Dear Valued Dealer Partner,
Thank you for your continued support and for trusting OCM Auto Financing Group as part of your dealership’s network of lenders. Our unique programs and lending guidelines have excelled this past year and OCM is delighted to continue to offer these options for your financing needs.
Here at OCM, we understand the operational challenges current and past lenders face to sustain viability in the high- risk credit marketplace. OCM reaffirms that our business model is robust and sustainable for many years to come. We continue to focus on how we can make our operations more efficient, and we always encourage our dealer network to provide any feedback or concerns that will help us become the top lender of choice for your subprime financing needs.
Protecting Our Clients
The recent CrowdStrike outage has underscored the vulnerabilities of critical systems in the auto industry, including credit portals. OCM was able to help our dealer partners navigate these challenges and reduce downtime while ensuring sensitive client data remained protected. We continue to focus on how we can make our operations more efficient, and we always encourage our dealer network to provide any feedback or concerns that will help us become the top lender of choice for your subprime financing needs.
Breaking Records
OCM is thrilled to announce our third record breaking month in a row for loan originations in 2024. Industry data suggests that vehicle purchase intentions are up slightly while monthly payments for used vehicles are slightly lower but remain higher than pre-pandemic levels.
Subprime Financing
Subprime vehicle financing is an excellent option to have available to auto dealers which enables them to move more inventory including aging units. The recently released CADA Data Report suggests that 26.24% of inventory was over 91 days compared to 2021 levels which was at 14.20%.
Dealertrack Updates
On July 19, 2024, the Bank of Canda announced another highly anticipated interest rate cut. This is the second rate cut in 2024. OCM is currently reviewing its programs and rate sheets to reflect this change and we anticipate an updated program to be uploaded on Dealertrack soon.
Thank you for your continued trust and support. Stay tuned for more exciting updates in the upcoming quarters. For any inquiries about OCM Auto Fund, feel free to contact your dealer representative or visit ocmcorporation.com
Sincerely,
Andrew Abraham, Chief Executive Officer