May 28, 2023
Financial News
KBRA Rates Lendbuzz ABS
Staff Writer
May 22, 2023
KBRA has assigned preliminary ratings to three classes of notes (four tranches) issued by Lendbuzz Securitization Trust 2023-2 (LBZZ 2023-2), an auto loan ABS transaction. LBZZ 2023-2 is Lendbuzz Funding…
Powersports Values Drop
Staff Writer
May 22, 2023
Black Book Insights reports that the last half of 2022, and all of 2023 so far, have seen prices on all types of powersports vehicles drop nearly every month, and…
Group 1 Automotive, an international, automotive retailer with 206 dealerships in the U.S. and U.K., announced that Charles Szews has been elected to serve as non-executive chairman of its Board…
Copart Reports Strong Revenue, Profits
Staff Writer
May 19, 2023
For the three months ended April 30, revenue, gross profit, and net income for Copart totaled $1,021.8 million, $483.4 million, and $350.4 million, respectively. These figures represent an increase in…
The Federal Trade Commission is sending payments totaling more than $3.3 million to customers of Passport Auto, a Washington D.C.-area auto dealer. In October 2022, the FTC charged Passport with…
Volvo Trucks Cancels Chinese Acquisition
Staff Writer
May 16, 2023
Volvo Trucks and Jiangling Motors will not pursue the previously announced transaction involving the acquisition of JMC Heavy Duty Vehicle Co., and its manufacturing site in Taiyuan, Shanxi province, China.…
Penske Automotive Increases Dividend
Staff Writer
May 14, 2023
Penske Automotive Group, a diversified international transportation services company, announced that its Board of Directors has authorized an increase in the company’s quarterly dividend by $0.05 per share, or 8%,…
Sales Into Large Fleets Rise YoY
Staff Writer
May 14, 2023
Sales into large fleets, not including sales into dealer and manufacturer fleets, increased 38.6% year over year in April to 214,362 units, according to an early estimate from Cox Automotive.…
KBRA Assigns Ratings to Auto ABS
Staff Writer
May 14, 2023
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…
