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BANDON, Ore. — After tallying up how much buy-here, pay-here
dealers compiled in gross sales last year, CNW Research insisted that the
market has been a "life saver" for a large number of both franchised and
independent operations.

CNW estimated the BHPH market generated $16.5 billion in
gross sales last year, turning 2.5 million units.

"High-margin vehicles, sold to high-risk customers were once
the domain solely of dirt-lot dealerships. No longer. Some of the most
well-heeled franchised and independent dealers are now BHPH advocates," CNW
president Art Spinella explained.

Spinella acknowledged while there are some BHPH lots that
have a significantly higher average retail prices, his firm pointed out the
industry as a whole sells vehicles in the price range of $6,500. CNW determined
that figure is up from $4,362 back in 2000.

Looking deeper into the market, Spinella asked, "One of the
issues that will be shaking out over the coming year: If lenders continue to
accept loan applications from lower FICO-score shoppers, as has been the trend
of late, will it cut into BHPH?

"The rapid growth may slow, but most indications are the
number of people who can only afford a BHPH vehicle will continue to outstrip
supply," he responded.

Earlier, CNW noted used-vehicle sales climbed by more than 8
percent year-over-year in March, pushed most by easier credit conditions.

Specifically, there were 2.71 million used sales in March,
compared to 2.50 million in March 2011 and 1.99 million in February, CNW
indicated. Year-to-date, there have been 6.90 million used sales, compared to
6.31 million in the first three months of 2011.

"Used sales are up quite a bit over February this year and
March last year," Spinella told sister publication Auto Remarketing, referring
to the monthly sales total. He emphasized that among the conditions fostering
this growth, "Looser credit is No. 1."