WORLD OMNI AUTO RECEIVABLES LLC Annual Report - How They Did This Year

Hey there! Think of this as our chat about WORLD OMNI AUTO RECEIVABLES LLC's performance this past year. We'll break down their annual report into easy-to-understand chunks. It's like we're talking about it over coffee.

First, an important note. WORLD OMNI AUTO RECEIVABLES LLC isn't a typical company. You won't buy its stock on the market. It's a special company, called a "depositor." It helps create investment products using car loans. This annual report is for WORLD OMNI AUTO RECEIVABLES TRUST 2023-B. This Trust actually holds the car loans. It also issues investment "Notes" and "Certificates," which are like bonds. WORLD OMNI AUTO RECEIVABLES LLC is key to setting up this Trust. So, many usual sections in a company's annual report won't apply here. These include detailed financial results or stock market information.

Here's what we'll cover:

1. What does this company actually do, and how did they do this year? WORLD OMNI AUTO RECEIVABLES LLC, or the "Depositor," is part of WORLD OMNI FINANCIAL CORP., the "Sponsor." Its main job is to help the Sponsor turn car loans into investment products. Specifically, it places these car loans into a special trust, WORLD OMNI AUTO RECEIVABLES TRUST 2023-B. This Trust then issues "Notes" and "Certificates" (like bonds) to investors. Payments from the car loans repay these investors. Investors essentially buy a share of the future money generated by these auto loans.

   For the year ending December 31, 2025, the Trust's success isn't about making a traditional profit. Instead, it's about how well its car loans perform and how reliably they are managed. Good news: no single borrower holds a large portion of the loans. This means no one person or company owes 10% or more of the total car loans. This spread of loans helps reduce risk. If one borrower defaults, it won't greatly affect the Trust's ability to pay investors. Also, World Omni Financial Corp., which manages these loans, confirmed it followed all rules. This is a great sign for the Trust's smooth operation and steady payments to investors.

2. How did their money-making go? (Revenue, Profit, Growth) This section doesn't quite fit WORLD OMNI AUTO RECEIVABLES TRUST 2023-B or WORLD OMNI AUTO RECEIVABLES LLC. They aren't like regular businesses. The Trust doesn't earn money or profit by selling things. Its "money-making" comes from collecting principal and interest payments on its car loans. The Trust then passes these payments to investors who bought its Notes and Certificates.

   A "Management’s Discussion and Analysis" isn't needed for this Trust. This report usually explains a company's financial health and operations. But this Trust isn't a traditional operating company. It has no business decisions, sales goals, or growth plans. Its financial success only depends on collecting payments from the car loans it holds, on time and in full.

3. What were their big wins and tough challenges this year? This isn't a traditional operating company, so "wins" and "challenges" look different. A "win" means car loan borrowers consistently make payments. This leads to smooth payments for investors. A "challenge" would be many loan defaults. This could reduce money available for investors.

   A big win for the Trust and its investors is strong confirmation. The companies managing and collecting these car loans, especially World Omni Financial Corp. (the "Servicer"), did their job correctly. For the year ending December 31, 2025, World Omni Financial Corp. formally checked its compliance. It followed all detailed rules for servicing these loans. These are called "servicing criteria" under Regulation AB. This rule sets requirements for managing and reporting on investments backed by assets, like these auto loan notes. They reported following all important rules. This means no major mistakes in handling payments, managing late payments, or reporting. This gives investors confidence. The Trust's operations, which are key for investor payments, are handled properly.

   Even better, they confirmed their outside companies, or "Vendors," also followed these rules. World Omni Financial Corp. found no major problems from them. They also checked their own systems for overseeing these vendors. No major issues were found. PricewaterhouseCoopers LLP, a large accounting firm, independently reviewed and confirmed these positive results. This independent confirmation gives more confidence. It shows that managing these car loans runs smoothly and reliably. This is crucial for investors to get their payments as expected.

