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On May 15, 2007, I’ll be sitting on a panel at the National Alliance of Buy Here Pay Here Dealers (in Las Vegas) to discuss the buy here pay here market from a public markets perspective. For those of you not familiar with this term, buy here pay here, it is (for lack of a better term) “deep subprime” vehicle sales. It is very old vehicles (8, 10+ years old) that are sold to customers with very poor credit. Often times the payments are made on a weekly basis, and default rates run 20% to 30%. Ken Shilson, President of the NABD tells me only something like 50% of all buy here pay here deals actually turn a profit. As you know, I tend to shy away from the
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