----

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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

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**FORM 10-K/A**

**(Mark      One)**

| **x** | **ANNUAL                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES                EXCHANGE ACT OF 1934** |
|-------|----------------------------------------------------------------------------------------------------------------------------------|

**For      the fiscal year ended April 30, 2007**

**OR**

| **o** | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES                EXCHANGE ACT OF 1934** |
|-------|--------------------------------------------------------------------------------------------------------------------------------------|

**For      the transition period from  _______  to      ______________**

**Commission      file number 0-14939**

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**AMERICA’S      CAR-MART, INC.**

| **Texas**                                                                                             | **63-0851141**                                      |
|-------------------------------------------------------------------------------------------------------|-----------------------------------------------------|
| (State                or other jurisdiction of incorporation or organization)                         | (IRS                Employer Identification Number) |
|                                                                                                  |                                                |
| **802                Southeast Plaza Avenue, Suite 200****Bentonville,                Arkansas** | **72712**                                           |
| (Address                of principal executive offices)                                               | (Zip                Code)                           |

**(479) 464-9944**

**NONE**

**Common      Stock, $.01 par value**

**DOCUMENTS      INCORPORATED BY REFERENCE**

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**EXPLANATORY      NOTE**

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**Item      8.  Financial Statements and Supplementary Data**

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**Report      of Independent Registered Public Accounting Firm**

*Share-Based Payment*
 effective May 1,      2006.

* Internal      Control—Integrated Framework*

----

**Consolidated      Balance Sheets**

**America’s      Car-Mart, Inc.**

|                                                                           |   | April                30, 2007 |    |   | April                30, 2006 |   |
|--------------------------------------------------------------------------------|--------|-------------------------------|---------|--------|-------------------------------|--------|
| Assets:                                                                        |   |                          |    |   |                          |   |
|     Cash                and cash equivalents               |   | $                             | 257     |   |                          | $      | 255 |   |
|     Accrued                interest on finance receivables |   |                          | 694     |   |                          |   | 818 |   |
|     Finance                receivables, net                |   |                          | 139,194 |   |                          |   | 149,379 |   |
|     Inventory                                              |   |                          | 13,682  |   |                          |   | 10,923 |   |
|     Prepaid                expenses and other assets       |   |                          | 600     |   |                          |   | 447 |   |
|     Income                tax receivable                   |   |                          | 1,933   |   |                          |   | - |   |
|     Goodwill                                               |   |                          | 355     |   |                          |   | 355 |   |
|     Property                and equipment, net             |   |                          | 16,883  |   |                          |   | 15,436 |   |
|                                                                           |   |                          |    |   |                          |   |   |   |
|                                                                           |   | $                             | 173,598 |   |                          | $      | 177,613 |   |

|                                                                                         |   |   |   |   |   |   |
|----------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Liabilities                and stockholders’ equity:                                   |   |   |   |   |   |   |
|     Accounts                payable                                      |   | $      | 2,473  |   |   | $      | 3,095 |   |
|     Accrued                liabilities                                   |   |   | 6,233  |   |   |   | 8,743 |   |
|     Income                taxes payable                                  |   |   | -      |   |   |   | 1,847 |   |
|     Deferred                tax liabilities, net                         |   |   | 335    |   |   |   | 1,089 |   |
|     Revolving                credit facilities and notes payable         |   |   | 40,829 |   |   |   | 43,588 |   |
|           Total                liabilities |   |   | 49,870 |   |   |   | 58,362 |   |
|                                                                                         |   |   |   |   |   |   |   |   |
|     Commitments                and contingencies                         |   |   |   |   |   |   |   |   |

|     Stockholders’                equity:                                                                                           |   |   |    |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|        Preferred                stock, par value $.01 per share, 1,000,000 shares                                         |   |   |    |   |   |   |
|            authorized;                none issued or outstanding                                      |   |   | -       |   |   |   | - |   |
|        Common                stock, par value $.01 per share, 50,000,000 shares                authorized;                |   |   |    |   |   |   |   |   |
|             11,985,958                issued (11,929,274 at April 30, 2006)                      |   |   | 120     |   |   |   | 119 |   |
|        Additional                paid-in capital                                                                          |   |   | 35,286  |   |   |   | 34,588 |   |
|        Retained                earnings                                                                                   |   |   | 90,274  |   |   |   | 86,042 |   |
|         Treasury                stock, at cost (111,250 and 81,250 shares at April 30, 2007 and                2006) |   |   | (1,952  | )      |   |   | (1,498 | ) |
|            Total                stockholders’ equity                                            |   |   | 123,728 |   |   |   | 119,251 |   |
|                                                                                                                                                         |   |   |    |   |   |   |   |   |
|                                                                                                                                                         |   | $      | 173,598 |   |   | $      | 177,613 |   |

----

**Consolidated      Statements of Operations**

**America’s      Car-Mart, Inc.**

|                                                                               |   | Years                Ended April 30, |       |
|------------------------------------------------------------------------------------|--------|--------------------------------------|------------|
|                                                                               |   | 2007                                 |       |   | 2006 |   |   | 2005 |   |
| Revenues:                                                                          |   |                                 |       |   |   |   |   |   |   |
|     Sales                                                      |   | $                                    | 216,898    |   |   | $ | 214,482 |   |   | $ | 189,343 |   |
|     Interest                and other income                   |   |                                 | 23,436     |   |   |   | 19,725 |   |   |   | 15,445 |   |
|                                                                               |   |                                 | 240,334    |   |   |   | 234,207 |   |   |   | 204,788 |   |
|                                                                               |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                 |   |                                 |       |   |   |   |   |   |   |   |   |   |
|     Cost                of sales                               |   |                                 | 125,073    |   |   |   | 119,433 |   |   |   | 101,769 |   |
|     Selling,                general and administrative         |   |                                 | 41,778     |   |   |   | 39,261 |   |   |   | 34,788 |   |
|     Provision                for credit losses                 |   |                                 | 63,077     |   |   |   | 45,810 |   |   |   | 38,094 |   |
|     Interest                expense                            |   |                                 | 3,728      |   |   |   | 2,458 |   |   |   | 1,227 |   |
|     Depreciation                and amortization               |   |                                 | 994        |   |   |   | 724 |   |   |   | 426 |   |
|                                                                               |   |                                 | 234,650    |   |   |   | 207,686 |   |   |   | 176,304 |   |
|                                                                               |   |                                 |       |   |   |   |   |   |   |   |   |   |
|         Income                before taxes |   |                                 | 5,684      |   |   |   | 26,521 |   |   |   | 28,484 |   |
|                                                                               |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Provision                for income taxes                                          |   |                                 | 1,452      |   |   |   | 9,816 |   |   |   | 10,508 |   |
|                                                                               |   |                                 |       |   |   |   |   |   |   |   |   |   |
|         Net                income          |   | $                                    | 4,232      |   |   | $ | 16,705 |   |   | $ | 17,976 |   |
|                                                                               |   |                                 |       |   |   |   |   |   |   |   |   |   |
|                                                                               |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Earnings                per share:                                                 |   |                                 |       |   |   |   |   |   |   |   |   |   |
|         Basic                              |   | $                                    | .36        |   |   | $ | 1.41 |   |   | $ | 1.53 |   |
|         Diluted                            |   | $                                    | .35        |   |   | $ | 1.39 |   |   | $ | 1.49 |   |
|                                                                               |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Weighted                average number of shares outstanding:                      |   |                                 |       |   |   |   |   |   |   |   |   |   |
|         Basic                              |   |                                 | 11,850,247 |   |   |   | 11,852,804 |   |   |   | 11,737,398 |   |
|         Diluted                            |   |                                 | 11,953,987 |   |   |   | 12,018,541 |   |   |   | 12,026,745 |   |

