Fitch20106美国abs的经销商布局规划.pdf

Structured Finance Asset-Backed U.S. Dealer Floorplan ABS – Special Report Navigating through the Storm Analysts Summary Hylton Heard Dealer floorplan (DFP) asset-backed security (ABS) losses currently remain low, and +1 212 908-0214 overall DFP ABS performance metrics are within historical ranges. Dealer networks have hylton.heard@ exhibited some stability, starting in the latter half of 2009 and into 2010. The U.S. David Petu, CFA economy and auto industry have stabilized, while automobile sales have picked up, all +1 212 908-0280 contributing to higher dealer profits as dealership costs declined. U.S. auto dealerships david.petu@ experienced tremendous stress in 2008 and the first half of 2009 as auto sales sank and Juveria Mozaffar profits evaporated, which materially impacted the U.S. auto industry, as evidenced by +1 312 606-2335 the bankruptcy filings of two major U.S. auto manufacturers in mid-2009. juveria.mozaffar@ Fitch Ratings’ outlook for both auto and diversified DFP ABS in 2010 is stable, as asset John H. Bella, Jr. +1 212 908-0243 performance is expected to remain within historical averages. Furthermore, john.bella@ transactions benefit from structural features and protection, including credit enhancement, dealer concentration limits, and early amortiza