Major news in subprime,

U.S. Auto Sales has “temporarily” closed all operations.

Ally dropped their floorplan / inventory line of credit [Unconfirmed]

Major subprime dealer group w/ nearly 50 locations.

CEO’s LinkedIn is now deactivated.

Letter is from CEO to employees.

Lenders are aggressively de-risking and it’s going to put lots of used car dealers out of business.