Subject: Re: FKA, still: KMX
having a stake in the well-managed dealer space, used repair&maintenance is relentlessly climbing as % of free cashflow.

i always wondered if CACC has a relevant signal.
CACC is a unique asset-lite car financer where dealers and lower credit buyers suffer jointly on badly assessed loans. it has proved far superior to generic credit scores. CACC doing ok since trump was elected...rather a miracle given how affordability has been crushed.