4. How healthy is their bank account? (Cash, Debt, Liquidity) Again, for this Trust, typical financial reports like a balance sheet or cash flow statement don't apply. These usually show a company's assets, debts, and money movement. The Trust's "health" depends mainly on how well its car loans perform. It simply collects payments from these loans and sends them to investors. It doesn't keep much cash, only what it needs for quick payments. It also doesn't take on regular debt like a normal company.

   Its "debt" is the Notes and Certificates it issued to investors. Payments from the car loans pay these down. The Trust doesn't rely on outside guarantees or extra support to ensure payments. Its financial strength comes directly from the car loans it holds. This means investors mainly face the risk that individual car loan borrowers won't pay. They also face the risk of how well that group of loans performs. It's not about the financial reliability of World Omni Financial Corp. or any other third party.

5. What are the main risks that could make their stock price wobble? This Trust or LLC has no common stock, so no "stock price" can wobble. Risks here mainly affect investors holding the Trust's Notes and Certificates. It could delay their principal and interest payments. The "Risk Factors" section says "Not applicable" for the Trust itself. Its risks are part of how the car loans perform and how the investment is set up. These risks include: car loan borrowers not repaying (credit risk), loans being paid off early (prepayment risk, affecting investor earnings), and interest rate changes (less direct for fixed-rate notes). The Servicer and Indenture Trustee follow rules well. This is confirmed by their statements and independent auditors. This reduces risks in daily operations, meaning loan management is reliable.

   Legal cases involving U.S. Bank are mentioned. U.S. Bank is the "Indenture Trustee." This means they watch over the Trust for investors. They ensure the Servicer and others follow legal agreements. These lawsuits relate to U.S. Bank's role in other types of asset-backed investments. These include residential mortgage-backed securities (investments backed by home loans) and student loan trusts. They are not directly about this auto loan trust. U.S. Bank denies fault and fights these cases. Still, the trustee's ability or standing could theoretically be impacted. For investors, it's a reminder of the wider legal and operational world for financial firms that create these investments.

6. How do they stack up against their competitors? This section doesn't apply to WORLD OMNI AUTO RECEIVABLES TRUST 2023-B. It's a specific investment vehicle, not a regular business that competes in a market. Its "competitors" are other auto loan investments. These come from other financial institutions or car makers, like Ford Credit or Toyota Financial Services. Investors usually judge this Trust on its specific car loans, including borrower credit scores, where they live, and loan conditions. They also look at how its Notes are set up. They don't compare it as a business against other companies.

7. Any big changes in who's running the show or their game plan? The Trust has no traditional management team, directors, or executive officers. So, sections on "Corporate Governance" (how a company is run) don't apply. Legal documents created the Trust's structure and "game plan." These documents say how car loans are managed and how payments go to investors. No changes to this basic structure or key people were noted.

   The core structure remains. An "Omnibus Amendment to Sale and Servicing Agreement" happened on January 13, 2026. This is an update to a key legal document. It controls how the Trust works and how car loans are managed. Specifically, it covers the agreement for selling and servicing the loans within the Trust. This shows that basic agreements can be updated to reflect operational changes or legal needs. It's a formal change to how the Trust operates.

8. What's their plan for the future? A securitization trust like this has no "plan for the future" like a regular company. It won't launch new products or expand. Its purpose is limited: to collect payments from its car loans. It then sends these to investors in its Notes and Certificates. This continues until all loans are paid off. Once the last loan is repaid and investors receive their money, the Trust will close down. This Trust is an entity that winds down on its own. Its life ends when its car loans are fully paid.

9. Are there any big industry changes or new rules that could affect them? Wider economic changes could impact car loan defaults. For example, a recession might cause higher unemployment. Rising interest rates could make borrowers' total debt heavier. New rules for car lending would also indirectly affect the Trust's car loans. Tougher consumer protection laws or bankruptcy rule changes could affect how much money is recovered from defaulted loans. Also, changes in how people buy cars could matter. Less car ownership or different car prices could affect the value of the assets securing the loans. This is a longer-term concern. The Trust doesn't change its business model. But outside factors greatly affect the money it gets from its car loans. This directly impacts investors.