America's Car-Mart (CRMT) 10-Q8 Dec 232024 Q2 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Oct. 31, 2023	Dec. 08, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2023
Document Transition Report	false
Entity File Number	0-14939
Entity Registrant Name	AMERICA’S CAR-MART, INC.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	63-0851141
Entity Address, Address Line One	1805 North 2nd Street, Suite 401
Entity Address, City or Town	Rogers
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72756
City Area Code	479
Local Phone Number	464-9944
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CRMT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		6,392,838
Entity Central Index Key	0000799850
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Cash and cash equivalents	$ 4,313	$ 9,796
Restricted cash	90,180	58,238
Accrued interest on finance receivables	7,363	6,115
Finance receivables, net	1,105,236	1,063,460
Inventory	113,846	109,290
Income tax receivable, net	3,402	9,259
Prepaid expenses and other assets	30,488	26,039
Right-of-use asset	60,964	59,142
Goodwill	11,622	11,716
Property and equipment, net	59,735	61,682
Total Assets	1,487,149	1,414,737
Liabilities:
Accounts payable	22,400	27,196
Accrued liabilities	28,199	27,912
Deferred income tax liabilities, net	25,066	39,315
Lease liability	64,119	62,300
Non-recourse notes payable, net	579,030	471,367
Revolving line of credit, net	165,509	167,231
Total liabilities	1,010,140	915,790
Commitments and Contingencies
Mezzanine equity:
Mandatorily redeemable preferred stock	400	400
Equity:
Preferred stock, par value $.01 per share, 1,000,000 shares authorized; none issued or outstanding	0	0
Common stock, par value $.01 per share, 50,000,000 shares authorized; 13,711,731 and 13,701,468 issued at October 31, 2023 and April 30, 2023, respectively, of which 6,382,803 and 6,373,404 were outstanding at October 31, 2023 and April 30, 2023, respectively	137	137
Additional paid-in capital	111,356	109,929
Retained earnings	662,505	685,802
Less: Treasury stock, at cost, 7,328,928 and 7,328,064 shares at October 31, 2023 and April 30, 2023, respectively	(297,489)	(297,421)
Total stockholders' equity	476,509	498,447
Non-controlling interest	100	100
Total equity	476,609	498,547
Total Liabilities, Mezzanine Equity and Equity	1,487,149	1,414,737
Payment Protection Plan [Member]
Liabilities:
Deferred revenue	54,371	53,065
Service Contract [Member]
Liabilities:
Deferred revenue	$ 71,446	$ 67,404

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Oct. 31, 2023	Apr. 30, 2023
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (in shares)	1,000,000	1,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	50,000,000	50,000,000
Common Stock, Shares, Issued (in shares)	13,711,731	13,701,468
Common Stock, Shares, Outstanding (in shares)	6,382,803	6,373,404
Treasury Stock, Common, Shares (in shares)	7,328,928	7,328,064

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Sales	$ 302,200	$ 303,554	$ 613,769	$ 598,031
Interest and other income	59,382	48,286	115,838	92,627
Total revenues	361,582	351,840	729,607	690,658
Costs and expenses:
Cost of sales	198,563	206,142	402,442	399,257
Selling, general and administrative	44,863	42,911	91,333	86,145
Provision for credit losses	135,395	88,828	231,718	165,068
Interest expense	16,582	8,350	30,856	15,695
Depreciation and amortization	1,696	1,309	3,389	2,460
Loss on disposal of property and equipment	(74)	(242)	(240)	(251)
Total costs and expenses	397,173	347,782	759,978	668,876
(Loss) Income before taxes	(35,591)	4,058	(30,371)	21,782
Provision for income taxes	(8,128)	919	(7,094)	4,946
Net (loss) income	(27,463)	3,139	(23,277)	16,836
Less: Dividends on mandatorily redeemable preferred stock	10	10	20	20
Net (loss) income attributable to common stockholders	$ (27,473)	$ 3,129	$ (23,297)	$ 16,816
Earnings per share:
Basic (in dollars per share)	$ (4.3)	$ 0.49	$ (3.65)	$ 2.64
Diluted (in dollars per share)	$ (4.3)	$ 0.48	$ (3.65)	$ 2.56
Weighted average number of shares used in calculation:
Basic (in shares)	6,386,208	6,368,840	6,383,956	6,371,083
Diluted (in shares)	6,386,208	6,548,271	6,383,956	6,574,928

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Operating Activities:
Net (loss) income	$ (23,277)	$ 16,836
Adjustments to reconcile net (loss) income to net cash
Provision for credit losses	231,718	165,068
Losses on claims for accident protection plan	15,173	11,232
Depreciation and amortization	3,389	2,460
Amortization of debt issuance costs	2,780	3,335
Loss on disposal of property and equipment	146	251
Impairment of goodwill	94	0
Stock based compensation	1,739	2,798
Deferred income taxes	(14,249)	5,171
Excess tax benefit from share based compensation	213	206
Change in operating assets and liabilities:
Finance receivable originations	(580,082)	(580,838)
Loan origination costs	10	36
Finance receivable collections	218,208	206,358
Accrued interest on finance receivables	(1,248)	(456)
Inventory	65,123	46,226
Prepaid expenses and other assets	(2,522)	(2,811)
Accounts payable and accrued liabilities	(4,317)	5,660
Income taxes, net	5,644	(4,321)
Net cash used in operating activities	(76,130)	(95,131)
Investing Activities:
Purchase of investments	0	(225)
Purchase of property and equipment	(2,149)	(14,050)
Proceeds from sale of property and equipment	561	10
Net cash used in investing activities	(1,588)	(14,265)
Financing Activities:
Exercise of stock options	(455)	1,216
Issuance of common stock	143	149
Purchase of common stock	(68)	(5,196)
Dividend payments	(20)	(20)
Change in cash overdrafts	1,416	0
Debt issuance costs	(4,091)	(39)
Issuances of non-recourse notes payable	360,340	0
Payments on non-recourse notes payable	(250,935)	(149,184)
Proceeds from revolving line of credit	276,266	271,177
Payments on revolving line of credit	278,419	14,200
Net cash provided by financing activities	104,177	103,903
Increase (decrease) in cash, cash equivalents, and restricted cash	26,459	(5,493)
Cash, cash equivalents, and restricted cash beginning of period	68,034	42,587
Cash, cash equivalents, and restricted cash end of period	94,493	37,094
Accident Protection Plan [Member]
Change in operating assets and liabilities:
Deferred accident protection plan revenue	1,306	13,328
Service Contract [Member]
Change in operating assets and liabilities:
Deferred accident protection plan revenue	$ 4,042	$ 14,402

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Apr. 30, 2022	13,642,185
Balance at Apr. 30, 2022	$ 136	$ 103,113	$ 665,410	$ (292,225)	$ 100	$ 476,534
Issuance of common stock (in shares)	30,484
Issuance of common stock	$ 1	84	0	0	0	85
Stock options exercised (in shares)	23,000
Stock options exercised	$ 0	1,216	0	0	0	1,216
Purchase of treasury shares	0	0	0	(5,196)	0	(5,196)
Stock based compensation	0	1,978	0	0	0	1,978
Dividends on subsidiary preferred stock	0	0	(10)	0	0	(10)
Net (loss) income	$ 0	0	13,697	0	0	13,697
Balance (in shares) at Jul. 31, 2022	13,695,669
Balance at Jul. 31, 2022	$ 137	106,391	679,097	(297,421)	100	488,304
Balance (in shares) at Apr. 30, 2022	13,642,185
Balance at Apr. 30, 2022	$ 136	103,113	665,410	(292,225)	100	476,534
Net (loss) income						16,836
Balance (in shares) at Oct. 31, 2022	13,696,904
Balance at Oct. 31, 2022	$ 137	107,275	682,226	(297,421)	100	492,317
Balance (in shares) at Jul. 31, 2022	13,695,669
Balance at Jul. 31, 2022	$ 137	106,391	679,097	(297,421)	100	488,304
Issuance of common stock (in shares)	1,235
Issuance of common stock	$ 0	64	0	0	0	64
Stock based compensation	0	820	0	0	0	820
Dividends on subsidiary preferred stock	0	0	(10)	0	0	(10)
Net (loss) income	$ 0	0	3,139	0	0	3,139
Balance (in shares) at Oct. 31, 2022	13,696,904
Balance at Oct. 31, 2022	$ 137	107,275	682,226	(297,421)	100	492,317
Balance (in shares) at Apr. 30, 2023	13,701,468
Balance at Apr. 30, 2023	$ 137	109,929	685,802	(297,421)	100	498,547
Issuance of common stock (in shares)	2,921
Issuance of common stock	$ 0	78	0	0	0	78
Stock options exercised (in shares)	6,493
Stock options exercised	$ 0	(455)	0	0	0	(455)
Purchase of treasury shares	0	0	0	(68)	0	(68)
Stock based compensation	0	2,451	0	0	0	2,451
Dividends on subsidiary preferred stock	0	0	(10)	0	0	(10)
Net (loss) income	$ 0	0	4,186	0	0	4,186
Balance (in shares) at Jul. 31, 2023	13,710,882
Balance at Jul. 31, 2023	$ 137	112,003	689,978	(297,489)	100	504,729
Balance (in shares) at Apr. 30, 2023	13,701,468
Balance at Apr. 30, 2023	$ 137	109,929	685,802	(297,421)	100	498,547
Net (loss) income						(23,277)
Balance (in shares) at Oct. 31, 2023	13,711,731
Balance at Oct. 31, 2023	$ 137	111,356	662,505	(297,489)	100	476,609
Balance (in shares) at Jul. 31, 2023	13,710,882
Balance at Jul. 31, 2023	$ 137	112,003	689,978	(297,489)	100	504,729
Issuance of common stock (in shares)	849
Issuance of common stock	$ 0	65	0	0	0	65
Dividends on subsidiary preferred stock	0	0	(10)	0	0	(10)
Net (loss) income	0	0	(27,463)	0	0	(27,463)
Stock based compensation	$ 0	(712)	0	0	0	(712)
Balance (in shares) at Oct. 31, 2023	13,711,731
Balance at Oct. 31, 2023	$ 137	$ 111,356	$ 662,505	$ (297,489)	$ 100	$ 476,609

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals)	3 Months Ended
	Jul. 31, 2022 shares
Treasury Stock, Shares, Acquired (in shares)	57,856

Note A - Organization and Busin

Note A - Organization and Business	6 Months Ended
Note A - Organization and Business	Oct. 31, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	A Organization and Business America’s Car-Mart, Inc., a Texas corporation (the “Company”), is one of the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market. References to the Company typically include the Company’s consolidated subsidiaries. The Company’s operations are principally conducted through its two

