Weekly Wrap on auto ABS, used-vehicle values and CPS’ credit facility

Last week, used-vehicle values continued to shift amid improving inventory and slowing used-car sales. Meanwhile, CarMax Auto Finance, Hyundai Capital America, Santander Consumer USA and Vroom all announced plans to close $4 billion in prime and subprime asset-backed securities (ABS) deals on July 20.  

Also last week, Consumer Portfolio Services (CPS) looked to revamp its operational strategy and focus on growth by doubling its credit facility with Ares Agent Services.