AutoNation CEO Mike Jackson told CNBC on Wednesday he doesn't see signs of trouble in the auto loan market even though Wells Fargo (WFC) said it would cap lending to borrowers with bad credit.
Jackson said the auto industry had originated $3.5 trillion worth of loans to finance auto sales in the last decade. Meanwhile, the outstanding balance on that loan volume has only increased by $100 billion, he said on "Squawk Box."
"Think about that. $3.5 trillion of sales and the outstanding balance went from $800 billion to $900 billion. The point being people pay for their car loans," he said.
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