----

**Consolidated      Statements of Cash Flows**

**America’s      Car-Mart, Inc.**

|                                                                                                                                                         |   | Years                Ended April 30, |     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|----------|
|                                                                                                                                                         |   | 2007                                 |     |   | 2006 |   |   | 2005 |   |
| Operating                activities:                                                                                                                         |   |                                 |     |   |   |   |   |   |   |
|    Net                income                                                                                                                  |   | $                                    | 4,232    |   |   | $ | 16,705 |   |   | $ | 17,976 |   |
|                                                                                                                                                         |   |                                 |     |   |   |   |   |   |   |   |   |   |
|    Adjustments                to reconcile income from operations                                                                             |   |                                 |     |   |   |   |   |   |   |   |   |   |
|       to                net cash provided by (used in) operating activities:                                                   |   |                                 |     |   |   |   |   |   |   |   |   |   |
|       Provision                for credit losses                                                                               |   |                                 | 63,077   |   |   |   | 45,810 |   |   |   | 38,094 |   |
|       Depreciation                and amortization                                                                             |   |                                 | 994      |   |   |   | 709 |   |   |   | 426 |   |
|       Loss                (gain) on sale of property and equipment                                                             |   |                                 | (82      | ) |   |   | 15 |   |   |   | - |   |
|       Share                based compensation                                                                                  |   |                                 | 533      |   |   |   | - |   |   |   | - |   |
|       Deferred                income taxes                                                                                     |   |                                 | (754     | ) |   |   | (898 | ) |   |   | 370 |   |
|       Changes                in operating assets and liabilities:                                                              |   |                                 |     |   |   |   |   |   |   |   |   |   |
|          Finance                receivable originations                                                         |   |                                 | (196,200 | ) |   |   | (196,190 | ) |   |   | (173,446 | ) |
|          Finance                receivable collections                                                          |   |                                 | 124,092  |   |   |   | 111,315 |   |   |   | 105,973 |   |
|          Accrued                interest on finance receivables                                                 |   |                                 | 124      |   |   |   | (294 | ) |   |   | (14 | ) |
|          Inventory                                                                                              |   |                                 | 16,811   |   |   |   | 10,692 |   |   |   | 7,954 |   |
|          Prepaid                expenses and other assets                                                       |   |                                 | (46      | ) |   |   | (152 | ) |   |   | 92 |   |
|          Accounts                payable and accrued liabilities                                                |   |                                 | (692     | ) |   |   | 1,389 |   |   |   | 1,482 |   |
|          Income                taxes payable                                                                    |   |                                 | (3,695   | ) |   |   | 1,509 |   |   |   | (89 | ) |
|          Excess                tax benefit from share-based payments                                            |   |                                 | (85      | ) |   |   | (114 | ) |   |   | (304 | ) |
|                Net                cash provided by (used in) operating activities |   |                                 | 8,309    |   |   |   | (9,504 | ) |   |   | (1,486 | ) |
|                                                                                                                                                         |   |                                 |     |   |   |   |   |   |   |   |   |   |
| Investing                activities:                                                                                                                         |   |                                 |     |   |   |   |   |   |   |   |   |   |
|    Purchase                of property and equipment                                                                                          |   |                                 | (2,716   | ) |   |   | (5,011 | ) |   |   | (6,174 | ) |
|    Proceeds                from sale of property and equipment                                                                                |   |                                 | 357      |   |   |   | 157 |   |   |   | - |   |
|    Payment                for business acquired                                                                                               |   |                                 | (460     | ) |   |   | (1,200 | ) |   |   | - |   |
|               Net                cash used in investing activities                     |   |                                 | (2,819   | ) |   |   | (6,054 | ) |   |   | (6,174 | ) |
|                                                                                                                                                         |   |                                 |     |   |   |   |   |   |   |   |   |   |
| Financing                activities:                                                                                                                         |   |                                 |     |   |   |   |   |   |   |   |   |   |
|    Exercise                of stock options and warrants                                                                                      |   |                                 | 81       |   |   |   | 479 |   |   |   | 939 |   |
|    Excess                tax benefits from share based compensation                                                                           |   |                                 | 85       |   |   |   | 114 |   |   |   | 304 |   |
|    Purchase                of common stock                                                                                                    |   |                                 | (454     | ) |   |   | (1,312 | ) |   |   | (531 | ) |
|    Change                in cash overdrafts                                                                                                   |   |                                 | (2,441   | ) |   |   | 1,629 |   |   |   | (331 | ) |
|    Proceeds                from notes payable                                                                                                 |   |                                 | 11,200   |   |   |   | - |   |   |   | - |   |
|    Principal                payments on notes payable                                                                                         |   |                                 | (682     | ) |   |   | - |   |   |   | - |   |
|    Proceeds                from revolving credit facilities                                                                                   |   |                                 | 68,456   |   |   |   | 121,025 |   |   |   | 65,796 |   |
|    Payments                on revolving credit facilities                                                                                     |   |                                 | (81,733  | ) |   |   | (106,581 | ) |   |   | (59,186 | ) |
|               Net                cash provided by (used in) financing activities       |   |                                 | (5,488   | ) |   |   | 15,354 |   |   |   | 6,991 |   |
|                                                                                                                                                         |   |                                 |     |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents                                                                                              |   |                                 | 2        |   |   |   | (204 | ) |   |   | (669 | ) |
| Cash                and cash equivalents at:   Beginning of                period                                                             |   |                                 | 255      |   |   |   | 459 |   |   |   | 1,128 |   |
|                                                                                                                                                         |   |                                 |     |   |   |   |   |   |   |   |   |   |
| End                of period                                                                                                                                 |   | $                                    | 257      |   |   | $ | 255 |   |   | $ | 459 |   |

