KBRA assigns preliminary ratings to five classes of notes issued by Bridgecrest Lending Auto Securitization Trust 2024-3 (“BLAST 2024-3”), an asset-backed securitization collateralized by a pool of sub-prime auto loans.

BLAST 2024-3 will issue notes using one of two capital structures, which will be determined at the time of pricing. These include a Base Structure and an Upsize Structure, with aggregate initial note balances of $573,750,000 and $680,000,000 respectively. The collateral pools for each structure are as of June 30, 2024 (“Cutoff Date”) and are similar in quality and composition. Both pools are collateralized by sub-prime auto loans that are fixed rate installment loans, made to subprime borrowers. The transaction has initial credit enhancement levels ranging from 59.50% for the Class A notes, to 16.50% for the Class E notes.

This transaction is the fourth public, SEC-registered offering of Bridgecrest Acceptance Corporation (“Bridgecrest”) serviced auto loans originated by DriveTime Automotive Group, Inc. (together with Bridgecrest, “DriveTime” or the “Company”). Inclusive of the subject transaction, the Company has issued 83 securitizations since 1996 totaling approximately $23.7 billion, of which KBRA has rated 20.

KBRA applied its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the static pool data and the underlying collateral pool and stressed the capital structure based upon its stress case cash flow assumptions. KBRA considered its operational review of DriveTime, as well as several business updates with the Company since that time. Operative agreements and legal opinions will be reviewed prior to closing.

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Methodologies

• ABS: Auto Loan ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1005045

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