Note B - Summary of Significant

Note B - Summary of Significant Accounting Policies	6 Months Ended
Note B - Summary of Significant Accounting Policies	Oct. 31, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	B Summary of Significant Accounting Policies General The accompanying condensed consolidated balance sheet as of April 30, 2023, which has been derived from audited financial statements, and the unaudited interim condensed financial statements as of October 31, 2023 and 2022, have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended October 31, 2023 are not necessarily indicative of the results that may be expected for the year ending April 30, 2024. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended April 30, 2023. Principles of Consolidation The condensed consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. Segment Information Each dealership is an operating segment with its results regularly reviewed by the Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes under the current accounting guidance. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each individual dealership is similar in nature and only engages in the selling and financing of used vehicles. All individual dealerships have similar operating characteristics. As such, individual dealerships have been aggregated into one Reclassifications Accident protection plan (“APP”) claims in the amount of approximately $11.0 million in the prior year financial statements were reclassified to conform with the current year presentation. For the year ended April 30, 2023, APP reserves of $5.7 million were reclassed out of accrued liabilities to reserve against finance receivables and $5.3 million of estimated APP insurance receivables were reclassed out of finance receivables to prepaid expenses and other assets. The reclassification had no effect on the prior year net income or shareholder’s equity. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, the Company’s allowance for credit losses. Concentration of Risk The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Illinois, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 27% of current period revenues resulting from sales to Arkansas customers. As of October 31, 2023, and periodically throughout the period, the Company maintained cash in financial institutions in excess of the amounts insured by the federal government. The cash is held in several highly rated banking institutions. The Company regularly monitors its counterparty credit risk and mitigates exposure by limiting the amount it invests in one institution. Restrictions on Distributions / Dividends The Company’s revolving credit facilities generally restrict distributions by the Company to its shareholders. The distribution limitations under the credit facilities allow the Company to repurchase the Company’s stock so long as either: (a) the aggregate amount of such repurchases after September 30, 2021 does not exceed $50 million, net of proceeds received from the exercise of stock options, and the total availability under the credit facilities is equal to or greater than 20% of the sum of the borrowing bases, in each case after giving effect to such repurchases (repurchases under this item are excluded from fixed charges for covenant calculations), or (b) the aggregate amount of such repurchases does not exceed 75% of the consolidated net income of the Company measured on a trailing twelve month basis; provided that immediately before and after giving effect to the Company’s stock repurchases, at least 12.5% of the aggregate funds committed under the credit facilities remain available. Thus, although the Company does routinely repurchase stock, the Company is limited in its ability to pay dividends or make other distributions to its shareholders without the consent of the Company’s lenders. Cash Equivalents The Company considers all highly liquid debt instruments purchased with original maturities of three months or less to be cash equivalents. Restricted Cash Restricted cash is related to the financing and securitization transaction discussed below and is held by the securitization trust. Restricted cash from collections on auto finance receivables includes collections of principal, interest, and fee payments on auto finance receivables that are restricted for payment to holders of non-recourse notes payable pursuant to the applicable agreements. The restricted cash on deposit in reserve accounts is for the benefit of holders of non-recourse notes payable, and these funds are not expected to be available to the Company or its creditors. If the cash generated by the related receivables in a given period was insufficient to pay the interest, principal, and other required payments, the balances on deposit in the reserve accounts would be used to pay those amounts. Restricted cash consisted of the following at October 31, 2023 and April 30, 2023: (In thousands) October 31, 2023 April 30, 2023 Restricted cash from collections on auto finance receivables $ 54,563 $ 34,442 Restricted cash on deposit in reserve accounts 35,617 23,796 Restricted Cash $ 90,180 $ 58,238 Financing and Securitization Transactions The Company utilizes term securitizations to provide long-term funding for a portion of the auto finance receivables initially funded through the debt facilities. In these transactions, a pool of auto finance receivables is sold to a special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust. The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred receivables, and the proceeds from the sale of the asset-backed securities are used to finance the securitized receivables. The Company is required to evaluate term securitization trusts for consolidation. In the Company’s role as servicer for each securitization, it possesses non-substantive voting rights and has the power to direct the activities of the trust that most significantly impact the economic performance of the trust. In addition, the obligation to absorb losses (subject to limitations) and the rights to receive any returns of the trust, remain with the Company. Accordingly, the Company is the primary beneficiary of the trust and is required to consolidate it. The Company recognizes transfers of auto finance receivables into the term securitization as secured borrowings, which result in recording the auto finance receivables and the related non-recourse notes payable on our consolidated balance sheet. These auto finance receivables can only be used as collateral to settle obligations of the related non-recourse notes payable. The term securitization investors have no recourse to the Company’s assets beyond the related auto finance receivables, the amounts on deposit in the reserve account, and the restricted cash from collections on auto finance receivables. See Notes C and F for additional information on auto finance receivables and non-recourse notes payable. Finance Receivables, Repossessions and Charge-offs and Allowance for Credit Losses The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts carry a weighted average interest rate of approximately 16.9% using the simple effective interest method including any deferred fees. In December 2022, the Company changed the interest rate on new originations of installment sale contracts to 18% (from 16.5%) in all states in which it operates, except for Arkansas (remains at 16.5%), Illinois (remains at 19.5 – 21.5%) and Smart Auto dealerships in Tennessee (which originate at up to 23.0%). Contract origination costs are not significant. The installment sale contracts are not pre-computed contracts whereby borrowers are obligated to pay back principal plus the full amount of interest that will accrue over the entire term of the contract. Finance receivables are collateralized by vehicles sold and consist of contractually scheduled payments from installment contracts net of unearned finance charges and an allowance for credit losses. Unearned finance charges represent the balance of interest receivable to be earned over the entire term of the related installment contract, less the earned amount ($7.4 million at October 31, 2023 and $6.1 million at April 30, 2023 on the Condensed Consolidated Balance Sheets), and as such, have been reflected as a reduction to the gross contract amount in arriving at the principal balance in finance receivables . An account is considered delinquent when the customer is three days or more behind on their contractual payments. While the Company does not formally place contracts on nonaccrual status, the immaterial amount of interest that may accrue after an account becomes delinquent up until the point of resolution via repossession or write-off is reserved for against the accrued interest on the Condensed Consolidated Balance Sheets. Delinquent contracts are addressed and either made current by the customer, which is the case in most situations, or the vehicle is repossessed or written off if the collateral cannot be recovered after 90 days. Customer payments are set to match their payday with approximately 78% of payments due on either a weekly or bi-weekly basis. The frequency of the payment due dates combined with the declining value of collateral lead to prompt resolutions on problem accounts. On October 31, 2023, 3.6% of the Company’s finance receivable balances were 30 days or more past due, consistent with 3.6% at April 30, 2023. Substantially all of the Company’s installment sale contracts involve contracts made to individuals with impaired or limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit. At the time of originating an installment sale contract, the Company requires customers to meet certain criteria that demonstrate their intent and ability to pay for the financed principal and interest on the vehicle they are purchasing. However, the Company recognizes that their customer base is at a higher risk of default given their impaired or limited credit histories. The Company strives to keep its delinquency percentages low, and not to repossess vehicles. Accounts one to three days late are contacted by telephone or text messaging notifications. Notes from each contact are electronically maintained in the Company’s computer system. The Company also utilizes text messaging notifications that allow customers the option to receive due date reminders and late notifications, if applicable. The Company attempts to resolve payment delinquencies amicably prior to repossessing a vehicle. If a customer becomes severely delinquent in his or her payments, and management determines that timely collection of future payments is not probable, the Company will take steps to repossess the vehicle. Periodically, the Company enters into contract modifications with its customers to extend or modify the payment terms. The Company only enters into a contract modification or extension if it believes such action will increase the amount of money the Company will ultimately realize on the customer’s account and will increase the likelihood of the customer being able to pay off the installment sale contract. At the time of modification, the Company expects to collect amounts due including accrued interest at the contractual interest rate for the period of delay. No other concessions are granted to customers, beyond the extension of additional time, at the time of modifications. Modifications are minor and are made for payday changes, minor vehicle repairs and other reasons. For those vehicles that are repossessed, the majority are returned or surrendered by the customer on a voluntary basis. Other repossessions are performed by Company personnel or third-party repossession agents. Depending on the condition of a repossessed vehicle, it is either resold on a retail basis through a Company dealership or sold for cash on a wholesale basis primarily through physical or online auctions. The Company takes steps to repossess a vehicle when the customer becomes delinquent in his or her payments and management determines that timely collection of future payments is not probable. Accounts are charged-off after the expiration of a statutory notice period for repossessed accounts, or when management determines that the timely collection of future payments is not probable for accounts where the Company has been unable to repossess the vehicle. For accounts with respect to which the vehicle was repossessed, the fair value of the repossessed vehicle is charged as a reduction of the gross finance receivables balance charged-off. On average, accounts are approximately 76 days past due at the time of charge-off. For previously charged-off accounts that are subsequently recovered, the amount of such recovery is credited to the allowance for credit losses. The amount of the net repossession and charge-off loss is also reduced by any deferred service contract and accident protection plan revenue at the time of charge-off. During the quarter ended October 31, 2023, the Company implemented third-party software to assist in calculating the Company’s allowance for credit losses. After implementing, the Company’s quantitative portion of the allowance for credit losses was measured using an undiscounted cash flow (“CF”) model. Whereby the undiscounted CF are adjusted by a prepayment rate and then the loss rate is applied and compared to the amortized cost basis of finance receivables to reflect management’s estimate of expected credit losses. The CF model is based on installment sale contract level characteristics of the Company’s finance receivables, such as the contractual payment structure, maturity date, payment frequency for recurring payments, and interest rates, as well as the following assumptions: ● a historical loss period, which represents a full economic credit cycle utilizing loss experience, to calculate the historical loss rate; and ● static annualized historical rate based on average time of charge-off; and ● expected prepayment rates based on our historical experience, which also incorporates non-standard contractual payments such as down payments made during the first ninety-days or annual seasonal payments. The Company’s allowance for credit losses also considers qualitative factors not captured within the CF modeled results such as changes in underwriting and collection practices, economic trends, changes in volume and terms of installment sales contracts, credit quality trends, installment sale contract review results, collateral trends, and concentrations of credit. The Company’s qualitative factors incorporate a macroeconomic variable forecast of inflation over a reasonable and supportable forecast period of one year that affects its customers’ non-discretionary income and ability to repay. The reasonable and supportable forecast period of one year is based on management’s current review of the reliability of extended forecasts and is applied as an adjustment to the historical loss rate. As a result of this update to our methodology and the recent performance of our loan portfolio, the Company increased the provision for credit losses by $28.0 million and decreased net income by $21.8 million, or basic earnings per share loss of $3.40 per share, upon implementation of the third-party software on our condensed consolidated statement of operations during the three months ended October 31, 2023. This change in estimate took place during the quarter ended October 31, 2023 and had no effect on past periods. The Company maintains an allowance for credit losses on an aggregate basis at an amount it considers sufficient to cover net credit losses expected over the remaining life of the installment sales contracts in the portfolio at the measurement date. At October 31, 2023, the weighted average total contract term was 47.3 months with 36.5 months remaining. The allowance for credit losses at October 31, 2023, $344 million, was 26.04% of the principal balance in finance receivables of $1.5 billion, less deferred APP revenue of $54.4 million and deferred service contract revenue of $71.4 million, less pending APP claims of $15.3 million. The allowance for credit losses is periodically reviewed by management with any changes reflected in current operations. In most states, the Company offers retail customers who finance their vehicle the option of purchasing an accident protection plan product as an add-on to the installment sale contract. This product contractually obligates the Company to cancel the remaining principal outstanding for any contract where the retail customer has totaled the vehicle, as defined by the product, or the vehicle has been stolen. The Company periodically evaluates anticipated losses to ensure that if anticipated losses exceed deferred accident protection plan revenues, an additional liability is recorded for such difference. At October 31, 2023, anticipated losses did not exceed deferred accident protection plan revenues. No such liability was required at October 31, 2023 or April 30, 2023. Inventory Inventory consists of used vehicles and is valued at the lower of cost or net realizable value on a specific identification basis. Vehicle reconditioning costs are capitalized as a component of inventory. Repossessed vehicles and trade-in vehicles are recorded at fair value, which approximates wholesale value. The cost of used vehicles sold is determined using the specific identification method. Goodwill Goodwill reflects the excess of purchase price over the fair value of specifically identified net assets purchased. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to qualitative annual impairment tests at the Company’s year-end. The impairment tests are based on the comparison of the fair value of the reporting unit to the carrying value of such unit. The implied goodwill is compared to the carrying value of the goodwill to determine the impairment, if any. There was no Goodwill totaled $11.6 million at October 31, 2023 and $11.7 million at April 30, 2023. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Expenditures for additions, remodels and improvements are capitalized. Costs of repairs and maintenance are expensed as incurred. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the lease period. The lease period includes the primary lease term plus any extensions that are reasonably assured. Depreciation is computed principally using the straight-line method generally over the following estimated useful lives: Furniture, fixtures and equipment 3 to 7 years Leasehold improvements 5 to 15 years Buildings and improvements 18 to 39 years Long-Lived Assets Long-lived assets, such as property and equipment, capitalized internal-use software and operating lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, such assets are considered to be impaired, and the impairment is recognized to the extent that the carrying value exceeds its fair value. There were no impairment charges recognized during any of the periods presented. Cloud Computing Implementation Costs The Company enters into cloud computing service contracts to support its sales, inventory management, and administrative activities. The Company capitalizes certain implementation costs for cloud computing arrangements that meet the definition of a service contract. The Company includes these capitalized implementation costs within prepaid expenses and other assets on the Condensed Consolidated Balance Sheets. Once placed in service, the Company amortizes these costs over the remaining subscription term to the same caption on the Condensed Consolidated Statement of Operations as the related cloud subscription. Cash Overdraft As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one of the revolving credit facilities. Any cash overdraft balance principally represents outstanding checks that as of the balance sheet date had not yet been presented for payment, net of any deposits in transit. Any cash overdraft balance is reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. Deferred Sales Tax Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law for vehicles sold on an installment basis, the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax liabilities are reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. Income Taxes Income taxes are accounted for under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates expected to apply in the years in which these differences are expected to be recovered or settled. The quarterly provision for income taxes is determined using an estimated annual effective tax rate, which is based on expected annual taxable income, statutory tax rates and the Company’s best estimate of nontaxable and nondeductible items of income and expense. The effective income tax rates were 23.4% and 22.7% for the six months ended October 31, 2023 and October 31, 2022, respectively. Total income tax expense for the six months ended October 31, 2023 differed from amounts computed by applying the United States federal statutory tax rates to pre-tax income primarily due to state income taxes and the impact of permanent differences between book and taxable income. The Company recorded a discrete income tax benefit of approximately $213,000 and $206,000 for the six months ended October 31, 2023 and 2022, respectively, related to excess tax benefits on share based compensation. Occasionally, the Company is audited by taxing authorities. These audits could result in proposed assessments of additional taxes. The Company believes that its tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from those of the Company, which could result in the imposition of additional taxes. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies this methodology to all tax positions for which the statute of limitations remains open. The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before fiscal 2019 The Company’s policy is to recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company had no Revenue Recognition Revenues are generated principally from the sale of used vehicles, which in most cases includes a service contract and an accident protection plan product, as well as interest income and late fees earned on finance receivables. Revenues are net of taxes collected from customers and remitted to government agencies. Cost of vehicle sales include costs incurred by the Company to prepare the vehicle for sale including license and title costs, gasoline, transport services, and repairs. Revenues from the sale of used vehicles are recognized when the sales contract is signed, the customer has taken possession of the vehicle and, if applicable, financing has been approved. Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received. Revenues from the sale of service contracts are recognized ratably over the expected duration of the product. Service contract revenues are included in sales and the related expenses are included in cost of sales. Accident protection plan revenues are initially deferred and then recognized to income using the “Rule of 78’s” interest method over the life of the contract so that revenues are recognized in proportion to the amount of cancellation protection provided. Accident protection plan revenues are included in sales and related losses are included in cost of sales as incurred. Any unearned revenue from ancillary products is charged-off at the time of repossession. Interest income is recognized on all active finance receivables accounts using the simple effective interest method. Active accounts include all accounts except those that have been paid-off or charged-off. Sales for the three and six months ended October 31, 2023 and 2022 consisted of the following: Three Months Ended Six Months Ended (In thousands) 2023 2022 2023 2022 Sales – used autos $ 261,336 $ 263,743 $ 534,804 $ 522,795 Wholesales – third party 13,587 17,223 26,024 31,042 Service contract revenue 17,649 14,002 33,996 27,188 Accident protection plan revenue 9,629 8,586 18,946 17,006 Total $ 302,200 $ 303,554 $ 613,769 $ 598,031 At October 31, 2023 and 2022, finance receivables more than 90 days past due were approximately $7.4 million and $3.5 million, respectively. Late fee revenues totaled approximately $2.4 million and $2.0 million for the six months ended October 31, 2023 and 2022, respectively. Late fees are recognized when collected and are reflected in interest and other income on the Condensed Consolidated Statements of Operations. The amount of revenue recognized for the six months ended October 31, 2023 that was included in the April 30, 2023 deferred service contract revenue was $22.1 million. Earnings per Share Basic earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period plus dilutive common stock equivalents. The calculation of diluted earnings per share takes into consideration the potentially dilutive effect of common stock equivalents, such as outstanding stock options and non-vested restricted stock, which if exercised or converted into common stock would then share in the earnings of the Company. In computing diluted earnings per share, the Company utilizes the treasury stock method and anti-dilutive securities are excluded. Stock-Based Compensation The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The Company may issue either new shares or treasury shares upon exercise of these awards. Stock-based compensation plans, related expenses, and assumptions used in the Black-Scholes option pricing model are more fully described in Note I. If an award contains a performance condition, expense is recognized only for those shares for which it is considered reasonably probable as of the current period end that the performance condition will be met. The Company accounts for forfeitures as they occur and records any excess tax benefits or deficiencies from its equity awards in its Consolidated Statements of Operations in the reporting period in which the exercise occurs. The Company recorded a discrete income tax benefit of approximately $213,000 and $206,000 for the six months ended October 31, 2023 and 2022, respectively. As a result, the Company’s income tax expenses and associated effective tax rate will be impacted by fluctuations in stock price between the grant dates and exercise dates of equity awards. Treasury Stock Treasury stock may be used for issuances under the Company’s stock-based compensation plans or for other general corporate purposes. The Company has a reserve account of 10,000 shares of treasury stock to secure outstanding service contracts issued in Iowa in accordance with the regulatory requirements of that state and another reserve account of 14,000 shares of treasury stock for its subsidiary, ACM Insurance Company, in accordance with the requirements of the Arkansas Department of Insurance. Recent Accounting Pronouncements Occasionally, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies which the Company will adopt as of the specified effective date. Unless otherwise discussed, the Company believes the implementation of recently issued standards which are not yet effective will not have a material impact on its consolidated financial statements upon adoption. Adopted in the Current Period In March 2022, the FASB issued an accounting pronouncement (ASU 2022-02) related to troubled debt restructurings (“TDRs”) and vintage disclosures for financing receivables. The amendments in this update eliminate the accounting guidance for TDRs by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require discl

