A finance company engaged in purchasing and servicing retail automobile contracts originated by franchised automobile dealers and, to a lesser extent, by select independent dealers in the sale of new and used automobiles, light trucks and passenger vans.
BATS data provided in real-time. NYSE, NASDAQ and AMEX data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates and Analyst Ratings provided by Zacks.
SEC Filings and Insider Transactions provided by Edgar Online.
Powered and implemented by Interactive Data Managed Solutions. Terms & Conditions
RSS Headlines
Fool UK
Recs
It's FMD for cars!
As for why it's undervalued, check out the 10-Q from the past quarter:
"These changes collectively represent a deferral of revenue and acceleration of expenses, and thus a more
conservative approach to accounting for our operations compared to the previous securitization transactions,
which were accounted for as sales at the consummation of the transaction. As a result of the changes, we
initially reported lower earnings than we would have reported if we had continued to structure our transactions
to require recognition of gain on sale. It should also be noted that growth in our portfolio of receivables
resulted in an increase in expenses in the form of provision for credit losses, and initially had a negative effect
on net earnings. Our cash availability and cash requirements should be unaffected by the change in structure."
So they're being conservative about how they report their numbers via this new accounting measure. Combine that with a nice low P/E and you've caught my interest.