Consumer Loan assignment volumes depend on a number of factors including (1) the overall demand for our product, (2) the amount of capital available to fund new loans, and (3) our assessment of the volume that our infrastructure can support.  Our pricing strategy is intended to maximize the amount of economic profit we generate, within the confines of capital and infrastructure constraints. 

Unit and dollar volumes grew 2.4% and 6.0%, respectively, during the fourth quarter of 2012 as the number of active dealers grew 24.9% and average volume per active dealer declined 17.5%.  We believe the decline in volume per dealer is the result of increased competition.  We increased advance rates in April 2012 and September 2012, which positively impacted unit and dollar volumes while reducing the return on capital we expect to earn on new assignments.  We believe these advance rate increases had a positive impact on economic profit as we believe the positive impact of the increased dollar volume exceeded the negative impact of the reduced return on capital. 

The following table summarizes the changes in Consumer Loan unit volume and active dealers:
    For the Three Months Ended December 31,  
    2012     2011     % Change  
Consumer Loan unit volume     41,442       40,482       2.4 %
Active dealers (1)     4,001       3,203       24.9 %
Average volume per active dealer     10.4       12.6       -17.5 %

(1)     Active dealers are dealers who have received funding for at least one dealer loan or purchased loan during the period.

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