While only one conventional franchise securitization has closed this year, as many as two car-dealership finance securitizations are expected to come to market before yearend, bringing the total to three dealership deals in 2002, up from one annually since Falcon Financial's first term deal in 1999.

Falcon, the sector's pioneer, is expected to hit the market as early as this month with a $150 million-range deal, sources said. Falcon was established in 1997 and is partially owned by an affiliate of Goldman Sachs. Goldman will underwrite the upcoming deal.

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