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.
The dealer cannot “steal” without the help of the lender. Great lenders work closely with the dealers to limit dealer participation. If your belief is that there are other “bad lenders” out there that will finance the “steal” and get the deal then you know who the bad guys are. Great credit administrators know how to deal with that situation. For banks to start earning the public trust again, someone has to stand up and lead. You do not want Regulators (Fair Lending Enforcement Unit ) forcing you to “do the right thing”. Do it because it is good for everyone in the long run.