Ally Bank is in the market with a $592 million dealer floorplan securitization.
The deal, Ally Master Owner Trust 2011-5, is backed primarily by dealer floorplan loans extended by Ally Bank, a subsidiary of Ally Financial Inc., to franchised new car dealers associated with General Motors and Chrysler brands.
The capital structure includes a class A, Moody's Investors Service rated 'Aaa' tranche. It will also offer a class B, 'Aa2' tranche; a class C, 'A2' rated tranche and a class D, 'Baa2' tranche.
According to data from Barclays Capital, auto-related securitizations remain the leading driver of nonmortgage securitization volume with $50.5bn in total issuance as of September 30. Barclays said it expected total auto-related ABS issuance to reach $65bn in 2011.