----

**Consolidated      Statements of Stockholders’ Equity**

**America’s      Car-Mart, Inc*.***

| For                the Years Ended April 30, 2007, 2006 and 2005 |   |
|------------------------------------------------------------------|--------|
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |   | Additional |   |   |   |   |   |   |   |   | Total |   |
|                                                             |   | Common                Stock |   |   | Paid-In |   |   | Retained |   |   | Treasury |   |   | Stockholders’ |   |
|                                                             |   | Shares |   |   | Amount |   |   | Capital |   |   | Earnings |   |   | Stock |   |   | Equity |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at April 30, 2004                         |   |   | 11,636,762 |   |   | $ | 116 |   |   | $ | 33,100 |   |   | $ | 51,361 |   |   | $ | 0 |   |   | $ | 84,577 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                options/warrants exercised                  |   |   | 233,199 |   |   |   | 2 |   |   |   | 937 |   |   |   |   |   |   |   |   |   |   |   | 939 |   |
| Purchase                of common stock                          |   |   | (17,773 | ) |   |   | - |   |   |   | (345 | ) |   |   |   |   |   |   |   |   |   |   | (345 | ) |
| Purchase                of  8,450 treasury shares      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (186 | ) |   |   | (186 | ) |
| Tax                benefit of options exercised                  |   |   |   |   |   |   |   |   |   |   | 304 |   |   |   |   |   |   |   |   |   |   |   | 304 |   |
| Net                income                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 17,976 |   |   |   |   |   |   |   | 17,976 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at April 30, 2005                         |   |   | 11,852,188 |   |   |   | 118 |   |   |   | 33,996 |   |   |   | 69,337 |   |   |   | (186 | ) |   |   | 103,265 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                options/warrants exercised                  |   |   | 77,086 |   |   |   | 1 |   |   |   | 478 |   |   |   |   |   |   |   |   |   |   |   | 479 |   |
| Purchase                of  72,800 treasury shares     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,312 | ) |   |   | (1,312 | ) |
| Tax                benefit of options exercised                  |   |   |   |   |   |   |   |   |   |   | 114 |   |   |   |   |   |   |   |   |   |   |   | 114 |   |
| Net                income                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 16,705 |   |   |   |   |   |   |   | 16,705 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at April 30, 2006                         |   |   | 11,929,274 |   |   | $ | 119 |   |   | $ | 34,588 |   |   | $ | 86,042 |   |   | $ | (1,498 | ) |   | $ | 119,251 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                options/warrants exercised                  |   |   | 13,750 |   |   |   | - |   |   |   | 81 |   |   |   |   |   |   |   |   |   |   |   | 81 |   |
| Purchase                of 30,000 treasury shares                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (454 | ) |   |   | (454 | ) |
| Tax                benefit of options exercised                  |   |   | 22,329 |   |   |   | - |   |   |   | 85 |   |   |   |   |   |   |   |   |   |   |   | 85 |   |
| Stock                based compensation                          |   |   | 20,605 |   |   |   | 1 |   |   |   | 532 |   |   |   |   |   |   |   |   |   |   |   | 533 |   |
| Net                income                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4,232 |   |   |   |   |   |   |   | 4,232 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at April 30, 2007                         |   |   | 11,985,958 |   |   | $ | 120 |   |   | $ | 35,286 |   |   | $ | 90,274 |   |   | $ | (1,952 | ) |   | $ | 123,728 |   |

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**Notes      to Consolidated Financial Statements**

**America’s      Car-Mart, Inc*.***

**A      - Organization and Business**

**B      - Summary of Significant Accounting Policies**

*Principles      of Consolidation*

*Adjustments      to Reflect Stock Split*

*Use      of Estimates*

*Concentration      of Risk*

----

*Restrictions      on Subsidiary Distributions/Dividends*

*Cash      Equivalents*

*Finance      Receivables, Repossessions and Charge-offs and Allowance for Credit      Losses*

----

*Inventory*

*Goodwill*

*Property      and Equipment*

| Furniture,                fixtures and equipment | 3                to  7 years |
|--------------------------------------------------|----------------------------------------|
| Leasehold                improvements            | 5                to 15 years           |
| Buildings                and improvements        | 18                to 39 years          |

*Cash      Overdraft*

----

*Deferred      Sales Tax*

*Income      Taxes*

*Revenue      Recognition*

*Advertising      Costs*

*Employee      Benefit Plans*

----

*Earnings      per Share*

*Stock-based      Compensation*

|   *(Dollars                in thousands)*            | YearEndedApril                30, 2007 |
|----------------------------------------------------------------|----------------------------------------|
|                                                           |                                   |
| Income                before taxes                             | $136                                   |
|                                                           |                                   |
| Net                income                                      | $                85                    |
|                                                           |                                   |
| Basic                and diluted net earnings per common share | $                .01                   |

----

|                                              | Years                Ended April 30,                                                                                                                                       |
|---------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *(Dollars                in thousands)*           | 2006                                                                                                                                                                       |   | 2005 |
|                                              |                                                                                                                                                                       |   |   |   |
| Net                income, as reported            |                                                                                                                                                                       | $                16,705 |   | $                17,976 |
| Deduct:                                           | Stock-based                employee compensation expense determined under fair value-based method                for                all awards, net of related tax effects |   |        (100) |   |        (624) |
| Pro                forma net income               |                                                                                                                                                                       | $                16,605 |   | $                17,352 |
|                                              |                                                                                                                                                                       |   |   |   |   |   |
| Basic                earnings per common share:   |                                                                                                                                                                       |   |   |   |
|                                              |                                                                                                                                                                       | As                reported |   | $     1.41 |   | $     1.53 |
|                                              |                                                                                                                                                                       | Pro                forma |   | $     1.40 |   | $     1.48 |
|                                              |                                                                                                                                                                       |   |   |   |
| Diluted                earnings per common share: |                                                                                                                                                                       |   |   |   |
|                                              |                                                                                                                                                                       | As                reported |   | $     1.39 |   | $     1.49 |
|                                              |                                                                                                                                                                       | Pro                forma |   | $     1.38 |   | $     1.44 |
|                                              |                                                                                                                                                                       |   |   |   |   |   |

|                                   | April                30, 2007 |   | April                30, 2006 |   | April                30, 2005 |
|----------------------------------------|-------------------------------|--------|-------------------------------|--------|-------------------------------|
|                                   |                          |   |                          |   |                          |
| Expected                term (years)   | 4.8                           |   | 5.0                           |   | 5.0                           |
| Risk-free                interest rate | 5.14%                         |   | 4.5%                          |   | 4.9%                          |
| Volatility                             | 62%                           |   | 45%                           |   | 40%                           |
| Dividend                yield          | —                       |   | —                       |   | —                       |

----

|                                                                                                       | Plan   |
|------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                       |   |
|                                                                                                       | 1986   | 1991 | 1997 |
|                                                                                                       |   |   |   |
| Minimum                exercise price as a percentage of fair market value at date of                grant | 100%   | 100% | 100% |
| Last                expiration date for outstanding options                                                | N/A    | N/A | April                30, 2016 |
| Shares                available for grant at April 30, 2007                                                | 0      | 0 | 28,558 |

|                                              |     |     | Weighted                    |
|---------------------------------------------------|----------|----------|-----------------------------|
|                                              |     | Weighted | Average                     |
|                                              |     | Average  | Remaining                   |
|                                              |          | Exercise | Contractual                 |
|                                              | Shares   | Price    | Life                        |
|                                              |     |     |                        |
| Outstanding                at beginning of period | 287,295  | $10.38   | 61.2                Months  |
|                                              |     |     |                        |
| Granted                                           | 12,250   | $19.75   | 103.9                Months |
| Exercised                                         | (13,750) | $5.89    | --                          |
| Canceled                                          | (11,250) | $20.82   | --                          |
|                                              |     |     |                        |
| Outstanding                at end of period       | 274,545  | $10.59   | 50.3                Months  |

