Despite troubles in the auto sector, dealer floorplan ABS have gained ground. Just last week Nissan Motor Acceptance Corp. came to market with its $750 million dealer floorplan offering. And for the January 2010 TALF subscription period, only Ford Motor Credit Co.'s floorplan deal was included. Another floorplan deal came down the pike in January - Morgan Stanley Resecuritization Trust 2010-F. Aside from the obvious rise of deal volume in the sector, rating agencies have also made revisions to their existing criteria to include the manufacturer's risk as it relates to the dealership networks.
At the end of last year, Fitch Ratings published its revised criteria on dealer floorplan ABS deals. The new approach classifies the dealer floorplan platform into two systemic risk categories. Category A consists of relatively low-systemic-risk platforms that generally have high product and manufacturer diversification.