American Car Center Pulls $222 Million Subprime-Auto-Bond Sale

American Car Center shelved a roughly $222 million bond sale backed by subprime automobile leases due to a shift in market conditions, according to people familiar with the matter.

The decision came despite expressions of interest from potential investors that had led to at least some portions of the asset-back-securities offering being oversubscribed, according to the people, who spoke on the condition of anonymity because they weren’t authorized to discuss details of the deal publicly.

Apollo Global Management Inc.’s new securitization unit, Atlas SP Partners, was arranging the bond sale. The offering was set to be one of the ...