----

*Treasury      Stock*

*Recent      Accounting Pronouncements*

----

*Reclassifications*

----

**C      - Finance Receivables, Net**

|                                                                  |   | April                30, |
|-----------------------------------------------------------------------|--------|--------------------------|
| *(In                thousands)*                                       |   | 2007                     |   |   | 2006 |
|                                                                  |   |                     |   |   |   |
| Gross                contract amount                                  |   | $                        | 199,677 |   |   | $ | 207,378 |   |
| Less                unearned finance charges                          |   |                     | (21,158 | ) |   |   | (22,135 | ) |
|                                                                  |   |                     |   |   |   |   |
|      Principal                balance        |   |                     | 178,519 |   |   |   | 185,243 |   |
| Less                allowance for credit losses                       |   |                     | (39,325 | ) |   |   | (35,864 | ) |
|                                                                  |   |                     |   |   |   |   |
|      Finance                receivables, net |   | $                        | 139,194 |   |   | $ | 149,379 |   |

|                                                                  |   | Years                Ended April 30, |
|-----------------------------------------------------------------------|--------|--------------------------------------|
| *(In                thousands)*                                       |   | 2007                                 |   |   | 2006 |   |   | 2005 |
|                                                                  |   |                                 |   |   |   |   |   |   |
|  Balance                at beginning of year                     |   | $                                    | 149,379 |   |   | $ | 123,099 |   |   | $ | 103,684 |   |
|  Finance                receivable originations                  |   |                                 | 196,200 |   |   |   | 196,190 |   |   |   | 173,446 |   |
|  Finance                receivables from acquisition of business |   |                                 | 354 |   |   |   | 845 |   |   |   | 0 |   |
|  Finance                receivable collections                   |   |                                 | (124,092 | ) |   |   | (111,315 | ) |   |   | (105,973 | ) |
|  Provision                for credit losses                      |   |                                 | (63,077 | ) |   |   | (45,810 | ) |   |   | (38,094 | ) |
|  Inventory                acquired in repossession               |   |                                 | (19,570 | ) |   |   | (13,630 | ) |   |   | (9,964 | ) |
|                                                                  |   |                                 |   |   |   |   |   |   |   |   |
| Balance                at end of year                                 |   | $                                    | 139,194 |   |   | $ | 149,379 |   |   | $ | 123,099 |   |

----

|                                                                          |   | Years                Ended April 30, |
|-------------------------------------------------------------------------------|--------|--------------------------------------|
| *(In                thousands)*                                               |   |                                 | 2007  |   |   |   | 2006  |   |   |   | 2005  |   |
|                                                                          |   |                                 |   |   |   |   |   |   |   |   |   |   |
|  Balance                at beginning of year                             |   | $                                    | 35,864 |   |   | $ | 29,251 |   |   | $ | 25,036 |   |
|  Provision                for credit losses                              |   |                                 | 63,077 |   |   |   | 45,810 |   |   |   | 38,094 |   |
|  Allowance                related to acquisition of business, net change |   |                                 | (366 | ) |   |   | 527 |   |   |   | 0 |   |
|  Charge-offs,                net of recovered collateral                 |   |                                 | (59,250 | ) |   |   | (39,724 | ) |   |   | (33,879 | ) |
|                                                                          |   |                                 |   |   |   |   |   |   |   |   |
| Balance                at end of year                                         |   | $                                    | 39,325 |   |   | $ | 35,864 |   |   | $ | 29,251 |   |

**D      - Property and Equipment**

|                                                          |   | April                30, |   |
|---------------------------------------------------------------|--------|--------------------------|--------|
| *(In                thousands)*                               |   | 2007                     |   | 2006 |   |
|                                                          |   |                     |   |   |   |
| Land                                                          |   | $                        | 5,221  |   |   | $ | 5,234 |   |
| Buildings                and improvements                     |   |                     | 5,890  |   |   |   | 5,093 |   |
| Furniture,                fixtures and equipment              |   |                     | 4,000  |   |   |   | 3,673 |   |
| Leasehold                improvements                         |   |                     | 4,588  |   |   |   | 3,292 |   |
| Less                accumulated depreciation and amortization |   |                     | (2,816 | ) |   |   | (1,856 | ) |
|                                                          |   |                     |   |   |   |   |   |   |
|                                                          |   | $                        | 16,883 |   |   | $ | 15,436 |   |

**E      - Accrued Liabilities**

|                                                              |   | April                30, |
|-------------------------------------------------------------------|--------|--------------------------|
| *(In                thousands)*                                   |   |                     | 2007  |   |   |   | 2006  |   |
|                                                              |   |                     |   |   |   |   |   |   |
| Compensation                                                      |   | $                        | 1,970 |   |   | $ | 2,594 |   |
| Cash                overdraft (see Note B)                        |   |                     | - |   |   |   | 2,441 |   |
| Deferred                service contract revenue (see Note B)     |   |                     | 1,812 |   |   |   | 1,627 |   |
| Deferred                sales tax (see Note B)                    |   |                     | 928 |   |   |   | 1,012 |   |
| Subsidiary                redeemable preferred stock (see Note H) |   |                     | 500 |   |   |   | 500 |   |
| Interest                                                          |   |                     | 286 |   |   |   | 258 |   |
| Other                                                             |   |                     | 737 |   |   |   | 311 |   |
|                                                              |   |                     |   |   |   |   |
|                                                              |   | $                        | 6,233 |   |   | $ | 8,743 |   |

----

**F      – Revolving Credit Facilities**

| Revolving                Credit Facilities |   |
|--------------------------------------------|--------|
|                                       |   | Aggregate |   | Interest |   |   |   | Balance                at |   |
| Primary                Lender              |   | Amount |   | Rate |   | Maturity |   | April                30, 2007 |   | April                30, 2006 |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |
| Bank                of Oklahoma            |   | $ | 50.0                million |   |   | Prime                +/- |   |   | Apr                2009 |   | $ | 30,311,142 |   | $ | 43,588,443 |   |

**G      - Income Taxes**

|                                         |   | Years                Ended April 30, |   |
|----------------------------------------------|--------|--------------------------------------|--------|
| *(In                thousands)*              |   | 2007                                 |   |   | 2006 |   |   | 2005 |   |
| Provision                for income taxes    |   |                                 |   |   |   |   |   |   |   |
|       Current  |   | $                                    | 2,206  |   |   | $ | 10,714 |   |   | $ | 10,138 |   |
|       Deferred |   |                                 | (754   | ) |   |   | (898 | ) |   |   | 370 |   |
|                                         |   | $                                    | 1,452  |   |   | $ | 9,816 |   |   | $ | 10,508 |   |

