ACAR is engaged in the origination of automobile loans to individuals with non-prime credit. The non-prime market is comprised of individuals who are deemed to be a relatively high credit risk. For the nine months ended 3/97, revenues fell 79% to $6.8 million. Netloss totalled $24.5 million vs. income of $6.4 million. Results reflect a $15.2 million loss from securitization transactions vs. a gain of $21.6 million due to write-downs of retained interest in securitized receivables.
Volume is picking up, and the price is showing signs of breaking out of the doldrums...any thoughts ?? |
