Looks like the sub prime auto finance market is on a path for continued growth. I just read an article from SubPrime Auto Finance News about the number of bankruptcy filings hitting an all time high for the first quarter of this year, up about 66% over the same period last year. While this is highly discouraging for the American public who seems to be taking on more debt than ever, it must have buy here pay here and rent to own car dealers optimistic.
In my opinion, I think over the next few years we're going to see more and more of the larger dealerships tapping into the sub-prime market. We've had large franchises contact us recently to create secondary websites for them aimed at this market. I expect to see these types of requests increase, because whether a dealer wants to put up with the traditional problems of sub-prime financing or not, business is all about revenue.
The ripple effects will also be seen in related products such as RFID tracking/shutoff devices and programs geared toward dealers who want to offer financing to sub prime customers.
All in all, we've watched this market grow very fast in the last few years, and it isn't showing any signs of slowing down any time soon. If you as a dealer have the stomach for it, "All Aboard".
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