Note C - Finance Receivables, N

Note C - Finance Receivables, Net	6 Months Ended
Note C - Finance Receivables, Net	Oct. 31, 2023
Notes to Financial Statements
Financing Receivables [Text Block]	C Finance Receivables, Net The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts, which carry a fixed interest rate of 18.0% for all states except Arkansas (remains at 16.5%), Illinois (remains at 19.5% – 21.5%) and Smart Auto dealerships in Tennessee (which originate at up to 23.0%), are collateralized by the vehicle sold and typically provide for payments over periods ranging from 18 to 69 months. The Company’s finance receivables are defined as one segment and one one The components of finance receivables are as follows: (In thousands) October 31, 2023 April 30, 2023 Gross contract amount $ 1,872,863 $ 1,752,149 Less: unearned finance charges (409,465 ) (378,777 ) Principal balance 1,463,398 1,373,372 Less: estimated insurance receivables for APP claims (7,237 ) (5,694 ) Less: allowance for APP claims (7,305 ) (5,310 ) Less: allowance for credit losses (344,330 ) (299,608 ) Finance receivables, net 1,104,526 1,062,760 Loan origination costs 710 700 Finance receivables, net, including loan origination costs 1,105,236 1,063,460 Changes in the finance receivables, net are as follows: Six Months Ended (In thousands) 2023 2022 Balance at beginning of period $ 1,062,760 $ 855,423 Finance receivable originations 580,082 580,838 Finance receivable collections (218,208 ) (206,358 ) Provision for credit losses (231,718 ) (165,068 ) Losses on claims for accident protection plan (15,173 ) (11,232 ) Inventory acquired in repossession and accident protection plan claims (73,217 ) (76,042 ) Balance at end of period $ 1,104,526 $ 977,561 Changes in the finance receivables allowance for credit losses are as follows: Six Months Ended (In thousands) 2023 2022 Balance at beginning of period $ 299,608 $ 237,823 Provision for credit losses 231,718 165,068 Charge-offs (255,685 ) (190,609 ) Recovered collateral 68,689 60,448 Balance at end of period $ 344,330 $ 272,730 Amounts recovered from previously written-off accounts were approximately $1.4 million and $1.2 million for the six months ended October 31, 2023 and 2022, respectively. These amounts are netted against recovered collateral in the table above. Our allowance for credit losses increased during the first six months of fiscal year 2024 by $44.7 million or 14.9%, which majority of the increase relates to the $28 million increase in second quarter. Structural changes to our portfolio continue to drive an increase in the provision for credit losses. The charge-offs net of recovered collateral were impacted by a higher frequency of losses compared to the prior year as well as a higher severity of losses driven by lower recovery values and longer contract terms. Credit quality information for finance receivables is as follows: (Dollars in thousands) October 31, 2023 April 30, 2023 October 31, 2022 Principal Percent of Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Balance Portfolio Current $ 1,121,215 76.62 % $ 1,166,860 84.96 % $ 1,028,291 81.63 % 3 - 29 days past due 290,123 19.83 % 156,943 11.43 % 185,434 14.72 % 30 - 60 days past due 37,602 2.57 % 37,214 2.71 % 35,258 2.80 % 61 - 90 days past due 7,068 0.48 % 8,407 0.61 % 7,151 0.57 % > 90 days past due 7,390 0.51 % 3,948 0.29 % 3,515 0.28 % Total $ 1,463,398 100.00 % $ 1,373,372 100.00 % $ 1,259,649 100.00 % Accounts one and two days past due are considered current for this analysis, due to the varying payment dates and variation in the day of the week at each period end. Delinquencies may vary from period to period based on the average age of the portfolio, seasonality within the calendar year, the day of the week and overall economic factors. The above categories are consistent with internal operational measures used by the Company to monitor credit results. The current quarter closed on a Tuesday, which is historically the highest delinquency day of the week. Substantially all of the Company’s installment sale contracts involve contracts made to individuals with impaired or limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit. The Company monitors customer scores, contract term length, payment to income, down payment percentages, and collections for credit quality indicators. Six Months Ended 2023 2022 Average total collected per active customer per month $ 534 $ 515 Principal collected as a percent of average finance receivables 15.2 % 17.4 % Average down-payment percentage 4.9 % 5.2 % Average originating contract term (in months 44.1 42.7 As of October 31, 2023 October 31, 2022 Portfolio weighted average contract term, including modifications (in months 47.3 44.8 Although total dollars collected per active customer increased 3.7% year over year, principal collections as a percentage of average finance receivables were lower in the current year quarter compared to the prior year quarter primarily due to the average term increases. Overall collections have also been negatively impacted by the current inflationary environment. The portfolio weighted average contract term increased primarily due to the increased average selling price, up $869 or 4.8%, from the prior year period. When customers apply for financing, the Company’s proprietary scoring model relies on the customers’ credit histories and certain application information to evaluate and rank their risk. The Company obtains credit histories and other credit data that includes information such as number of different addresses, age of oldest record, high risk credit activity, job time, time at residence and other factors. The application information that is used includes income, collateral value and down payment. The scoring models yield credit grades that represent the relative likelihood of repayment. Customers with the highest probability of repayment are 6 rated customers. Customers assigned a lower grade are determined to have a lower probability of repayment. For installment sales contracts that are approved, the credit grade influences the terms of the agreement, such as the maximum amount financed, term length and minimum down payment. After origination, credit grades are generally not updated. The Company uses a combination of the initial credit grades and historical performance to monitor the credit quality of the finance receivables on an ongoing basis, and the accuracy of the scoring model is validated periodically. Installment sale contract performance is reviewed on a recurring basis to identify whether the assigned grades adequately reflect the customers’ likelihood of repayment. The following table presents a summary of finance receivables by credit quality indicator, as of October 31, 2023, segregated by customer score. As of October 31, 2023 (Dollars in thousands) Fiscal Year of Origination Prior to Customer Rating 2024 2023 2022 2021 2020 2020 Total % 1-2 $ 26,044 $ 23,346 $ 7,271 $ 1,127 $ 150 $ 13 $ 57,951 4.0 % 3-4 $ 189,850 $ 190,995 $ 64,672 $ 11,479 $ 643 $ 246 $ 457,885 31.3 % 5-6 $ 317,130 $ 411,515 $ 178,564 $ 37,177 $ 2,485 $ 691 $ 947,562 64.8 % Total $ 533,024 $ 625,856 $ 250,507 $ 49,783 $ 3,278 $ 950 $ 1,463,398 100.0 % Gross charge-offs $ 36,228 $ 153,765 $ 54,307 $ 10,301 $ 791 $ 293 $ 255,685 The following table presents a summary of finance receivables by credit quality indicator, as of October 31, 2022, segregated by customer score. As of October 31, 2022 (Dollars in thousands) Fiscal Year of Origination Prior to Customer Rating 2023 2022 2021 2020 2019 2019 Total % 1-2 $ 23,888 $ 22,264 $ 5,838 $ 741 $ 12 $ - $ 52,743 4.2 % 3-4 $ 174,553 $ 167,298 $ 48,272 $ 4,422 $ 157 $ 9 $ 394,711 31.3 % 5-6 $ 329,882 $ 359,342 $ 110,775 $ 11,677 $ 505 $ 14 $ 812,195 64.5 % Total $ 528,323 $ 548,904 $ 164,885 $ 16,840 $ 674 $ 23 $ 1,259,649 100.0 %

Note D - Property and Equipment

Note D - Property and Equipment, Net	6 Months Ended
Note D - Property and Equipment, Net	Oct. 31, 2023
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	D Property and Equipment, Net A summary of property and equipment is as follows: (In thousands) October 31, 2023 April 30, 2023 Land $ 11,998 $ 12,386 Buildings and improvements 23,439 20,894 Furniture, fixtures and equipment 19,559 18,989 Leasehold improvements 49,533 47,315 Construction in progress 2,226 7,176 Less: accumulated depreciation and amortization (47,020 ) (45,078 ) Total $ 59,735 $ 61,682

Note E - Accrued Liabilities

Note E - Accrued Liabilities	6 Months Ended
Note E - Accrued Liabilities	Oct. 31, 2023
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	E Accrued Liabilities A summary of accrued liabilities is as follows: (In thousands) October 31, 2023 April 30, 2023 Employee compensation $ 10,139 $ 11,197 Deferred sales tax (see Note B) 8,571 8,543 Fair value of contingent consideration 1,943 1,943 Other 7,546 6,229 Total $ 28,199 $ 27,912

