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.
Demand is Up
Despite market concerns and challenges faced by other subprime lenders, we’re thrilled to report a remarkable surge in our lending activities. With a nearly 50% increase compared to the same period last year, this exponential growth is a testament to the robust demand for our financing solutions. Despite this volume increase, our loss ratio has remained low, highlighting the effectiveness of our risk management, particularly in these uncertain times.
Working on Solutions
In the past couple of weeks, several auto dealers across Canada experienced CDK software system shutdowns and outages. OCM is working with the affected dealers to seamlessly provide efficient adjudication and funding timelines to help mitigate disruptions.
Lending Rate Cut
On June 5, 2024, the Bank of Canda announced the highly anticipated policy interest rate cut. This is the first time in four years the key lending rate has been cut. OCM
is currently updating its programs and rate sheets to reflect this change and we anticipate an updated program to be presented in early July.
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