"VW is the latest OEM to support Upstart Auto Retail, bringing the total number of manufacturers to six, which includes Toyota, Lexus, Subaru, Mitsubishi, and Kia. In addition, top franchised dealers from 37 top brands3, such as Ford, Honda, and BMW, rely on Upstart Auto Retail to sell billions of dollars of new and used cars and increase customer satisfaction. Nearly $4 billion in vehicles were sold through the Upstart Auto Retail platform in 2021."
Can you explain, where there are 4 billion sales in vehicles but they are only expecting 1,5 B in 2022? Thanks.
Question on the KBRA report for the 2022-1A securitization. Did you notice that the "Current CNL" for 2021-4 & 5 is slightly higher than the "Expected Base Case CNL For Current Period"? And if you look at the lower chart for the "ST" tranches from ST10 to ST4 then the same two metrics have the "Current CNL" above the "Expected". Doesn't that indicate it's performing below expectations in those tranches? This is the first time I've seen this "Expected" column in their reports. I'm not a debt guy. Any insight from your KBRA contact?
Thanks for this! I'm writing questions as I go along, so not sure if there'll be another one later on. I checked online and noted that Paypal isn't preferred by developers as their APIs, integration of programs, etc., isn't very developer friendly (source: https://stackshare.io/stackups/adyen-vs-paypal). My hypothesis (please correct me if I'm wrong) is that it was built out for eBay and, given the huge eBay influence, there was just no reason for them to make it more developer friendly as they had this huge customer to predominantly serve.
My question relates to the above in that, given Paypal's efforts to expand beyond eBay and into other areas, is this being improved and how much of an effort is being placed into this area?
Really excellent write up and summary of the key drivers. Thanks a ton for putting it together.
Hi Brad, What do you consider a full position?
Another great write-up! Thanks Brad! I also added to SOFI and UPST this week. Here's to better times ahead :-)
Another great write up Brad! Tks.
"VW is the latest OEM to support Upstart Auto Retail, bringing the total number of manufacturers to six, which includes Toyota, Lexus, Subaru, Mitsubishi, and Kia. In addition, top franchised dealers from 37 top brands3, such as Ford, Honda, and BMW, rely on Upstart Auto Retail to sell billions of dollars of new and used cars and increase customer satisfaction. Nearly $4 billion in vehicles were sold through the Upstart Auto Retail platform in 2021."
Can you explain, where there are 4 billion sales in vehicles but they are only expecting 1,5 B in 2022? Thanks.
Question on the KBRA report for the 2022-1A securitization. Did you notice that the "Current CNL" for 2021-4 & 5 is slightly higher than the "Expected Base Case CNL For Current Period"? And if you look at the lower chart for the "ST" tranches from ST10 to ST4 then the same two metrics have the "Current CNL" above the "Expected". Doesn't that indicate it's performing below expectations in those tranches? This is the first time I've seen this "Expected" column in their reports. I'm not a debt guy. Any insight from your KBRA contact?
Brad, IMO your updates are perfect and much appreciated. Thanks 🙏
Thanks for this! I'm writing questions as I go along, so not sure if there'll be another one later on. I checked online and noted that Paypal isn't preferred by developers as their APIs, integration of programs, etc., isn't very developer friendly (source: https://stackshare.io/stackups/adyen-vs-paypal). My hypothesis (please correct me if I'm wrong) is that it was built out for eBay and, given the huge eBay influence, there was just no reason for them to make it more developer friendly as they had this huge customer to predominantly serve.
My question relates to the above in that, given Paypal's efforts to expand beyond eBay and into other areas, is this being improved and how much of an effort is being placed into this area?