KBRA Affirms and Upgrades Ratings from DT Auto Owner Trust and Bridgecrest Lending Auto Securitization Trust

KBRA affirms its ratings on 22 classes of notes and upgrades its ratings on eight classes of notes issued from five DT Auto Owner Trust (“DTAOT”) transactions and three Bridgecrest Lending Auto Securitization Trust (“BLAST”) transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. All of the securities with upgraded ratings experienced increased credit enhancement. The data used for this review is as of the June 2025 distribution date (May 2025 collection period). To date, the securities have received timely interest payments.

In performing its rating review, KBRA utilized its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In determining these rating actions, KBRA reviewed the collateral performance to date and projected the remaining loss for the transactions based on current assumptions. The rating actions, along with related deal and tranche performance information, are available in spreadsheet form in the accompanying DT Auto Owner Trust and Bridgecrest Lending Auto Securitization Trust Comprehensive Surveillance Dashboard. BLAST 2025-1 was not included in this review as it is less than six months seasoned.

DriveTime Automotive Group, Inc. (“DriveTime” or the “Company”) is an experienced used vehicle retailer, originator, and servicer of subprime auto loan receivables. DriveTime has been in the subprime auto finance business for over 30 years and has proven to be a capable originator and servicer of auto loans made to lower credit quality subprime obligors. DriveTime has a stable management team with an average of over ten years of experience with the Company.

DriveTime’s business model consists of vehicle acquisition, reconditioning, sales, underwriting, financing, loan servicing and after-sale support. The Company operates through two entities, i) DriveTime Automotive Group Inc., which includes all retail operations encompassing vehicle acquisition, reconditioning, marketing and sale of used vehicles and associated products and ii) Bridgecrest Acceptance Corporation (“Bridgecrest”), the financing company of DriveTime which provides vehicle financing and loan servicing.

As of March 31, 2025, DriveTime has $1.2 billion in warehouse facilities available and $376.5 million outstanding with staggered maturities from Wells Fargo, Citigroup, Deutsche Bank, and Fifth Third Bank. As of March 31, 2025, 16 term securitizations were outstanding with an aggregate debt balance of $4.01 billion.

For the three months ended March 31, 2025, DriveTime reported net income of $23.14 million, up 441% from $4.28 million in the comparable period of 2024. Total revenue in the first three months of 2025 was $971.8 million, up 2% from the first three months of 2024. As of March 31, 2025, DriveTime had total assets of $6.9 billion, cash and cash equivalents of $13.9 million, and $893.7 million of shareholders’ equity.

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Methodologies