Unit volume decreased 2.9% during the first quarter of 2013 as the number of active dealers grew 21.2% and average volume per active dealer declined 20.1%. 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 volume 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 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 March 31,  
    2013     2012     % Change  
Consumer Loan unit volume     57,105       58,796       -2.9 %
Active dealers (1)     4,355       3,594       21.2 %
Average volume per active dealer     13.1       16.4       -20.1 %

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

The following table provides additional information on the changes in Consumer Loan unit volume and active dealers:
    For the Three Months Ended March 31,  
    2013     2012     % Change  
Consumer Loan unit volume from dealers active both periods     42,207       51,521       -18.1 %
Dealers active both periods     2,525       2,525       --  
Average volume per dealers active both periods     16.7       20.4       -18.1 %
                         
Consumer Loan unit volume from new dealers     3,440       4,089       -15.9 %
New active dealers (1)     678       554       22.4 %
Average volume per new active dealers     5.1       7.4       -31.1 %
                         
Attrition (2)     -12.4 %     -9.2 %        

(1)     New active dealers are dealers who enrolled in our program and have received funding for their first dealer loan or purchased loan from us during the period.

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