New Carmax Auto ABS issued
October 23, 2009
JP Morgan has a new CarMax Auto Owner Trust deal in the market. It is the third transaction issued by CarMax Business Services this year.
CarMax BS is the sponsor and servicer of 2009-2, and is a wholly owned indirect subsidiary of CarMax, Inc. (CarMax), the largest used vehicle retailer in the U.S. operating under the name of CarMax Auto SuperStores, Inc. (CarMax Auto SuperStores).
The 2009-2 transaction is backed by a pool of primarily used and new automobile and light-truck loans originated and underwritten by CarMax BS’s affiliate and financing unit, CarMax Auto Finance (CAF). The proceeds from the transaction will be used for general funding purposes.
Bank of America Merrill Lynch, Barclays Capital and Wells Fargo are co managing the deal.
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