----

|                                               |   | Years                Ended April 30, |   |
|----------------------------------------------------|--------|--------------------------------------|--------|
| *(In                thousands)*                    |   | 2007                                 |   |   | 2006 |   |   | 2005 |   |
|                                               |   |                                 |   |   |   |   |   |   |   |
| Tax                provision at statutory rate     |   | $                                    | 1,938  |   |   | $ | 9,282 |   |   | $ | 9,970 |   |
| State                taxes, net of federal benefit |   |                                 | 13     |   |   |   | 643 |   |   |   | 751 |   |
| Reduction                of tax reserves           |   |                                 | (500   | ) |   |   | - |   |   |   | - |   |
| Other,                net                          |   |                                 | 1      |   |   |   | (109 | ) |   |   | (213 | ) |
|                                               |   | $                                    | 1,452  |   |   | $ | 9,816 |   |   | $ | 10,508 |   |

|                                                                                                                                         |   | April                30, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|--------|
| *(In                thousands)*                                                                                                              |   | 2007                     |   |   | 2006 |   |
| Deferred                tax liabilities related to:                                                                                          |   |                     |   |   |   |   |
|       Finance                receivables                                                                       |   | $                        | 1,671  |   |   | $ | 2,520 |   |
|       Property                and equipment                                                                    |   |                     | 413    |   |   |   | 259 |   |
|                    Total                      |   |                     | 2,084  |   |   |   | 2,779 |   |
|                                                                                                                                         |   |                     |   |   |   |   |   |   |
| Deferred                tax assets related to:                                                                                               |   |                     |   |   |   |   |   |   |
|       Accrued                liabilities                                                                       |   |                     | 1,112  |   |   |   | 1,035 |   |
|       Inventory                                                                                                |   |                     | 586    |   |   |   | 479 |   |
|       Share                based compensation                                                                  |   |                     | 51     |   |   |   | - |   |
|       Other                                                                                                    |   |                     | -      |   |   |   | 176 |   |
|                    Total                      |   |                     | 1,749  |   |   |   | 1,690 |   |
|                 Deferred                tax liabilities, net |   | $                        | 335    |   |   | $ | 1,089 |   |

**H      - Capital Stock**

----

**I      – Weighted Average Shares Outstanding**

|                                                                             |   | Years                Ended April 30, |       |
|----------------------------------------------------------------------------------|--------|--------------------------------------|------------|
|                                                                             |   | 2007                                 |       |   | 2006 |   |   | 2005 |   |
|                                                                             |   |                                 |       |   |   |   |   |   |   |
| Average                shares outstanding – basic                          |   |                                 | 11,850,247 |   |   |   | 11,852,804 |   |   |   | 11,737,398 |   |
|       Dilutive                options and warrants |   |                                 | 103,740    |   |   |   | 165,737 |   |   |   | 289,347 |   |
|                                                                             |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Average                shares outstanding – diluted                        |   |                                 | 11,953,987 |   |   |   | 12,018,541 |   |   |   | 12,026,745 |   |
|                                                                             |   |                                 |       |   |   |   |   |   |   |   |   |   |
| Antidilutive                securities not included:                             |   |                                 |       |   |   |   |   |   |   |   |   |   |
|       Options                and warrants          |   |                                 | 88,500     |   |   |   | 77,250 |   |   |   | 21,563 |   |
|       Restricted                Stock              |   |                                 | 39,667     |   |   |   | - |   |   |   | - |   |

**J      - Stock Options and Warrants**

*Stock      Options*

|                                         |   |   | NumberofShares |   |   |  ExercisePriceper                Share |                                    |   | ProceedsonExercise |      |      |  Weighted                Average Exercise Price per Share |   |
|----------------------------------------------|--------|--------|----------------|--------|--------|---------------------------------------------|-----------------------------------------|--------|--------------------|-----------|-----------|----------------------------------------------------------------|--------|
|                                         |   |   |           |   |   |                                        |                                    |   |               |      |      |                                                           |   |   |   |   |
| Outstanding                at April 30, 2004 |   |   | 508,391        |   |   | $                                           |  2.58                to 11.83 |   |               |      | 2,520,687 |                                                           |   | $ | 4.96 |   |
|     Granted              |   |   | 86,250         |   |   | 19.83                to 23.75          |                                    |   |               | 2,004,550 |      |                                                           |   | 23.24 |   |
|     Exercised            |   |   | (224,256       | )      |   | 2.58                to 6.59            |                                    |   |               | (939,175  | )         |                                                           |   | 4.19 |   |
|     Canceled             |   |   | (165           | )      |   |                                        | 6.59                                    |   |               |      | (1,087    | )                                                              |   |   | 6.59 |   |
|                                         |   |   |           |   |   |                                        |                                    |   |               |      |      |                                                           |   |   |   |   |
| Outstanding                at April 30, 2005 |   |   | 370,220        |   |   | $                                           | 3.67                to $23.75      |   |               |      | 3,584,975 |                                                           |   | $ | 9.68 |   |
|     Granted              |   |   | 15,000         |   |   |                                        | 22.17                                   |   |               |      | 332,550   |                                                           |   |   | 22.17 |   |
|     Exercised            |   |   | (72,650        | )      |   | 3.67                to 8.77            |                                    |   |               | (479,971  | )         |                                                           |   | 6.61 |   |
|     Canceled             |   |   | (25,275        | )      |   | 6.59                to 23.75           |                                    |   |               | (456,715  | )         |                                                           |   | 18.07 |   |
|                                         |   |   |           |   |   |                                        |                                    |   |               |      |      |                                                           |   |   |   |   |
| Outstanding                at April 30, 2006 |   |   | 287,295        |   |   | $                                           | 3.67                to $23.75      |   |               |      | 2,980,839 |                                                           |   | $ | 10.38 |   |
|     Granted              |   |   | 12,250         |   |   | 11.62                to 20.47          |                                    |   |               | 241,908   |      |                                                           |   | 19.75 |   |
|     Exercised            |   |   | (13,750        | )      |   | 3.67                to 11.83           |                                    |   |               | (81,030   | )         |                                                           |   | 5.89 |   |
|     Canceled             |   |   | (11,250        | )      |   | 19.83                to 22.17          |                                    |   |               | (234,250  | )         |                                                           |   | 20.82 |   |
|                                         |   |   |           |   |   |                                        |                                    |   |               |      |      |                                                           |   |   |   |   |
| Outstanding                at April 30, 2007 |   |   | 274,545        |   |   | $                                           | 3.67                to $23.75           |   |               | $         | 2,907,467 |                                                           |   | $ | 10.59 |   |

----

|                                      |   |   |                           |    |    |                            | Weighted                Average |   |                          | Weighted |   |
|-------------------------------------------|--------|--------|--------------------------------|---------|---------|---------------------------------|---------------------------------|--------|-------------------------------|----------|--------|
| Range                of                   |   |   | Number                    |    |    | Remaining                       |                            |   | Average                       |     |
| Exercise                Prices            |   |   | of                Shares  |    |    | Contractual                Life |                            |   | Exercise                Price |     |
|                                      |   |   |                           |    |    |                            |                            |   |                          |     |   |
| $ 3.67                to $ 8.77 |   |   |                           | 185,045 |    |                            |                            |   | 2.52                          |     |   | $ |                     4.81 |   |
|                  11.62 to 23.75 |   |   |                           | 89,500  |    |                            |                            |   | 7.66                          |     |   |   |                   22.55 |   |
|                                      |   |   |                           |    |    |                            |                            |   |                          |     |   |   |   |   |   |
|                                      |   |   |                           |    | 274,545 |                            |                            |   |                          | 4.19     |   |   | $ |                   10.59 |   |

