First Union Capital Markets, in line with an innovative "eConduit" program the bank has developed, has been actively purchasing auto loans from online originator Driveoff.com, and will soon prep the first "exit" - as the company dubs it - which could take the form of a public-term securitization.

"With regards to the exit strategy, we're very open and flexible, and we'll do that which makes the most sense in terms of market timing," said Sal Mirran, managing director of the conduit program at First Union.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.