Note F - Debt Facilities

Note F - Debt Facilities	6 Months Ended
Note F - Debt Facilities	Oct. 31, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	F Debt Facilities A summary of debt facilities is as follows: (In thousands) October 31, 2023 April 30, 2023 Revolving line of credit $ 166,364 $ 168,516 Debt issuance costs (855 ) (1,285 ) Revolving line of credit, net $ 165,509 $ 167,231 Non-recourse notes payable - 2022 Issuance $ 52,668 $ 134,137 Non-recourse notes payable - 2023-1 Issuance 235,672 338,777 Non-recourse notes payable - 2023-2 Issuance 293,979 - Debt issuance costs (3,289 ) (1,547 ) Non-recourse notes payable, net $ 579,030 $ 471,367 Total debt $ 744,539 $ 638,598 Revolving Line of Credit At October 31, 2023, the Company and its subsidiaries have $600.0 million of permitted borrowings under a revolving line of credit. The revolving credit facilities are collateralized primarily by finance receivables and inventory, are cross collateralized and contain a guarantee by the Company. Interest is payable monthly under the revolving credit facilities with a scheduled maturity date of September 29, 2024. The credit facilities provide for four pricing tiers for determining the applicable interest rate, based on the Company’s consolidated leverage ratio for the preceding fiscal quarter. The current applicable interest rate under the credit facilities is generally SOFR plus 2.75%, with a minimum of 2.25% or for non-SOFR amounts the base rate of 8.50% at October 31, 2023 and 8.25% at April 30, 2023. The credit facilities contain various reporting and performance covenants including (i) maintenance of certain financial ratios and tests, (ii) limitations on borrowings from other sources, (iii) restrictions on certain operating activities and (iv) restrictions on the payment of dividends or distributions (see note B). The Company was in compliance with the covenants at October 31, 2023. The amount available to be drawn under the credit facilities is a function of eligible finance receivables and inventory; based upon eligible finance receivables and inventory at October 31, 2023, the Company had additional availability of approximately $86.3 million under the revolving credit facilities. Non-Recourse Notes Payable The Company has issued three separate series of asset-backed non-recourse notes (known as the “2022 Issuance”, “2023-1 Issuance” and “2023-2 Issuance”). The 2022 Issuance consists of $400.0 million in principal amount of non-recourse asset-back notes issued in four classes with a weighted average fixed coupon rate of 5.14% per annum. The 2023-1 Issuance consists of $400.2 million in principal amount of non-recourse asset-back notes issued in four classes with a weighted average fixed coupon rate of 8.68% per annum, and the 2023-2 Issuance consists of $360.3 million in principal amount of non-recourse asset-back notes issued in two classes with a weighted averaged fixed coupon rate of 8.80% per annum. All three issuances are collateralized by installment sale contracts directly originated by the Company. Credit enhancement for the non-recourse notes payable consists of overcollateralization, a reserve account funded with an initial amount of not less than 2.0% of the pool balance, excess interest on the auto finance receivables, and in some cases, the subordination of certain payments to noteholders of less senior classes of notes. The timing of principal payments on the non-recourse notes payable is based on the timing of principal collections and defaults on the related auto finance receivables. Notes payable related to the term securitization transactions accrue interest predominately at fixed rates and have scheduled maturities through April 20, 2029, January 22, 2030, and June 20, 2030, respectively, but may mature earlier, depending upon repayment rate of the underlying auto finance receivables.

Note G - Fair Value Measurement

Note G - Fair Value Measurements	6 Months Ended
Note G - Fair Value Measurements	Oct. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	G Fair Value Measurements Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance also establishes a fair value hierarchy that requires the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Topic 820 describes three levels of inputs that may be used to measure fair value: ● Level 1 Inputs ● Level 2 Inputs ● Level 3 Inputs Because no market exists for certain of the Company’s financial instruments, fair value estimates are based on judgments and estimates regarding yield expectations of investors, credit risk and other risk characteristics, including interest rate and prepayment risk. These estimates are subjective in nature and involve uncertainties and matters of judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates. The methodology and assumptions utilized to estimate the fair value of the Company’s financial instruments are as follows: Financial Instrument Valuation Methodology Cash, cash equivalents, and restricted cash The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instruments (Level 1). Finance receivables, net The Company estimated the fair value of its receivables at what a third-party purchaser might be willing to pay. The Company has had discussions with third parties and has bought and sold portfolios and has had a third-party appraisal in October 2022 that indicates a range of 34% to 39% discount to face would be a reasonable fair value in a negotiated third-party transaction. The sale of finance receivables from Car-Mart of Arkansas to Colonial is made at a 38.5% discount. For financial reporting purposes these sale transactions are eliminated (Level 2). Accounts payable The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instrument (Level 2). Revolving line of credit The fair value approximates carrying value due to the variable interest rates charged on the borrowings, which reprice frequently (Level 2). Non-recourse notes payable The fair value was based upon inputs derived from prices for similar instruments at period end (Level 2). The estimated fair values, and related carrying amounts, of the financial instruments included in the Company’s financial statements at October 31, 2023 and April 30, 2023 are as follows: October 31, 2023 April 30, 2023 (In thousands) Carrying Fair Carrying Fair Cash and cash equivalents $ 4,313 $ 4,313 $ 9,796 $ 9,796 Restricted cash 90,180 90,180 58,238 58,238 Finance receivables, net 1,105,236 679,720 1,063,460 654,028 Accounts payable 22,400 22,400 27,196 27,196 Revolving line of credit, net 165,509 165,509 167,231 167,231 Non-recourse notes payable 579,030 579,085 471,367 470,209

Note H - Weighted Average Share

Note H - Weighted Average Shares Outstanding	6 Months Ended
Note H - Weighted Average Shares Outstanding	Oct. 31, 2023
Notes to Financial Statements
Weighted Average Shares Outstanding [Text Block]	H Weighted Average Shares Outstanding Weighted average shares of common stock outstanding used in the calculation of basic and diluted earnings per share were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Weighted average shares outstanding-basic 6,386,208 6,368,840 6,383,956 6,371,083 Dilutive options and restricted stock - 179,431 - 203,845 Weighted average shares outstanding-diluted 6,386,208 6,548,271 6,383,956 6,574,928 Antidilutive securities not included: Options 207,500 357,500 447,500 577,500 Restricted stock 5,033 31,227 5,033 36,359

Note I - Stock-based Compensati

Note I - Stock-based Compensation	6 Months Ended
Note I - Stock-based Compensation	Oct. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	I Stock-Based Compensation The Company has stock-based compensation plans available to grant non-qualified stock options, incentive stock options and restricted stock to employees, directors and certain advisors of the Company. The stock-based compensation plans being utilized at October 31, 2023 are the Amended and Restated Stock Option Plan and the Amended and Restated Stock Incentive Plan. The Company recorded total stock-based compensation expense for all plans of approximately $1.7 million ($1.3 million after tax effects) and $2.8 million ($2.1 million after tax effects) for the six months ended October 31, 2023 and 2022, respectively. Tax benefits were recognized for these costs at the Company’s overall effective tax rate, excluding discrete income tax benefits related to excess benefits on share-based compensation. Stock Option Plan The Company has options outstanding under a stock option plan approved by the shareholders, the Amended and Restated Stock Option Plan. The shareholders of the Company approved the Amended and Restated Stock Option Plan (the “Restated Option Plan”) on August 5, 2015, which extended the term of the Stock Option Plan to June 10, 2025 and increased the number of shares of common stock reserved for issuance under the plan by an additional 300,000 shares to 1,800,000 shares. On August 29, 2018, August 26, 2020, and August 30, 2022, the shareholders of the Company approved amendments to the Restated Option Plan increasing the number of shares of common stock reserved for issuance under the plan by an additional 200,000, 200,000 and 185,000 shares, respectively. Currently, a total of 2,385,000 shares of common stock are reserved for issuance under the plan. The Restated Option Plan provides for the grant of options to purchase shares of the Company’s common stock to employees, directors and certain advisors of the Company at a price not less than the fair market value of the stock on the date of grant and for periods not to exceed ten . Restated Option Plan Minimum exercise price as a percentage of fair market value at date of grant 100% Last expiration date for outstanding options May 1, 2033 Shares available for grant at October 31, 2023 265,000 The fair value of options granted is estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions in the table below. Six Months Ended 2023 2022 Expected terms (years) 5.5 5.5 Risk-free interest rate 3.66 % 3.59 % Volatility 58 % 55 % Dividend yield - - The expected term of the options is based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based on historical volatility of the Company’s common stock. The Company has not historically issued any dividends and does not expect to do so in the foreseeable future. There were 35,000 and 137,500 options granted during the six months ended October 31, 2023 and 2022, respectively. The grant-date fair value of options granted during the six months ended October 31, 2023 and 2022 was $1.5 million and $5.0 million, respectively. The options were granted at fair market value on the date of grant. Stock option compensation expense was $947,000 ($727,000 after tax effects) and $2.2 million ($1.7 million after tax effects) for the six months ended October 31, 2023 and 2022, respectively. As of October 31, 2023, the Company had approximately $2.9 million of total unrecognized compensation cost related to unvested options that are expected to vest. These unvested outstanding options have a weighted-average remaining vesting period of 1.5 years. The Company had the following options exercised for the periods indicated. The impact of these cash receipts is included in financing activities in the accompanying Condensed Consolidated Statements of Cash Flows. Six Months Ended (Dollars in thousands) 2023 2022 Options exercised 30,000 23,000 Cash received from option exercises $ - $ 1,216 Intrinsic value of options exercised $ 1,036 $ 1,204 During the six months ended October 31, 2023, there were 30,000 options exercised through net settlements in accordance with plan provisions, wherein the shares issued were reduced by 23,507 shares to satisfy the exercise price and applicable withholding taxes to acquire 6,493 shares. There were no The aggregate intrinsic value of outstanding options at October 31, 2023 and 2022 was $4.1 million and $5.1 million, respectively. As of October 31, 2023, there were 420,900 vested and exercisable stock options outstanding with an aggregate intrinsic value of $3.8 million, a weighted average remaining contractual life of 1.9 years, and a weighted average exercise price of $75.56. Stock Incentive Plan On August 5, 2015, the shareholders of the Company approved the Amended and Restated Stock Incentive Plan (the “Restated Incentive Plan”), which extended the term of the Company’s Stock Incentive Plan to June 10, 2025. On August 29, 2018, the shareholders of the Company approved an amendment to the Restated Stock Incentive Plan that increased the number of shares of common stock that may be issued under the Restated Incentive Plan by 100,000 shares to 450,000. For shares issued under the Stock Incentive Plan, the associated compensation expense is generally recognized equally over the vesting periods established at the award date and is subject to the employee’s continued employment by the Company. There were 5,033 As of October 31, 2023, the Company had approximately $5.0 million of total unrecognized compensation cost related to unvested awards granted under the Restated Incentive Plan, which the Company expects to recognize over a weighted-average remaining period of 3.6 years. The Company recorded compensation cost of approximately $767,000 ($589,000 after tax effects) and $548,000 ($418,000 after tax effects) related to the Restated Incentive Plan during the six months ended October 31, 2023 and 2022, respectively. There were no modifications to any of the Company’s outstanding share-based payment awards during fiscal 2023 or during the first six months of fiscal 2024.

Note J - Commitments and Contin

Note J - Commitments and Contingencies	6 Months Ended
Note J - Commitments and Contingencies	Oct. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	J Commitments and Contingencies The Company has entered into operating leases for approximately 86% of its dealership and office facilities. Generally, these leases are for periods of three five Scheduled amounts and timing of cash flows arising from operating lease payments as of October 31, 2023, discounted at the weighted average interest rate in effect as of October 31, 2023 of approximately 4.4%, are as follows: Maturity of lease liabilities 2024 (remaining) $ 4,416 2025 8,710 2026 8,275 2027 7,813 2028 7,156 Thereafter 45,230 Total undiscounted operating lease payments 81,600 Less: imputed interest (17,481 ) Present value of operating lease liabilities $ 64,119 The Company has two standby letters of credit relating to insurance policies totaling $2.9 million and $750,000 at October 31, 2023 and 2022, respectively Car-Mart of Arkansas and Colonial do not meet the affiliation standard for filing consolidated income tax returns, and as such they file separate federal and state income tax returns. Car-Mart of Arkansas routinely sells its finance receivables to Colonial at what the Company believes to be fair market value and is able to take a tax deduction at the time of sale for the difference between the tax basis of the receivables sold and the sales price. These types of transactions, based upon facts and circumstances, have been permissible under the provisions of the Internal Revenue Code as described in the Treasury Regulations. For financial accounting purposes, these transactions are eliminated in consolidation, and a deferred income tax liability has been recorded for this timing difference. The sale of finance receivables from Car-Mart of Arkansas to Colonial provides certain legal protection for the Company’s finance receivables and, principally because of certain state apportionment characteristics of Colonial, also has the effect of reducing the Company’s overall effective state income tax rate. The actual interpretation of the regulations is in part a facts and circumstances matter. The Company believes it satisfies the material provisions of the regulations. Failure to satisfy those provisions could result in the loss of a tax deduction at the time the receivables are sold and have the effect of increasing the Company’s overall effective income tax rate as well as the timing of required tax payments.

Note K - Supplemental Cash Flow

Note K - Supplemental Cash Flow Information	6 Months Ended
Note K - Supplemental Cash Flow Information	Oct. 31, 2023
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	K - Supplemental Cash Flow Information Supplemental cash flow disclosures are as follows: Six Months Ended (In thousands) 2023 2022 Supplemental disclosures: Interest paid $ 30,467 $ 15,023 Income taxes paid, net 1,299 3,888 Non-cash transactions: Inventory acquired in repossession and accident protection plan claims 69,679 61,222 Reduction in net receivables for deferred ancillary product revenue at time of charge-off 19,326 13,714 Net settlement option exercises 1,646 - Right-of-use assets obtained in exchange for operating lease liabilities - 25 Right-of-use assets obtained in exchange for operating lease liabilities through acquisitions - -

Note M - Subsequent Events

Note M - Subsequent Events	6 Months Ended
Note M - Subsequent Events	Oct. 31, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	M Subsequent Events On December 1, 2023, the Company entered into a definitive agreement to purchase the ongoing dealership assets of Allied Union Group, Inc., an Arkansas corporation doing business as Central Auto Sales located in Hot Springs, Arkansas. The acquisition of Central Auto Sales will enhance the Company’s presence in Hot Springs and expand its reconditioning capabilities.