*Warrants*

**K      - Commitments and Contingencies**

*Facility      Leases*

| Years                Ending |   | Amount                          |   |
|-----------------------------|--------|---------------------------------|--------|
| April                30,    |   | *(In                thousands)* |   |
|                        |   |                            |   |
| 2008                        |   | $                               | 2,685  |   |
| 2009                        |   |                            | 2,640  |   |
| 2010                        |   |                            | 2,584  |   |
| 2011                        |   |                            | 2,460  |   |
| 2012                        |   |                            | 2,319  |   |
| Thereafter                  |   |                            | 14,463 |   |
|                        |   |                            |   |   |
|                        |   | $                               | 27,151 |   |

*Litigation*

----

*Related      Finance Company*

----

**L      - Fair Value of Financial Instruments**

|                                       |   | April                30, 2007 |    |   | April                30, 2006 |   |
|--------------------------------------------|--------|-------------------------------|---------|--------|-------------------------------|--------|
|                                       |   | Carrying                      |    |   | Fair                          |   |   | Carrying |   |   | Fair |   |
| *(In                thousands)*            |   | Value                         |    |   | Value                         |   |   | Value |   |   | Value |   |
|                                       |   |                          |    |   |                          |   |   |   |   |   |   |   |
| Cash                                       |   | $                             | 257     |   |                          | $      | 257 |   |   | $ | 255 |   |   | $ | 255 |   |
| Finance                receivables, net    |   |                          | 139,194 |   |                          |   | 133,840 |   |   |   | 149,379 |   |   |   | 138,719 |   |
| Accounts                payable            |   |                          | 2,473   |   |                          |   | 2,473 |   |   |   | 3,095 |   |   |   | 3,095 |   |
| Revolving                credit facilities |   |                          | 30,311  |   |                          |   | 30,311 |   |   |   | 43,588 |   |   |   | 43,588 |   |
| Notes                payable               |   |                          | 10,518  |   |                          |   | 10,518 |   |   |   | - |   |   |   | - |   |

| Financial                Instrument        | Valuation                Methodology                                                                                                                                                              |
|--------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                       |                                                                                                                                                                                              |
| Cash                                       | The                carrying amount is considered to be a reasonable estimate of fair                value                due to the short-term nature of the financial                instrument. |
|                                       |                                                                                                                                                                                              |
| Finance                receivables, net    | The                fair value was estimated based upon discussions with third party                purchasers of finance receivables.                                                             |
|                                       |                                                                                                                                                                                              |
| 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. |
|                                       |                                                                                                                                                                                              |
| Revolving                credit facilities | The                fair value approximates carrying value due to the variable interest                rates                charged on the borrowings.                                             |
|                                       |                                                                                                                                                                                              |
| Notes                payable               | The                fair value approximates carrying value due to the nature of the collateral                and the recent placement of the                debt.                                 |

**M      - Supplemental Cash Flow Information**

|                                                                      |   | Years                Ended April 30, |   |
|---------------------------------------------------------------------------|--------|--------------------------------------|--------|
| *(In                thousands)*                                           |   | 2007                                 |   |   | 2006 |   |   | 2005 |   |
| Supplemental                disclosures:                                  |   |                                 |   |   |   |   |   |   |   |
|     Interest                paid                      |   | $                                    | 3,700  |   |   | $ | 2,336 |   |   | $ | 1,179 |   |
|     Income                taxes paid, net             |   |                                 | 5,856  |   |   |   | 9,204 |   |   |   | 10,227 |   |
|                                                                      |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Non-cash                transactions:                                     |   |                                 |   |   |   |   |   |   |   |   |   |   |
|     Inventory                acquired in repossession |   |                                 | 19,570 |   |   |   | 13,630 |   |   |   | 9,964 |   |

----

**N      - Quarterly Results of Operations (unaudited)**

|                               |   | Year                Ended April 30, 2007 |   |
|------------------------------------|--------|------------------------------------------|--------|
|                               |   | First                                    |   |   | Second |   |   | Third |   |   | Fourth |   |   |   |   |
|                               |   | Quarter                                  |   |   | Quarter |   |   | Quarter |   |   | Quarter |   |   | Total |   |
|                               |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                           |   | $                                        | 62,191 |   |   | $ | 59,539 |   |   | $ | 59,308 |   |   | $ | 59,296 |   |   | $ | 240,334 |   |
| Net                income (loss)   |   |                                     | 4,155  |   |   |   | (1,928 | ) |   |   | (50 | ) |   |   | 2,055 |   |   |   | 4,232 |   |
| Earnings                per share: |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Basic      |   |                                     | .35    |   |   |   | (.16 | ) |   |   | - |   |   |   | .17 |   |   |   | .36 |   |
|     Diluted    |   |                                     | .35    |   |   |   | (.16 | ) |   |   | - |   |   |   | .16 |   |   |   | .35 |   |

|                               |   | Year                Ended April 30, 2006 |   |
|------------------------------------|--------|------------------------------------------|--------|
|                               |   | First                                    |   |   | Second |   |   | Third |   |   | Fourth |   |   |   |   |
|                               |   | Quarter                                  |   |   | Quarter |   |   | Quarter |   |   | Quarter |   |   | Total |   |
|                               |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                           |   | $                                        | 58,179 |   |   | $ | 55,329 |   |   | $ | 58,248 |   |   | $ | 62,451 |   |   | $ | 234,207 |   |
| Net                income          |   |                                     | 4,887  |   |   |   | 2,799 |   |   |   | 4,465 |   |   |   | 4,554 |   |   |   | 16,705 |   |
| Earnings                per share: |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Basic      |   |                                     | .41    |   |   |   | .24 |   |   |   | .38 |   |   |   | .38 |   |   |   | 1.41 |   |
|     Diluted    |   |                                     | .41    |   |   |   | .23 |   |   |   | .37 |   |   |   | .38 |   |   |   | 1.39 |   |

----

**Item      9A.  Controls and Procedures**

**Disclosure      Controls and Procedures**

**Management’s      Report on Internal Control Over Financial Reporting**

*Internal Control-Integrated      Framework.*

----

**Report      of Independent Registered Public Accounting Firm**

*Internal Control—Integrated Framework*

A      company’s internal control over financial reporting is a      process designed to provide reasonable assurance regarding the reliability      of      financial reporting and the preparation of financial statements for external      purposes in accordance with generally accepted accounting      principles.  A company’s internal control over financial reporting      includes those policies and procedures that (1) pertain to the maintenance      of      records that, in reasonable detail, accurately and fairly reflect the      transactions and dispositions of the assets of the company; (2) provide      reasonable assurance that transactions are recorded as necessary to permit      preparation of financial statements in accordance with generally accepted      accounting principles, and that receipts and expenditures of the company are      being made only in accordance with authorizations of management and directors      of      the company; and (3) provide reasonable assurance regarding prevention or timely      detection of unauthorized acquisition, use, or disposition of the company’s      assets that could have a material effect on the financial      statements.

