
We assume no obligation to advise you of any changes in the foregoing subsequent to the delivery of this opinion letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to
the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not admit that we
are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations
of the SEC promulgated thereunder.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>/s/ Mitchell, Williams, Selig,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Gates &amp; Woodyard, P.L.L.C.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-transform: uppercase">mitchell, williams, selig,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-transform: uppercase">gates &amp; woodyard, p.l.l.c.</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">&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"><I>&nbsp;</I></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="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>exh_231.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">We have issued our reports dated June 13, 2018, with respect to
the consolidated financial statements and internal control over financial reporting of America&rsquo;s Car-Mart, Inc. included
in the Annual Report on Form 10-K for the year ended April 30, 2018, which are incorporated by reference in this Registration Statement.
We consent to the incorporation by reference of the aforementioned reports in this Registration Statement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">/s/ GRANT THORNTON LLP</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">Tulsa, Oklahoma</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">October 16, 2018</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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