America’s Car-Mart issued its first auto asset-backed securitization transaction following structural changes announced during the company’s fiscal second-quarter earnings. On Dec. 11, America’s Car-Mart (ACM) came to market with a $161.3 million subprime auto asset-backed securitization (ABS) transaction, according to CreditFlow, which monitors securities. The deal comes almost six weeks after the end of the buy here, pay here used-car dealer’s fiscal Q2 on Oct. 31, when net losses totaled $22.5 million, according to its Dec. 4 earnings report. Additionally, the retailer implemented Phase 1 of its three-phase cost-cutting plan that included laying off 10% of its workforce in November, Chief Executive and President Douglas Campbell said during the company’s earnings call. […]
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