Because      of its inherent limitations, internal control over      financial reporting may not prevent or detect misstatements.  Also,      projections of any evaluation of effectiveness to future periods are subject      to      the risk that controls may become inadequate because of changes in conditions,      or that the degree of compliance with the policies or procedures may      deteriorate.

*Internal Control—Integrated Framework*
*Internal      Control—Integrated Framework*

----

We      also have audited, in accordance with the standards of the      Public Company Accounting Oversight Board (United States), the consolidated      balance sheets of America’s Car-Mart, Inc. and subsidiaries as of April 30, 2007      and 2006, and the related consolidated statements of operations, stockholders’equity and cash flows for each of the three years in the period ended April      30,      2007 and our report dated July 13, 2007 expressed an unqualified opinion on      those financial statements.

----

**Changes      **
**in Internal Control **
**Over Financial      Reporting**

----

**PART      IV**

**Item      15.   Exhibits and Financial Statement      Schedules**

| (a)1. | **Financial                Statements and Accountant's                Report** |
|-------|--------------------------------------------------------------------------------|

| (a)2. | **Financial                Statement Schedules** |
|-------|--------------------------------------------------|

| (a)3. | **Exhibits** |
|-------|--------------|

| **Exhibit                Number** |   | **Description                of Exhibit** |
|-----------------------------------|--------|-------------------------------------------|

| 3.1    |   | Articles                of Incorporation of the Company, as amended. (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 3.2    |   | Bylaws                dated August 24, 1989.  (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.1    |   | Specimen                stock certificate.  (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.2    |   | Amended                and Restated Agented Revolving Credit Agreement, dated June 23, 2005,                among Colonial Auto Finance, Inc., as borrower, Bank of Arkansas,                N.A.,                Great Southern Bank, Arvest Bank, First State Bank, Bank of Oklahoma,                N.A., and Liberty Bank of Arkansas and one or more additional lenders                to                be determined at a later date, Bank of Arkansas, N.A., as agent for                the                banks and Bank of Oklahoma, N.A., as the paying agent.                (5) |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.2.1  |   | First                Amendment to the Amended and Restated Agented Revolving Credit Agreement,                dated September 30, 2005, among Colonial Auto Finance, Inc., as borrower,                Bank of Arkansas, N.A., Great Southern Bank, Arvest Bank, First State                Bank, Bank of Oklahoma, N.A., and Liberty Bank of Arkansas and one                or more                additional lenders to be determined at a later date, Bank of Arkansas,                N.A., as agent for the                banks.  (6)                                        |

----

| **Exhibit****Number** |   | **Description                  of Exhibit** |
|-----------------------|--------|---------------------------------------------|

| 4.2.2  |   | Third                Amendment to the Amended and Restated Agented Revolving Credit Agreement,                dated February 24, 2006, among Colonial Auto Finance, Inc., as borrower,                Bank of Arkansas, N.A., Great Southern Bank, Arvest Bank, First State                Bank, Bank of Oklahoma, N.A., and Liberty Bank of Arkansas and one                or more                additional lenders to be determined at a later date, Bank of Arkansas,                N.A., as agent for the banks. (7)                         |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 4.2.3  |   | Fourth                Amendment to the Amended and Restated Agented Revolving Credit Agreement,                dated April 28, 2006, among Colonial Auto Finance, Inc., as borrower,                Bank                of Arkansas, N.A., Great Southern Bank, Arvest Bank, First State                Bank,                Bank of Oklahoma, N.A., and Liberty Bank of Arkansas and one or more                additional lenders to be determined at a later date, Bank of Arkansas,                N.A., as agent for the banks.  (8) |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 4.2.4  |   | Fifth                Amendment to Amended and Restated Agented Revolving Credit Agreement,                dated March 8, 2007 (effective December 31, 2006), among Colonial                Auto                Finance, Inc., as borrower, Bank of Arkansas, N.A., Great Southern                Bank,                First State Bank of Northwest Arkansas, Enterprise Bank and Trust,                Sovereign Bank, Commerce Bank, N.A. and First State Bank.                (16)                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 4.3    |   | Revolving                Credit Agreement, dated June 23, 2005, among America’s Car-Mart, Inc., an                Arkansas corporation, and Texas Car-Mart, Inc., as borrowers, and                Bank of                Oklahoma, N.A., as lender. (5)                                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 4.3.1  |   | Second                Amendment to Revolving Credit Agreement, dated September 30, 2005,                among                America’s Car-Mart, Inc., an Arkansas corporation, and Texas Car-Mart,                Inc., as borrowers, and Bank of Oklahoma, N.A., as lender.                (6)                                                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 4.3.2  |   | Third                Amendment to Revolving Credit Agreement, dated April 28, 2006, among                America’s Car-Mart, Inc., an Arkansas corporation, and Texas Car-Mart,                Inc., as borrowers, and Bank of Oklahoma, N.A., as                lender.  (8)                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 4.3.3  |   | Fourth                Amendment to Revolving Credit Agreement, dated March 8, 2007 (effective                December 31, 2006), among America’s Car-Mart, Inc. an Arkansas                corporation, and Texas Car-Mart, Inc. as borrowers, and Bank of Arkansas,                N.A., as lender. (16)                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 4.3.4  |   | Guaranty                Agreement dated March 8, 2007 (effective December 31, 2006), among                America’s Car-Mart, Inc., an Arkansas corporation, and Bank of Arkansas,                N.A., as lender. (16)                                                                                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 10.1   |   | 1986                Incentive Stock Option Plan.  (9)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 10.1.1 |   | Amendment                to 1986 Incentive Stock Option Plan adopted September 27, 1990.                (10)                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 10.2   |   | 1991                Non-Qualified Stock Option Plan. (11)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 10.3   |   | 1997                Stock Option Plan.  (12)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 10.4   |   | 2005                Restricted Stock                Plan.  (15)                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