Item 5. Other Information

Item 5. Other Information	6 Months Ended
Item 5. Other Information	Oct. 31, 2023
Notes to Financial Statements
Issuer Rule 10b5-1, Material Terms [Text Block]	During the three months ended October 31, 2023, none

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Oct. 31, 2023
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The condensed consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated.
Segment Reporting, Policy [Policy Text Block]	Segment Information Each dealership is an operating segment with its results regularly reviewed by the Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes under the current accounting guidance. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each individual dealership is similar in nature and only engages in the selling and financing of used vehicles. All individual dealerships have similar operating characteristics. As such, individual dealerships have been aggregated into one
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications Accident protection plan (“APP”) claims in the amount of approximately $11.0 million in the prior year financial statements were reclassified to conform with the current year presentation. For the year ended April 30, 2023, APP reserves of $5.7 million were reclassed out of accrued liabilities to reserve against finance receivables and $5.3 million of estimated APP insurance receivables were reclassed out of finance receivables to prepaid expenses and other assets. The reclassification had no effect on the prior year net income or shareholder’s equity.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, the Company’s allowance for credit losses.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Risk The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Illinois, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 27% of current period revenues resulting from sales to Arkansas customers. As of October 31, 2023, and periodically throughout the period, the Company maintained cash in financial institutions in excess of the amounts insured by the federal government. The cash is held in several highly rated banking institutions. The Company regularly monitors its counterparty credit risk and mitigates exposure by limiting the amount it invests in one institution.
Line of Credit Facility, Dividend Restrictions [Policy Text Block]	Restrictions on Distributions / Dividends The Company’s revolving credit facilities generally restrict distributions by the Company to its shareholders. The distribution limitations under the credit facilities allow the Company to repurchase the Company’s stock so long as either: (a) the aggregate amount of such repurchases after September 30, 2021 does not exceed $50 million, net of proceeds received from the exercise of stock options, and the total availability under the credit facilities is equal to or greater than 20% of the sum of the borrowing bases, in each case after giving effect to such repurchases (repurchases under this item are excluded from fixed charges for covenant calculations), or (b) the aggregate amount of such repurchases does not exceed 75% of the consolidated net income of the Company measured on a trailing twelve month basis; provided that immediately before and after giving effect to the Company’s stock repurchases, at least 12.5% of the aggregate funds committed under the credit facilities remain available. Thus, although the Company does routinely repurchase stock, the Company is limited in its ability to pay dividends or make other distributions to its shareholders without the consent of the Company’s lenders.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents The Company considers all highly liquid debt instruments purchased with original maturities of three months or less to be cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash is related to the financing and securitization transaction discussed below and is held by the securitization trust. Restricted cash from collections on auto finance receivables includes collections of principal, interest, and fee payments on auto finance receivables that are restricted for payment to holders of non-recourse notes payable pursuant to the applicable agreements. The restricted cash on deposit in reserve accounts is for the benefit of holders of non-recourse notes payable, and these funds are not expected to be available to the Company or its creditors. If the cash generated by the related receivables in a given period was insufficient to pay the interest, principal, and other required payments, the balances on deposit in the reserve accounts would be used to pay those amounts. Restricted cash consisted of the following at October 31, 2023 and April 30, 2023: (In thousands) October 31, 2023 April 30, 2023 Restricted cash from collections on auto finance receivables $ 54,563 $ 34,442 Restricted cash on deposit in reserve accounts 35,617 23,796 Restricted Cash $ 90,180 $ 58,238
Financing and Securitization Transactions Policy [Policy Text Block]	Financing and Securitization Transactions The Company utilizes term securitizations to provide long-term funding for a portion of the auto finance receivables initially funded through the debt facilities. In these transactions, a pool of auto finance receivables is sold to a special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust. The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred receivables, and the proceeds from the sale of the asset-backed securities are used to finance the securitized receivables. The Company is required to evaluate term securitization trusts for consolidation. In the Company’s role as servicer for each securitization, it possesses non-substantive voting rights and has the power to direct the activities of the trust that most significantly impact the economic performance of the trust. In addition, the obligation to absorb losses (subject to limitations) and the rights to receive any returns of the trust, remain with the Company. Accordingly, the Company is the primary beneficiary of the trust and is required to consolidate it. The Company recognizes transfers of auto finance receivables into the term securitization as secured borrowings, which result in recording the auto finance receivables and the related non-recourse notes payable on our consolidated balance sheet. These auto finance receivables can only be used as collateral to settle obligations of the related non-recourse notes payable. The term securitization investors have no recourse to the Company’s assets beyond the related auto finance receivables, the amounts on deposit in the reserve account, and the restricted cash from collections on auto finance receivables. See Notes C and F for additional information on auto finance receivables and non-recourse notes payable.
Financing Receivable [Policy Text Block]	Finance Receivables, Repossessions and Charge-offs and Allowance for Credit Losses The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts carry a weighted average interest rate of approximately 16.9% using the simple effective interest method including any deferred fees. In December 2022, the Company changed the interest rate on new originations of installment sale contracts to 18% (from 16.5%) in all states in which it operates, except for Arkansas (remains at 16.5%), Illinois (remains at 19.5 – 21.5%) and Smart Auto dealerships in Tennessee (which originate at up to 23.0%). Contract origination costs are not significant. The installment sale contracts are not pre-computed contracts whereby borrowers are obligated to pay back principal plus the full amount of interest that will accrue over the entire term of the contract. Finance receivables are collateralized by vehicles sold and consist of contractually scheduled payments from installment contracts net of unearned finance charges and an allowance for credit losses. Unearned finance charges represent the balance of interest receivable to be earned over the entire term of the related installment contract, less the earned amount ($7.4 million at October 31, 2023 and $6.1 million at April 30, 2023 on the Condensed Consolidated Balance Sheets), and as such, have been reflected as a reduction to the gross contract amount in arriving at the principal balance in finance receivables . An account is considered delinquent when the customer is three days or more behind on their contractual payments. While the Company does not formally place contracts on nonaccrual status, the immaterial amount of interest that may accrue after an account becomes delinquent up until the point of resolution via repossession or write-off is reserved for against the accrued interest on the Condensed Consolidated Balance Sheets. Delinquent contracts are addressed and either made current by the customer, which is the case in most situations, or the vehicle is repossessed or written off if the collateral cannot be recovered after 90 days. Customer payments are set to match their payday with approximately 78% of payments due on either a weekly or bi-weekly basis. The frequency of the payment due dates combined with the declining value of collateral lead to prompt resolutions on problem accounts. On October 31, 2023, 3.6% of the Company’s finance receivable balances were 30 days or more past due, consistent with 3.6% at April 30, 2023. Substantially all of the Company’s installment sale contracts involve contracts made to individuals with impaired or limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit. At the time of originating an installment sale contract, the Company requires customers to meet certain criteria that demonstrate their intent and ability to pay for the financed principal and interest on the vehicle they are purchasing. However, the Company recognizes that their customer base is at a higher risk of default given their impaired or limited credit histories. The Company strives to keep its delinquency percentages low, and not to repossess vehicles. Accounts one to three days late are contacted by telephone or text messaging notifications. Notes from each contact are electronically maintained in the Company’s computer system. The Company also utilizes text messaging notifications that allow customers the option to receive due date reminders and late notifications, if applicable. The Company attempts to resolve payment delinquencies amicably prior to repossessing a vehicle. If a customer becomes severely delinquent in his or her payments, and management determines that timely collection of future payments is not probable, the Company will take steps to repossess the vehicle. Periodically, the Company enters into contract modifications with its customers to extend or modify the payment terms. The Company only enters into a contract modification or extension if it believes such action will increase the amount of money the Company will ultimately realize on the customer’s account and will increase the likelihood of the customer being able to pay off the installment sale contract. At the time of modification, the Company expects to collect amounts due including accrued interest at the contractual interest rate for the period of delay. No other concessions are granted to customers, beyond the extension of additional time, at the time of modifications. Modifications are minor and are made for payday changes, minor vehicle repairs and other reasons. For those vehicles that are repossessed, the majority are returned or surrendered by the customer on a voluntary basis. Other repossessions are performed by Company personnel or third-party repossession agents. Depending on the condition of a repossessed vehicle, it is either resold on a retail basis through a Company dealership or sold for cash on a wholesale basis primarily through physical or online auctions. The Company takes steps to repossess a vehicle when the customer becomes delinquent in his or her payments and management determines that timely collection of future payments is not probable. Accounts are charged-off after the expiration of a statutory notice period for repossessed accounts, or when management determines that the timely collection of future payments is not probable for accounts where the Company has been unable to repossess the vehicle. For accounts with respect to which the vehicle was repossessed, the fair value of the repossessed vehicle is charged as a reduction of the gross finance receivables balance charged-off. On average, accounts are approximately 76 days past due at the time of charge-off. For previously charged-off accounts that are subsequently recovered, the amount of such recovery is credited to the allowance for credit losses. The amount of the net repossession and charge-off loss is also reduced by any deferred service contract and accident protection plan revenue at the time of charge-off. During the quarter ended October 31, 2023, the Company implemented third-party software to assist in calculating the Company’s allowance for credit losses. After implementing, the Company’s quantitative portion of the allowance for credit losses was measured using an undiscounted cash flow (“CF”) model. Whereby the undiscounted CF are adjusted by a prepayment rate and then the loss rate is applied and compared to the amortized cost basis of finance receivables to reflect management’s estimate of expected credit losses. The CF model is based on installment sale contract level characteristics of the Company’s finance receivables, such as the contractual payment structure, maturity date, payment frequency for recurring payments, and interest rates, as well as the following assumptions: ● a historical loss period, which represents a full economic credit cycle utilizing loss experience, to calculate the historical loss rate; and ● static annualized historical rate based on average time of charge-off; and ● expected prepayment rates based on our historical experience, which also incorporates non-standard contractual payments such as down payments made during the first ninety-days or annual seasonal payments. The Company’s allowance for credit losses also considers qualitative factors not captured within the CF modeled results such as changes in underwriting and collection practices, economic trends, changes in volume and terms of installment sales contracts, credit quality trends, installment sale contract review results, collateral trends, and concentrations of credit. The Company’s qualitative factors incorporate a macroeconomic variable forecast of inflation over a reasonable and supportable forecast period of one year that affects its customers’ non-discretionary income and ability to repay. The reasonable and supportable forecast period of one year is based on management’s current review of the reliability of extended forecasts and is applied as an adjustment to the historical loss rate. As a result of this update to our methodology and the recent performance of our loan portfolio, the Company increased the provision for credit losses by $28.0 million and decreased net income by $21.8 million, or basic earnings per share loss of $3.40 per share, upon implementation of the third-party software on our condensed consolidated statement of operations during the three months ended October 31, 2023. This change in estimate took place during the quarter ended October 31, 2023 and had no effect on past periods. The Company maintains an allowance for credit losses on an aggregate basis at an amount it considers sufficient to cover net credit losses expected over the remaining life of the installment sales contracts in the portfolio at the measurement date. At October 31, 2023, the weighted average total contract term was 47.3 months with 36.5 months remaining. The allowance for credit losses at October 31, 2023, $344 million, was 26.04% of the principal balance in finance receivables of $1.5 billion, less deferred APP revenue of $54.4 million and deferred service contract revenue of $71.4 million, less pending APP claims of $15.3 million. The allowance for credit losses is periodically reviewed by management with any changes reflected in current operations. In most states, the Company offers retail customers who finance their vehicle the option of purchasing an accident protection plan product as an add-on to the installment sale contract. This product contractually obligates the Company to cancel the remaining principal outstanding for any contract where the retail customer has totaled the vehicle, as defined by the product, or the vehicle has been stolen. The Company periodically evaluates anticipated losses to ensure that if anticipated losses exceed deferred accident protection plan revenues, an additional liability is recorded for such difference. At October 31, 2023, anticipated losses did not exceed deferred accident protection plan revenues. No such liability was required at October 31, 2023 or April 30, 2023.
Inventory, Policy [Policy Text Block]	Inventory Inventory consists of used vehicles and is valued at the lower of cost or net realizable value on a specific identification basis. Vehicle reconditioning costs are capitalized as a component of inventory. Repossessed vehicles and trade-in vehicles are recorded at fair value, which approximates wholesale value. The cost of used vehicles sold is determined using the specific identification method.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill Goodwill reflects the excess of purchase price over the fair value of specifically identified net assets purchased. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to qualitative annual impairment tests at the Company’s year-end. The impairment tests are based on the comparison of the fair value of the reporting unit to the carrying value of such unit. The implied goodwill is compared to the carrying value of the goodwill to determine the impairment, if any. There was no Goodwill totaled $11.6 million at October 31, 2023 and $11.7 million at April 30, 2023.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Expenditures for additions, remodels and improvements are capitalized. Costs of repairs and maintenance are expensed as incurred. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the lease period. The lease period includes the primary lease term plus any extensions that are reasonably assured. Depreciation is computed principally using the straight-line method generally over the following estimated useful lives: Furniture, fixtures and equipment 3 to 7 years Leasehold improvements 5 to 15 years Buildings and improvements 18 to 39 years
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long-Lived Assets Long-lived assets, such as property and equipment, capitalized internal-use software and operating lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, such assets are considered to be impaired, and the impairment is recognized to the extent that the carrying value exceeds its fair value. There were no impairment charges recognized during any of the periods presented.
Cloud Computing Implementation Costs [Policy Text Block]	Cloud Computing Implementation Costs The Company enters into cloud computing service contracts to support its sales, inventory management, and administrative activities. The Company capitalizes certain implementation costs for cloud computing arrangements that meet the definition of a service contract. The Company includes these capitalized implementation costs within prepaid expenses and other assets on the Condensed Consolidated Balance Sheets. Once placed in service, the Company amortizes these costs over the remaining subscription term to the same caption on the Condensed Consolidated Statement of Operations as the related cloud subscription.
Cash Overdraft [Policy Text Block]	Cash Overdraft As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one of the revolving credit facilities. Any cash overdraft balance principally represents outstanding checks that as of the balance sheet date had not yet been presented for payment, net of any deposits in transit. Any cash overdraft balance is reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets.
Deferred Sales Tax [Policy Text Block]	Deferred Sales Tax Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law for vehicles sold on an installment basis, the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax liabilities are reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets.
Income Tax, Policy [Policy Text Block]	Income Taxes Income taxes are accounted for under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates expected to apply in the years in which these differences are expected to be recovered or settled. The quarterly provision for income taxes is determined using an estimated annual effective tax rate, which is based on expected annual taxable income, statutory tax rates and the Company’s best estimate of nontaxable and nondeductible items of income and expense. The effective income tax rates were 23.4% and 22.7% for the six months ended October 31, 2023 and October 31, 2022, respectively. Total income tax expense for the six months ended October 31, 2023 differed from amounts computed by applying the United States federal statutory tax rates to pre-tax income primarily due to state income taxes and the impact of permanent differences between book and taxable income. The Company recorded a discrete income tax benefit of approximately $213,000 and $206,000 for the six months ended October 31, 2023 and 2022, respectively, related to excess tax benefits on share based compensation. Occasionally, the Company is audited by taxing authorities. These audits could result in proposed assessments of additional taxes. The Company believes that its tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from those of the Company, which could result in the imposition of additional taxes. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies this methodology to all tax positions for which the statute of limitations remains open. The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before fiscal 2019 The Company’s policy is to recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company had no
Revenue [Policy Text Block]	Revenue Recognition Revenues are generated principally from the sale of used vehicles, which in most cases includes a service contract and an accident protection plan product, as well as interest income and late fees earned on finance receivables. Revenues are net of taxes collected from customers and remitted to government agencies. Cost of vehicle sales include costs incurred by the Company to prepare the vehicle for sale including license and title costs, gasoline, transport services, and repairs. Revenues from the sale of used vehicles are recognized when the sales contract is signed, the customer has taken possession of the vehicle and, if applicable, financing has been approved. Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received. Revenues from the sale of service contracts are recognized ratably over the expected duration of the product. Service contract revenues are included in sales and the related expenses are included in cost of sales. Accident protection plan revenues are initially deferred and then recognized to income using the “Rule of 78’s” interest method over the life of the contract so that revenues are recognized in proportion to the amount of cancellation protection provided. Accident protection plan revenues are included in sales and related losses are included in cost of sales as incurred. Any unearned revenue from ancillary products is charged-off at the time of repossession. Interest income is recognized on all active finance receivables accounts using the simple effective interest method. Active accounts include all accounts except those that have been paid-off or charged-off. Sales for the three and six months ended October 31, 2023 and 2022 consisted of the following: Three Months Ended Six Months Ended (In thousands) 2023 2022 2023 2022 Sales – used autos $ 261,336 $ 263,743 $ 534,804 $ 522,795 Wholesales – third party 13,587 17,223 26,024 31,042 Service contract revenue 17,649 14,002 33,996 27,188 Accident protection plan revenue 9,629 8,586 18,946 17,006 Total $ 302,200 $ 303,554 $ 613,769 $ 598,031 At October 31, 2023 and 2022, finance receivables more than 90 days past due were approximately $7.4 million and $3.5 million, respectively. Late fee revenues totaled approximately $2.4 million and $2.0 million for the six months ended October 31, 2023 and 2022, respectively. Late fees are recognized when collected and are reflected in interest and other income on the Condensed Consolidated Statements of Operations. The amount of revenue recognized for the six months ended October 31, 2023 that was included in the April 30, 2023 deferred service contract revenue was $22.1 million.
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share Basic earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period plus dilutive common stock equivalents. The calculation of diluted earnings per share takes into consideration the potentially dilutive effect of common stock equivalents, such as outstanding stock options and non-vested restricted stock, which if exercised or converted into common stock would then share in the earnings of the Company. In computing diluted earnings per share, the Company utilizes the treasury stock method and anti-dilutive securities are excluded.
Share-Based Payment Arrangement [Policy Text Block]	Stock-Based Compensation The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The Company may issue either new shares or treasury shares upon exercise of these awards. Stock-based compensation plans, related expenses, and assumptions used in the Black-Scholes option pricing model are more fully described in Note I. If an award contains a performance condition, expense is recognized only for those shares for which it is considered reasonably probable as of the current period end that the performance condition will be met. The Company accounts for forfeitures as they occur and records any excess tax benefits or deficiencies from its equity awards in its Consolidated Statements of Operations in the reporting period in which the exercise occurs. The Company recorded a discrete income tax benefit of approximately $213,000 and $206,000 for the six months ended October 31, 2023 and 2022, respectively. As a result, the Company’s income tax expenses and associated effective tax rate will be impacted by fluctuations in stock price between the grant dates and exercise dates of equity awards.
Treasury Stock [Policy Text Block]	Treasury Stock Treasury stock may be used for issuances under the Company’s stock-based compensation plans or for other general corporate purposes. The Company has a reserve account of 10,000 shares of treasury stock to secure outstanding service contracts issued in Iowa in accordance with the regulatory requirements of that state and another reserve account of 14,000 shares of treasury stock for its subsidiary, ACM Insurance Company, in accordance with the requirements of the Arkansas Department of Insurance.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Occasionally, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies which the Company will adopt as of the specified effective date. Unless otherwise discussed, the Company believes the implementation of recently issued standards which are not yet effective will not have a material impact on its consolidated financial statements upon adoption. Adopted in the Current Period In March 2022, the FASB issued an accounting pronouncement (ASU 2022-02) related to troubled debt restructurings (“TDRs”) and vintage disclosures for financing receivables. The amendments in this update eliminate the accounting guidance for TDRs by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current period gross write-offs by year of origination for financing receivables. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this standard on May 1, 2023 under a prospective basis. In regard to installment sale contract modifications, management notes that the Company primarily modifies a customer’s installment sale contract to allow for insignificant payment delays. This type of modification is generally done to account for payday changes for the customer and minor vehicle repairs.

