KBRA Assigns Ratings to Bridgecrest Lending Auto Securitization Trust 2024-3

KBRA assigns ratings to five classes of notes issued by Bridgecrest Lending Auto Securitization Trust 2024-3 (“BLAST 2024-3”), an asset-backed securitization collateralized by a pool of sub-prime auto loans.

BLAST 2024-3 issued five classes of notes totaling $680,000,000, collateralized by approximately $800.0 million subprime auto loans, as of the June 30, 2024 (“Cutoff Date”). The auto loans are fixed rate installment loans, made to subprime borrowers. The transaction has initial credit enhancement levels ranging from 59.50% for the Class A notes, to 16.50% for the Class E notes.

This transaction is the fourth public, SEC-registered offering of Bridgecrest Acceptance Corporation (“Bridgecrest”) serviced auto loans originated by DriveTime Automotive Group, Inc. (together with Bridgecrest, “DriveTime” or the “Company”). Inclusive of the subject transaction, the Company has issued 83 securitizations since 1996 totaling approximately $23.7 billion, of which KBRA has rated 20.

KBRA applied its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the static pool data and the underlying collateral pool and stressed the capital structure based upon its stress case cash flow assumptions. KBRA considered its operational review of DriveTime, as well as several business updates with the Company since that time. Operative agreements and legal opinions were reviewed prior to closing.

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Methodologies