----

| **Exhibit****Number** |   | **Description                  of Exhibit** |
|-----------------------|--------|---------------------------------------------|

| 10.4.1 |   | Amendment                to 2005 Restricted Stock Plan (17)                                                                                                           |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                  |
| 10.5   |   | Form                of Indemnification Agreement between the Company and certain officers                and                directors of the Company.  (13) |
|   |   |                                                                                                                                                                  |
| 10.6   |   | Employment                Agreement, dated May 1, 2006, between the Company and Tilman J. Falgout,                III.  (18)                                |
|   |   |                                                                                                                                                                  |
| 10.7   |   | Employment                arrangements with Jeffrey A. Williams. (18)                                                                                                 |
|   |   |                                                                                                                                                                  |
| 10.8   |   | Employment                Agreement, dated May 1, 2006, between the Company and William H.                Henderson. (18)                                             |
|   |   |                                                                                                                                                                  |
| 10.9   |   | Employment                Agreement, dated May 1, 2006, between the Company and Eddie Lee                Hight.  (18)                                       |
|   |   |                                                                                                                                                                  |
| 14.1   |   | Code                of Business Conduct and Ethics.  (14)                                                                                                   |
|   |   |                                                                                                                                                                  |
| 21.1   |   | Subsidiaries                of America’s Car-Mart, Inc. (1)                                                                                                     |
|   |   |                                                                                                                                                                  |
| 23.1   |   | Consent                of Independent Registered Public Accounting Firm. (1)                                                                                          |
|   |   |                                                                                                                                                                  |
| 24.1   |   | Power                of Attorney of William H. Henderson. (1)                                                                                                         |
|   |   |                                                                                                                                                                  |
| 24.2   |   | Power                of Attorney of Tilman J. Falgout, III. (1)                                                                                                       |
|   |   |                                                                                                                                                                  |
| 24.3   |   | Power                of Attorney of J. David Simmons. (1)                                                                                                             |
|   |   |                                                                                                                                                                  |
| 24.4   |   | Power                of Attorney of William A. Swanston. (1)                                                                                                          |
|   |   |                                                                                                                                                                  |
| 24.5   |   | Power                of Attorney of William M. Sams. (1)                                                                                                              |
|   |   |                                                                                                                                                                  |
| 24.6   |   | Power                of Attorney of Daniel J. Englander. (1)                                                                                                          |
|   |   |                                                                                                                                                                  |
| 31.1   |   | Rule                13a-14(a) certification. (1)                                                                                                                      |
|   |   |                                                                                                                                                                  |
| 31.2   |   | Rule                13a-14(a) certification. (1)                                                                                                                      |
|   |   |                                                                                                                                                                  |
| 32.1   |   | Section                1350 certification. (1)                                                                                                                        |

| (1) |   | Filed                with the original report on Form 10-K; new certifications are filed                with                this Form 10-K/A.                                                                                                                                                               |
|-----|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |   | Previously                filed as Exhibits 4.1-4.8 to the Company's Registration Statement                on Form                S-8 initially filed with the Securities and Exchange Commission on                November 16, 2005 (No. 333-129727) and incorporated herein by                reference. |
| (3) |   | Previously                filed as Exhibit 4.9 to the Company's Registration Statement on Form                S-8                initially filed with the Securities and Exchange Commission on November                16, 2005 (No. 333-129727) and incorporated herein by                reference.      |
| (4) |   | Previously                filed as an Exhibit to the Company's Annual Report on Form 10-K for                the                year ended April 30, 1994 and incorporated herein by                reference.                                                                                              |
| (5) |   | Previously                filed as an Exhibit to the Company’s Current Report on Form 8-K initially                filed with the Securities and Exchange Commission on June 29, 2005                and                incorporated herein by reference.                                             |

----

| (6)  |   | Previously                filed as an Exhibit to the Company's Current Report on Form 8-K initially                filed with the Securities and Exchange Commission on October 6, 2005                and                incorporated herein by reference.                                                            |
|------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7)  |   | Previously                filed as an Exhibit to the Company's Current Report on Form 8-K initially                filed with the Securities and Exchange Commission on February 27,                2006 and                incorporated herein by reference.                                                          |
| (8)  |   | Previously                filed as an Exhibit to the Company's Current Report on Form 8-K initially                filed with the Securities and Exchange Commission on May 3, 2006                and                incorporated herein by reference.                                                                |
| (9)  |   | Previously                filed as an Exhibit to the Company's Registration Statement on Form                10, as                amended, (No. 0-14939) and incorporated herein by                reference.                                                                                                         |
| (10) |   | Previously                filed as an Exhibit to the Company's Annual Report on Form 10-K for                the                year ended April 30, 1991 and incorporated herein by                reference.                                                                                                         |
| (11) |   | Previously                filed as an Exhibit to the Company's Annual Report on Form 10-K for                the                year ended April 30, 1992 and incorporated herein by                reference.                                                                                                         |
| (12) |   | Previously                filed as an Exhibit to the Company’s Registration Statement on Form S-8,                as amended, initially filed with the Securities and Exchange Commission                on                October 20, 1997 (No. 333-38475) and incorporated herein by                reference. |
| (13) |   | Previously                filed as an Exhibit to the Company's Quarterly Report on Form 10-Q                for the                quarter ended July 31, 1993 and incorporated herein by                reference.                                                                                                    |
| (14) |   | Previously                filed as an Exhibit to the Company’s Annual Report on Form 10-K for the                year ended April 30, 2004 and incorporated herein by                reference.                                                                                                                  |
| (15) |   | Previously                filed as Appendix B to the Company's Proxy Statement on Schedule                14A                initially filed with the Securities and Exchange Commission on August                29,                2005 and incorporated herein by reference.                                        |
| (16) |   | Previously                filed as an Exhibit to the Company’s Quarterly Report on Form 10-Q for the                quarter ended January 31, 2007 and incorporated herein by                reference.                                                                                                          |
| (17) |   | Previously                filed as an Exhibit to the Company’s Quarterly Report on Form 10-Q for the                quarter ended October 31, 2006 and incorporated herein by                reference.                                                                                                          |
| (18) |   | Previously                filed as an Exhibit to the Company’s Annual Report on Form 10-K for the                year ended April 30, 2006 and incorporated herein by                reference.                                                                                                                  |

| (b) | The                exhibits are listed in Item 15(a)3.                above. |
|-----|------------------------------------------------------------------------------|

| (c) | Refer                to Item 15(a)2. above. |
|-----|---------------------------------------------|

----

**SIGNATURES**

|                                                                      | AMERICA’S              CAR-MART,              INC. |                                                                                                                    |
|---------------------------------------------------------------------------|----------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|
|                                                                      |                                                     |                                                                                                                    |   |
| Dated:  July                16,                2007   | By:                                                      | /s/ Tilman              J. Falgout, III                                                                            |   |
|                                                                      |                                                     | Tilman                J. Falgout, IIIChief                Executive Officer(principal                executive officer) |   |
|                                                          |   |                                                                                                                                                           |   |
|---------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                          |   |                                                                                                                                                           |   |
|                                                          |   |                                                                                                                                                           |   |
| Dated:  July                16,                2007 | By:    | /s/ Jeffrey              A.              Williams                                                                                                         |   |
|                                                          |   | Jeffrey                A. WilliamsVice                President Finance and Chief Financial Officer(principal                financial and accounting officer) |   |

----

**EXHIBIT      INDEX**

**              **

| **Exhibit****Number** |   | **Description                of Exhibit**    |
|-----------------------|--------|----------------------------------------------|
|                  |   |                                         |
|                  |   |                                         |
| 31.1                  |   | Rule                13a-14(a) certification. |
|                  |   |                                         |
| 31.2                  |   | Rule                13a-14(a) certification. |
|                  |   |                                         |
| 32.1                  |   | Section                1350 certification.   |