Note B - Summary of Significa_2

Note B - Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Oct. 31, 2023
Notes Tables
Restrictions on Cash and Cash Equivalents [Table Text Block]	(In thousands) October 31, 2023 April 30, 2023 Restricted cash from collections on auto finance receivables $ 54,563 $ 34,442 Restricted cash on deposit in reserve accounts 35,617 23,796 Restricted Cash $ 90,180 $ 58,238
Property, Plant, and Equipment Useful Life [Table Text Block]	Furniture, fixtures and equipment 3 to 7 years Leasehold improvements 5 to 15 years Buildings and improvements 18 to 39 years
Revenue from External Customers by Products and Services [Table Text Block]	Three Months Ended Six Months Ended (In thousands) 2023 2022 2023 2022 Sales – used autos $ 261,336 $ 263,743 $ 534,804 $ 522,795 Wholesales – third party 13,587 17,223 26,024 31,042 Service contract revenue 17,649 14,002 33,996 27,188 Accident protection plan revenue 9,629 8,586 18,946 17,006 Total $ 302,200 $ 303,554 $ 613,769 $ 598,031

Note C - Finance Receivables,_2

Note C - Finance Receivables, Net (Tables)	6 Months Ended
Note C - Finance Receivables, Net (Tables)	Oct. 31, 2023
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(In thousands) October 31, 2023 April 30, 2023 Gross contract amount $ 1,872,863 $ 1,752,149 Less: unearned finance charges (409,465 ) (378,777 ) Principal balance 1,463,398 1,373,372 Less: estimated insurance receivables for APP claims (7,237 ) (5,694 ) Less: allowance for APP claims (7,305 ) (5,310 ) Less: allowance for credit losses (344,330 ) (299,608 ) Finance receivables, net 1,104,526 1,062,760 Loan origination costs 710 700 Finance receivables, net, including loan origination costs 1,105,236 1,063,460
Change In Finance Receivables Net [Table Text Block]	Six Months Ended (In thousands) 2023 2022 Balance at beginning of period $ 1,062,760 $ 855,423 Finance receivable originations 580,082 580,838 Finance receivable collections (218,208 ) (206,358 ) Provision for credit losses (231,718 ) (165,068 ) Losses on claims for accident protection plan (15,173 ) (11,232 ) Inventory acquired in repossession and accident protection plan claims (73,217 ) (76,042 ) Balance at end of period $ 1,104,526 $ 977,561
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Six Months Ended (In thousands) 2023 2022 Balance at beginning of period $ 299,608 $ 237,823 Provision for credit losses 231,718 165,068 Charge-offs (255,685 ) (190,609 ) Recovered collateral 68,689 60,448 Balance at end of period $ 344,330 $ 272,730
Financing Receivable, Past Due [Table Text Block]	(Dollars in thousands) October 31, 2023 April 30, 2023 October 31, 2022 Principal Percent of Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Balance Portfolio Current $ 1,121,215 76.62 % $ 1,166,860 84.96 % $ 1,028,291 81.63 % 3 - 29 days past due 290,123 19.83 % 156,943 11.43 % 185,434 14.72 % 30 - 60 days past due 37,602 2.57 % 37,214 2.71 % 35,258 2.80 % 61 - 90 days past due 7,068 0.48 % 8,407 0.61 % 7,151 0.57 % > 90 days past due 7,390 0.51 % 3,948 0.29 % 3,515 0.28 % Total $ 1,463,398 100.00 % $ 1,373,372 100.00 % $ 1,259,649 100.00 %
Financing Receivable Credit Quality Indicators [Table Text Block]	Six Months Ended 2023 2022 Average total collected per active customer per month $ 534 $ 515 Principal collected as a percent of average finance receivables 15.2 % 17.4 % Average down-payment percentage 4.9 % 5.2 % Average originating contract term (in months 44.1 42.7 As of October 31, 2023 October 31, 2022 Portfolio weighted average contract term, including modifications (in months 47.3 44.8
Schedule of Financing Receivable by Fiscal Year of Origination [Table Text Block]	(Dollars in thousands) Fiscal Year of Origination Prior to Customer Rating 2024 2023 2022 2021 2020 2020 Total % 1-2 $ 26,044 $ 23,346 $ 7,271 $ 1,127 $ 150 $ 13 $ 57,951 4.0 % 3-4 $ 189,850 $ 190,995 $ 64,672 $ 11,479 $ 643 $ 246 $ 457,885 31.3 % 5-6 $ 317,130 $ 411,515 $ 178,564 $ 37,177 $ 2,485 $ 691 $ 947,562 64.8 % Total $ 533,024 $ 625,856 $ 250,507 $ 49,783 $ 3,278 $ 950 $ 1,463,398 100.0 % Gross charge-offs $ 36,228 $ 153,765 $ 54,307 $ 10,301 $ 791 $ 293 $ 255,685 (Dollars in thousands) Fiscal Year of Origination Prior to Customer Rating 2023 2022 2021 2020 2019 2019 Total % 1-2 $ 23,888 $ 22,264 $ 5,838 $ 741 $ 12 $ - $ 52,743 4.2 % 3-4 $ 174,553 $ 167,298 $ 48,272 $ 4,422 $ 157 $ 9 $ 394,711 31.3 % 5-6 $ 329,882 $ 359,342 $ 110,775 $ 11,677 $ 505 $ 14 $ 812,195 64.5 % Total $ 528,323 $ 548,904 $ 164,885 $ 16,840 $ 674 $ 23 $ 1,259,649 100.0 %

Note D - Property and Equipme_2

Note D - Property and Equipment, Net (Tables)	6 Months Ended
Note D - Property and Equipment, Net (Tables)	Oct. 31, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	(In thousands) October 31, 2023 April 30, 2023 Land $ 11,998 $ 12,386 Buildings and improvements 23,439 20,894 Furniture, fixtures and equipment 19,559 18,989 Leasehold improvements 49,533 47,315 Construction in progress 2,226 7,176 Less: accumulated depreciation and amortization (47,020 ) (45,078 ) Total $ 59,735 $ 61,682

