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DriveTime Automotive Group Selling Portfolio, Dealerships

DriveTime Automotive Group has agreed to sell its $700 million portfolio of installment sales contracts, certificates of residual interests in securitizations and other assets to Santander Consumer USA.

This sale is actually just one part of DriverTime’s larger effort to sell its entire operations. Once the portfolio is sold, the company will move to sell the 91 dealerships and 16 reconditioning facilities that make up the Phoenix-based buy-here, pay-here company.

Santander is no stranger to such acquisitions; since 2009, it has purchased HSBC Finance Corp.’s auto loan servicing business, Triad Financial, $7.2 billion of Citi’s auto loans, and CitiFinancial Auto’s loan portfolio.