DriveTime Automotive Group is in the market with a $214.181 million auto ABS transaction called DT Auto Owner Trust 2011-1.
According to a DBRS presale report, the four-tranche deal is backed by a portfolio of motor vehicle retail installment sales contracts originated by DriveTime Car Sales, which is a wholly-owned subsidiary of DriveTime Automotive.
This is the firm’s 39th offering since 1996 and its third since 2007. This deal, DBRS said, is similar to the DT Auto Owner Tust 2010-1 offering that the rating agency rated last September, which was the second ABS completed as a senior-sub transaction by the auto firm.
The deal comprises a Class A worth $118.990 million, a Class B totaling $23.797 million, a Class C worth $42.556 million, and a Class D amounting to $28.838 million
DriveTime is a used vehicle retailer that focuses on the sale and financing of vehicles to the subprime market. The automotive loans are sourced through its network of 82 dealerships in 23 geographic regions and 13 states.
DT Credit Corp. is the servicer of the loans for the DTAOT 2011-1 transaction and is owned by the same common shareholders as DriveTime. Wells Fargo Bank is the back-up servicer for the transaction.