Note E - Accrued Liabilities (T

Note E - Accrued Liabilities (Tables)	6 Months Ended
Note E - Accrued Liabilities (Tables)	Oct. 31, 2023
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	(In thousands) October 31, 2023 April 30, 2023 Employee compensation $ 10,139 $ 11,197 Deferred sales tax (see Note B) 8,571 8,543 Fair value of contingent consideration 1,943 1,943 Other 7,546 6,229 Total $ 28,199 $ 27,912

Note F - Debt Facilities (Table

Note F - Debt Facilities (Tables)	6 Months Ended
Note F - Debt Facilities (Tables)	Oct. 31, 2023
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	(In thousands) October 31, 2023 April 30, 2023 Revolving line of credit $ 166,364 $ 168,516 Debt issuance costs (855 ) (1,285 ) Revolving line of credit, net $ 165,509 $ 167,231 Non-recourse notes payable - 2022 Issuance $ 52,668 $ 134,137 Non-recourse notes payable - 2023-1 Issuance 235,672 338,777 Non-recourse notes payable - 2023-2 Issuance 293,979 - Debt issuance costs (3,289 ) (1,547 ) Non-recourse notes payable, net $ 579,030 $ 471,367 Total debt $ 744,539 $ 638,598

Note G - Fair Value Measureme_2

Note G - Fair Value Measurements (Tables)	6 Months Ended
Note G - Fair Value Measurements (Tables)	Oct. 31, 2023
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	October 31, 2023 April 30, 2023 (In thousands) Carrying Fair Carrying Fair Cash and cash equivalents $ 4,313 $ 4,313 $ 9,796 $ 9,796 Restricted cash 90,180 90,180 58,238 58,238 Finance receivables, net 1,105,236 679,720 1,063,460 654,028 Accounts payable 22,400 22,400 27,196 27,196 Revolving line of credit, net 165,509 165,509 167,231 167,231 Non-recourse notes payable 579,030 579,085 471,367 470,209

Note H - Weighted Average Sha_2

Note H - Weighted Average Shares Outstanding (Tables)	6 Months Ended
Note H - Weighted Average Shares Outstanding (Tables)	Oct. 31, 2023
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended Six Months Ended 2023 2022 2023 2022 Weighted average shares outstanding-basic 6,386,208 6,368,840 6,383,956 6,371,083 Dilutive options and restricted stock - 179,431 - 203,845 Weighted average shares outstanding-diluted 6,386,208 6,548,271 6,383,956 6,574,928 Antidilutive securities not included: Options 207,500 357,500 447,500 577,500 Restricted stock 5,033 31,227 5,033 36,359

Note I - Stock-based Compensa_2

Note I - Stock-based Compensation (Tables)	6 Months Ended
Note I - Stock-based Compensation (Tables)	Oct. 31, 2023
Notes Tables
Stock Option Plan Comparison [Table Text Block]	Restated Option Plan Minimum exercise price as a percentage of fair market value at date of grant 100% Last expiration date for outstanding options May 1, 2033 Shares available for grant at October 31, 2023 265,000
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended 2023 2022 Expected terms (years) 5.5 5.5 Risk-free interest rate 3.66 % 3.59 % Volatility 58 % 55 % Dividend yield - -
Schedule of Share-based Compensation, Stock Options, Exercises [Table Text Block]	Six Months Ended (Dollars in thousands) 2023 2022 Options exercised 30,000 23,000 Cash received from option exercises $ - $ 1,216 Intrinsic value of options exercised $ 1,036 $ 1,204

Note J - Commitments and Cont_2

Note J - Commitments and Contingencies (Tables)	6 Months Ended
Note J - Commitments and Contingencies (Tables)	Oct. 31, 2023
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Maturity of lease liabilities 2024 (remaining) $ 4,416 2025 8,710 2026 8,275 2027 7,813 2028 7,156 Thereafter 45,230 Total undiscounted operating lease payments 81,600 Less: imputed interest (17,481 ) Present value of operating lease liabilities $ 64,119

Note K - Supplemental Cash Fl_2

Note K - Supplemental Cash Flow Information (Tables)	6 Months Ended
Note K - Supplemental Cash Flow Information (Tables)	Oct. 31, 2023
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Six Months Ended (In thousands) 2023 2022 Supplemental disclosures: Interest paid $ 30,467 $ 15,023 Income taxes paid, net 1,299 3,888 Non-cash transactions: Inventory acquired in repossession and accident protection plan claims 69,679 61,222 Reduction in net receivables for deferred ancillary product revenue at time of charge-off 19,326 13,714 Net settlement option exercises 1,646 - Right-of-use assets obtained in exchange for operating lease liabilities - 25 Right-of-use assets obtained in exchange for operating lease liabilities through acquisitions - -

Note A - Organization and Bus_2

Note A - Organization and Business (Details Textual)	6 Months Ended
Note A - Organization and Business (Details Textual)	Oct. 31, 2023
Number of Operating Subsidiaries	2
Number of Dealerships Operated	153

Note B - Summary of Significa_3

Note B - Summary of Significant Accounting Policies (Details Textual)	1 Months Ended	3 Months Ended				6 Months Ended
	Dec. 31, 2022	Oct. 31, 2023 USD ($) $ / shares	Jul. 31, 2023 USD ($)	Oct. 31, 2022 USD ($) $ / shares	Jul. 31, 2022 USD ($)	Oct. 31, 2023 USD ($) $ / shares shares	Oct. 31, 2022 USD ($) $ / shares	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)
Number of Reportable Segments						1
Financing Receivables, Allowance for APP Claims		$ 7,305,000				$ 7,305,000		$ 5,310,000
Financing Receivable, Insurance Receivables for APP Claims		7,237,000				$ 7,237,000		5,694,000
Average Finance Receivable Interest Rate						16.90%
Financing Receivable Interest Rate	16.50%					18%
Interest Receivable		$ 7,363,000				$ 7,363,000		$ 6,115,000
Finance Receivables, Customer Payments Due Either Weekly or Bi-Weekly, Percentage						78%
Financing Receivable, Greater Than or Equal to 30 Days Past Due, Percent of Portfolio		3.60%				3.60%		3.60%
Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period (Day)						76 days
Financing Receivable, Allowance for Credit Loss		$ 344,330,000		$ 272,730,000		$ 344,330,000	$ 272,730,000	$ 299,608,000	$ 237,823,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$ (27,463,000)	$ 4,186,000	$ 3,139,000	$ 13,697,000	$ (23,277,000)	$ 16,836,000
Earnings Per Share, Basic \| $ / shares		$ (4.3)		$ 0.49		$ (3.65)	$ 2.64
Financing Receivable, Weighted Average Total Contract Term (Month)						47 months 9 days
Financing Receivable, Remaining Contract Term (Month)						36 months 15 days
Finance Receivables, Allowance, Percent of Principle Balance		26.04%				26.04%
Finance Receivable, Principal Balance		$ 1,463,398,000		$ 1,259,649,000		$ 1,463,398,000	$ 1,259,649,000	1,373,372,000
Goodwill, Impairment Loss						0
Goodwill		11,600,000				11,600,000		11,700,000
Effective Income Tax Rate Reconciliation, Percent							22.70%
Tax Adjustments, Settlements, and Unusual Provisions						$ 213,000	$ 206,000
Open Tax Year						2019 2020 2021 2022 2023
Income Tax Examination, Penalties and Interest Accrued		0				$ 0		0
Financing Receivable, Recorded Investment Greater Than 90 Days Past Due		7,400,000		$ 3,500,000		7,400,000	3,500,000
Late Fee Income Generated by Servicing Financial Assets, Amount						2,400,000	$ 2,000,000
Contract with Customer, Liability, Revenue Recognized						$ 22,100,000
Treasury Stock Shares to Establish Reserve Account to Secure Service Contracts \| shares						10,000
ACM Insurance Company [Member]
Treasury Stock, Shares to Establish Reserve Account to Meet Regulatory Requirements for Insurance Company \| shares						14,000
Accident Protection Plan [Member]
Contract with Customer, Liability		54,400,000				$ 54,400,000
Service Contract [Member]
Contract with Customer, Liability		71,446,000				71,446,000		67,404,000
Accident Protection Plan Claims [Member]
Contract with Customer, Refund Liability		15,300,000				15,300,000
Change in Accounting Method Accounted for as Change in Estimate [Member]
Financing Receivable, Allowance for Credit Loss		28,000,000				$ 28,000,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$ (21,800,000)
Earnings Per Share, Basic \| $ / shares		$ (3.4)
Maximum [Member]
Financing Receivable Interest Rate						18%
Revolving Credit Facility [Member]
Line of Credit Facility, Distribution Limitations, Maximum Aggregate Amount of Stock Repurchases						$ 50,000,000
Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases						20%
Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income						75%
Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available						12.50%
ARKANSAS
Financing Receivable Interest Rate						16.50%
ARKANSAS \| Maximum [Member]
Financing Receivable Interest Rate						16.50%
ILLINOIS \| Minimum [Member]
Financing Receivable Interest Rate						19.50%
ILLINOIS \| Maximum [Member]
Financing Receivable Interest Rate						21.50%
TENNESSEE
Financing Receivable Interest Rate						23%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Arkansas, USA [Member]
Concentration Risk, Percentage						27%
Revision of Prior Period, Reclassification, Adjustment [Member]
Accident Protection Plan Claims								11,000,000
Financing Receivables, Allowance for APP Claims								5,700,000
Financing Receivable, Insurance Receivables for APP Claims								$ 5,300,000

Note B - Summary of Significa_4

Note B - Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Restricted Cash	$ 90,180	$ 58,238
Collections On Auto Finance Receivables [Member]
Restricted Cash	54,563	34,442
Deposit in Reserve Accounts [Member]
Restricted Cash	$ 35,617	$ 23,796

Note B - Summary of Significa_5

Note B - Summary of Significant Accounting Policies - Property and Equipment, Estimated Useful Lives (Details)	Oct. 31, 2023
Minimum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Minimum [Member] \| Leasehold Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Minimum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	18 years
Maximum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)	7 years
Maximum [Member] \| Leasehold Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years
Maximum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	39 years

Note B - Summary of Significa_6

Note B - Summary of Significant Accounting Policies - Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Sales	$ 302,200	$ 303,554	$ 613,769	$ 598,031
Sales Used Autos [Member]
Sales	261,336	263,743	534,804	522,795
Wholesales Third Party [Member]
Sales	13,587	17,223	26,024	31,042
Service Contract Sales [Member]
Sales	17,649	14,002	33,996	27,188
Payment Protection Plan Revenue [Member]
Sales	$ 9,629	$ 8,586	$ 18,946	$ 17,006

Note C - Finance Receivables,_3

Note C - Finance Receivables, Net (Details Textual)	1 Months Ended	3 Months Ended	6 Months Ended
Note C - Finance Receivables, Net (Details Textual)	Dec. 31, 2022	Oct. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)
Financing Receivable Interest Rate	16.50%		18%
Finance Receivables, Number of Loan Classes		1	1
Finance Receivables, Number of Risk Pools		1	1
Financing Receivable, Allowance for Credit Loss, Recovery			$ 1,400,000	$ 1,200,000
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)		$ 28,000,000	$ 44,700,000
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease), Percentage			14.90%
Collections as Percentage of Average Financing Receivables			3.70%
Increase (Decrease) in Average Selling Price			$ 869
Increase (Decrease) in Average Selling Price, Percentage			4.80%
ARKANSAS
Financing Receivable Interest Rate			16.50%
TENNESSEE
Financing Receivable Interest Rate			23%
Maximum [Member]
Financing Receivable Interest Rate			18%
Financing Receivable Payment Period			69 months
Maximum [Member] \| ARKANSAS
Financing Receivable Interest Rate			16.50%
Maximum [Member] \| ILLINOIS
Financing Receivable Interest Rate			21.50%
Minimum [Member]
Financing Receivable Payment Period			18 months
Minimum [Member] \| ILLINOIS
Financing Receivable Interest Rate			19.50%

Note C - Finance Receivables,_4

Note C - Finance Receivables, Net - Components of Finance Receivables (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023	Oct. 31, 2022	Apr. 30, 2022
Gross contract amount	$ 1,872,863	$ 1,752,149
Less unearned finance charges	(409,465)	(378,777)
Principal balance	1,463,398	1,373,372	$ 1,259,649
Less: estimated insurance receivables for APP claims	(7,237)	(5,694)
Less: allowance for APP claims	(7,305)	(5,310)
Less: allowance for credit losses	(344,330)	(299,608)	(272,730)	$ (237,823)
Finance receivables, net	1,104,526	1,062,760	$ 977,561	$ 855,423
Loan origination costs	710	700
Finance receivables, net, including loan origination costs	$ 1,105,236	$ 1,063,460

Note C - Finance Receivables,_5

Note C - Finance Receivables, Net - Changes in Finance Receivables (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Balance at beginning of period	$ 1,062,760	$ 855,423
Finance receivable originations	580,082	580,838
Finance receivable collections	(218,208)	(206,358)
Provision for credit losses	(231,718)	(165,068)
Losses on claims for accident protection plan	(15,173)	(11,232)
Inventory acquired in repossession and accident protection plan claims	(73,217)	(76,042)
Balance at end of period	$ 1,104,526	$ 977,561

