DriveTime’s Sales, Originations Grew in 2012

DriveTime Automotive Group saw increases in total revenue, unit sales, and originations last year, according to reports the company filed with the Securities and Exchange Commission last week. 

The company had a 7% increase in unit sales in 2012 year, moving 59,960 cars, up from 56,109 the year prior. Originations jumped 11% year-over-year to $917.1 million from $829.2 million in 2011, which resulted in DriveTime’s total revenue rising 9% to $1.2 billion, up from $1.1 billion posted the previous year.

Last year, the Phoenix-based company closed two securitizations, issuing a total of $482.2 million of asset-backed securities. Additionally, DriveTime opened 10 stores in nine new regions in Florida, Arkansas, Ohio, Alabama, Texas, Missouri, and South Carolina.