KBRA has assigned preliminary ratings to four classes of notes issued by Veros Auto Receivables Trust 2023-1, an auto loan ABS transaction.

This transaction represents Veros Credit LLC. first term ABS securitization of 2023 and sixth overall. VEROS 2023-1 will issue four classes of notes totaling $214.46 million. The notes are collateralized by a pool of auto loan contracts originated on an indirect basis mainly through independent auto dealers. In the fall of 2022, the company began originating luxury vehicle loans to high net-worth customers where the original finance amount can range from $50,000 to $500,000. VEROS 2023-1 is expected to be collateralized by approximately 4.0% of luxury vehicle loans.

Veros is a privately owned indirect auto finance company based in California.