Note C - Finance Receivables,_6

Note C - Finance Receivables, Net - Changes in the Finance Receivables Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Balance at beginning of period			$ 299,608	$ 237,823
Provision for credit losses	$ 135,395	$ 88,828	231,718	165,068
Charge-offs			(255,685)	(190,609)
Recovered collateral			68,689	60,448
Balance at end of period	$ 344,330	$ 272,730	$ 344,330	$ 272,730

Note C - Finance Receivables,_7

Note C - Finance Receivables, Net - Credit Quality Information for Finance Receivables (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023	Oct. 31, 2022
Principle Balance	$ 1,463,398	$ 1,373,372	$ 1,259,649
Percent of Portfolio	100%	100%	100%
Financial Asset, Not Past Due [Member]
Principle Balance	$ 1,121,215	$ 1,166,860	$ 1,028,291
Percent of Portfolio		84.96%	81.63%
Financial Asset, Past Due [Member]
Percent of Portfolio	76.62%
Financial Asset, 3 to 29 Days Past Due [Member]
Principle Balance	$ 290,123	$ 156,943	$ 185,434
Percent of Portfolio	19.83%	11.43%	14.72%
Financial Asset, 30 to 59 Days Past Due [Member]
Principle Balance	$ 37,602	$ 37,214	$ 35,258
Percent of Portfolio	2.57%	2.71%	2.80%
Financial Asset, 60 to 89 Days Past Due [Member]
Principle Balance	$ 7,068	$ 8,407	$ 7,151
Percent of Portfolio	0.48%	0.61%	0.57%
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Principle Balance	$ 7,390	$ 3,948	$ 3,515
Percent of Portfolio	0.51%	0.29%	0.28%

Note C - Finance Receivables,_8

Note C - Finance Receivables, Net - Financing Receivables Analysis (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Average total collected per active customer per month	$ 534	$ 515
Portfolio weighted average contract term, including modifications (in months) (Month)	47 months 9 days	44 months 24 days
Principal collected as a percent of average finance receivables	15.20%	17.40%
Average down-payment percentage	4.90%	5.20%
Average originating contract term (in months) (Month)	44 months 3 days	42 months 21 days

Note C - Finance Receivables,_9

Note C - Finance Receivables, Net - Finance Receivable Summarized by Fiscal Year of Origination (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Apr. 30, 2023
Current year, principal balance	$ 533,024	$ 528,323
Year two, principal balance	625,856	548,904
Year three, principal balance	250,507	164,885
Year four, principal balance	49,783	16,840
Year five, principal balance	3,278	674
Prior, principal balance	950	23
Finance Receivable, Principal Balance	$ 1,463,398	$ 1,259,649	$ 1,373,372
Principal balance, percentage	100%	100%	100%
Charge-offs, current year	$ 36,228
Charge-offs, year two	153,765
Charge-offs, year three	54,307
Charge-offs, year four	10,301
Charge-offs, year five	791
Charge-offs, prior	293
Charge-offs	255,685	$ 190,609
Customer Score 1-2 [Member]
Current year, principal balance	26,044	23,888
Year two, principal balance	23,346	22,264
Year three, principal balance	7,271	5,838
Year four, principal balance	1,127	741
Year five, principal balance	150	12
Prior, principal balance	13	0
Finance Receivable, Principal Balance	$ 57,951	$ 52,743
Principal balance, percentage	4%	4.20%
Customer Score 3-4 [Member]
Current year, principal balance	$ 189,850	$ 174,553
Year two, principal balance	190,995	167,298
Year three, principal balance	64,672	48,272
Year four, principal balance	11,479	4,422
Year five, principal balance	643	157
Prior, principal balance	246	9
Finance Receivable, Principal Balance	$ 457,885	$ 394,711
Principal balance, percentage	31.30%	31.30%
Customer Score 5-6 [Member]
Current year, principal balance	$ 317,130	$ 329,882
Year two, principal balance	411,515	359,342
Year three, principal balance	178,564	110,775
Year four, principal balance	37,177	11,677
Year five, principal balance	2,485	505
Prior, principal balance	691	14
Finance Receivable, Principal Balance	$ 947,562	$ 812,195
Principal balance, percentage	64.80%	64.50%

Note D - Property and Equipme_3

Note D - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Less accumulated depreciation and amortization	$ (47,020)	$ (45,078)
Total	59,735	61,682
Land [Member]
Property and equipment	11,998	12,386
Building and Building Improvements [Member]
Property and equipment	23,439	20,894
Furniture, Fixtures and Equipment [Member]
Property and equipment	19,559	18,989
Leasehold Improvements [Member]
Property and equipment	49,533	47,315
Construction in Progress [Member]
Property and equipment	$ 2,226	$ 7,176

Note E - Accrued Liabilities -

Note E - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Employee compensation	$ 10,139	$ 11,197
Deferred sales tax (see Note B)	8,571	8,543
Fair value of contingent consideration	1,943	1,943
Other	7,546	6,229
Total	$ 28,199	$ 27,912

Note F - Debt Facilities (Detai

Note F - Debt Facilities (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Oct. 31, 2023	Apr. 30, 2023	Sep. 29, 2019
Non Recourse Notes Payable, 2022 Issuance [Member]
Debt Instrument, Face Amount	$ 400
Weighted Average Fixed Coupon Rate, Percent	5.14%
Non Recourse Notes Payable, 2023 Issuance [Member]
Debt Instrument, Face Amount	$ 400.2
Weighted Average Fixed Coupon Rate, Percent	8.68%
Non Recourse Notes Payable, 2023-2 Issuance [Member]
Debt Instrument, Face Amount	$ 360.3
Weighted Average Fixed Coupon Rate, Percent	8.80%
Notes Payable [Member]
Minimum Percent of Pool Balance	2%
Revolving Credit Facility [Member] \| BMO Harris Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 600
Debt Instrument, Interest Rate, Effective Percentage	8.50%	8.25%
Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature	$ 86.3
Revolving Credit Facility [Member] \| BMO Harris Bank [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Effective Percentage	2.25%
Revolving Credit Facility [Member] \| BMO Harris Bank [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%

Note F - Debt Facilities - Summ

Note F - Debt Facilities - Summary of Debt Facilities (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Revolving line of credit, net	$ 165,509	$ 167,231
Non-recourse notes payable, net	579,030	471,367
Total debt	744,539	638,598
Line of Credit [Member]
Debt facilities, gross	166,364	168,516
Debt issuance costs	(855)	(1,285)
Non Recourse Notes Payable, 2022 Issuance [Member]
Debt facilities, gross	52,668	134,137
Non Recourse Notes Payable, 2023 Issuance [Member]
Debt facilities, gross	235,672	338,777
Non Recourse Notes Payable, 2023-2 Issuance [Member]
Debt facilities, gross	293,979	0
Notes Payable [Member]
Debt issuance costs	$ (3,289)	$ (1,547)

Note G - Fair Value Measureme_3

Note G - Fair Value Measurements (Details Textual)	1 Months Ended
Note G - Fair Value Measurements (Details Textual)	Oct. 31, 2022
Fair Value Inputs, Discount Rate, Intercompany Transactions	38.50%
Measurement Input, Discount Rate [Member] \| Minimum [Member]
Receivables, Measurement Input	34%
Measurement Input, Discount Rate [Member] \| Maximum [Member]
Receivables, Measurement Input	39%

Note G - Fair Value Measureme_4

Note G - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Finance receivables, net	$ 679,720	$ 654,028
Reported Value Measurement [Member]
Cash and cash equivalents	4,313	9,796
Restricted cash	90,180	58,238
Finance receivables, net	1,105,236	1,063,460
Accounts payable	22,400	27,196
Revolving line of credit, net	165,509	167,231
Non-recourse notes payable	579,030	471,367
Estimate of Fair Value Measurement [Member]
Cash and cash equivalents	4,313	9,796
Restricted cash	90,180	58,238
Accounts payable	22,400	27,196
Revolving line of credit, net	165,509	167,231
Non-recourse notes payable	$ 579,085	$ 470,209

Note H - Weighted Average Sha_3

Note H - Weighted Average Shares Outstanding - Weighted Average Shares of Common Stock Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Weighted average shares outstanding-basic (in shares)	6,386,208	6,368,840	6,383,956	6,371,083
Dilutive options and restricted stock (in shares)	0	179,431	0	203,845
Weighted average shares outstanding-diluted (in shares)	6,386,208	6,548,271	6,383,956	6,574,928
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	207,500	357,500	447,500	577,500
Restricted Stock [Member]
Antidilutive securities (in shares)	5,033	31,227	5,033	36,359

Note I - Stock-based Compensa_3

Note I - Stock-based Compensation (Details Textual) - USD ($)					6 Months Ended
	Aug. 30, 2022	Aug. 26, 2020	Aug. 29, 2018	Aug. 05, 2015	Oct. 31, 2023	Oct. 31, 2022	Aug. 28, 2018
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)					35,000	137,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value					$ 1,500,000	$ 5,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options Exercised Through Net Settlements					30,000	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Reduction in Shares Issued to Satisfy the Exercise Price and Applicable Withholding Taxes (in shares)					23,507
Share-based Compensation Arrangement by Share-based Payment Award, Options Exercised Through Net Settlements, Net of Shares to Satisfy the Exercise Price and Applicable Withholding Taxes (in shares)					6,493
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value					$ 4,100,000	$ 5,100,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares)					420,900
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value					$ 3,800,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term (Year)					1 year 10 months 24 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in dollars per share)					$ 75.56
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)					265,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense					$ 947,000,000,000	2,200,000
Share-Based Payment Arrangement, Expense, after Tax					727,000,000,000	1,700,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total					$ 2,900,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					1 year 6 months
Restated Option Plan [Member]
Share-Based Payment Arrangement, Expense					$ 1,700,000	2,800,000
Share-Based Payment Arrangement, Expense, after Tax					$ 1,300,000	2,100,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized	185,000	200,000	200,000	300,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized				1,800,000	2,385,000
Restated Option Plan [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period				10 years
Stock Incentive Plan [Member]
Share-Based Payment Arrangement, Expense					$ 767,000	548,000
Share-Based Payment Arrangement, Expense, after Tax					$ 589,000	$ 418,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized			450,000				100,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)					161,001
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)					$ 63.81
Stock Incentive Plan [Member] \| Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total					$ 5,000,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					3 years 7 months 6 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					0	27,132
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)					70,026

Note I - Stock-based Compensa_4

Note I - Stock-based Compensation - Stock Option Plan Comparison (Details)	6 Months Ended
	Oct. 31, 2023 shares
Minimum exercise price as a percentage of fair market value at date of grant	100%
Last expiration date for outstanding options	May 01, 2033
Shares available for grant at July 31, 2022 (in shares)	265,000

Note I - Stock-based Compensa_5

Note I - Stock-based Compensation - Options Valuation Assumptions (Details)	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Expected terms (years) (Year)	5 years 6 months	5 years 6 months
Risk-free interest rate	3.66%	3.59%
Volatility	58%	55%

Note I - Stock-based Compensa_6

Note I - Stock-based Compensation - Options Exercised (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Options exercised (in shares)	30,000	23,000
Cash received from option exercises	$ 0	$ 1,216
Intrinsic value of options exercised	$ 1,036	$ 1,204

Note J - Commitments and Cont_3

Note J - Commitments and Contingencies (Details Textual) - USD ($)	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Operating Lease, Percent of Facilities Leased	86%
Operating Lease, Expense	$ 4,500,000	$ 4,400,000
Operating Lease, Weighted Average Discount Rate, Percent	4.40%
Letters of Credit Outstanding, Amount	$ 2,900,000	$ 750,000
Minimum [Member] \| Dealership Leases [Member]
Lessee, Operating Lease, Term of Contract (Year)	3 years
Maximum [Member] \| Dealership Leases [Member]
Lessee, Operating Lease, Term of Contract (Year)	5 years

Note J - Commitments and Cont_4

Note J - Commitments and Contingencies - Future Lease Obligations (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
2024 (remaining)	$ 4,416
2025	8,710
2026	8,275
2027	7,813
2028	7,156
Thereafter	45,230
Total undiscounted operating lease payments	81,600
Less: imputed interest	(17,481)
Present value of operating lease liabilities	$ 64,119	$ 62,300

Note K - Supplemental Cash Fl_3

Note K - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Interest paid	$ 30,467	$ 15,023
Income taxes paid, net	1,299	3,888
Inventory acquired in repossession and accident protection plan claims	69,679	61,222
Reduction in net receivables for deferred ancillary product revenue at time of charge-off	19,326	13,714
Net settlement option exercises	1,646	0
Right-of-use assets obtained in exchange for operating lease liabilities	0	25
Right-of-use assets obtained in exchange for operating lease liabilities through acquisitions	$ 0	$ 0

Item 5. Other Information (Deta

Item 5. Other Information (Details Textual) item in Thousands	6 Months Ended
	Oct. 31, 2023 item
Issuer Rule 10b5-1, Adopted or Terminated	0