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KBRA Assigns Preliminary Ratings to Notes Issued by DT Auto Owner Trust 2019-2

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five
classes of notes issued by DT Auto Owner Trust 2019-2 (“DTAOT 2019-2”),
an auto loan ABS transaction.

DTAOT 2019-2 will issue $456.5 million of notes collateralized by
approximately $550.0 million of subprime auto loan receivables at
closing. The preliminary ratings reflect the initial credit enhancement
levels ranging from 61.25% for the Class A notes to 18.50% for the Class
E notes, which build to 65.00% and 22.25% for the Class A and Class E
notes, respectively.

This transaction represents the second term ABS securitization in 2019
for DriveTime Automotive Group, Inc. (“DriveTime” or the “Company”).
This is the tenth securitization that KBRA has rated for DriveTime.

DriveTime is a leading used vehicle retailer in the United States that
focuses on both the sale and financing of vehicles within the subprime
market. DriveTime’s business model consists of vehicle acquisition,
reconditioning, sales, underwriting, financing, loan servicing and
after-sale support. As of March 31, 2019, DriveTime owned and operated
20 inspection/ reconditioning centers, 138 dealerships in 26 states.

KBRA applied its Global Auto Loan ABS methodology as part of its
analysis of the transaction’s underlying collateral pool, the proposed
capital structure and DriveTime’s historical static pool data. KBRA also
conducted an operational assessment on the originator and servicer, as
well as a review of the transaction’s legal structure and transaction
documents. KBRA will review the operative agreements and legal opinions
for the transaction prior to closing.

Preliminary Ratings Assigned: DT Auto Owner Trust 2019-2

Class     Preliminary Rating     Principal Balance
A     AAA (sf)     $221,370,000
B     AA (sf)     $55,010,000
C     A (sf)     $72,870,000
D     BBB- (sf)     $63,250,000
E     BB- (sf)     $44,000,000

To access ratings, reports and disclosures, click here.

Related Publication: (available at www.kbra.com)

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. In addition, KBRA is
designated as a designated rating organization by the Ontario Securities
Commission for issuers of asset-backed securities to file a short form
prospectus or shelf prospectus. KBRA is also recognized by the National
Association of Insurance Commissioners as a Credit Rating Provider, and
is a certified Credit Rating Agency (CRA) by the European Securities and
Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.

Contacts

Analytical Contacts:
Alla
Mikhalevsky, CFA, Director
(646) 731-3356
amikhalevsky@kbra.com

Pritam
Patel, Senior Analyst
(646) 731-3374
ppatel@kbra.com

Eric
Neglia, Managing Director
(646) 731-2405
eneglia@kbra.com

Rosemary
Kelley, Senior Managing Director
(646) 731-2337
rkelley@kbra.com

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