World Omni Master Owner Trust Rated `AAA' By Fitch

    NEW YORK--March 6, 2001--World Omni Master Owner Trust's $277,000,000 series 2001-1 floating-rate automobile dealer floorplan asset-backed notes, class A and $23,000,000 series 2001-1 floating-rate automobile dealer floorplan asset- backed notes, class B are rated `AAA' and `AA-' by Fitch. The notes are backed by a pool of loans made by World Omni Financial Corp. (WOFCO) to retail automotive dealers to finance new and used automobile inventories. The transaction is WOFCO's fourth public floorplan securitization. The ratings are based upon the high quality of the receivables pool, available credit enhancement, WOFCO's underwriting and servicing expertise, and sound legal and cash flow structures.
    Initial credit enhancement for the class A notes consists of 15.1% subordination provided by the class B notes (7.1%) and the certificates (8.0%) plus an initial deposit of $1.5 million in the reserve account, representing 0.5% of the initial series 2001-1 note balance. Initial credit enhancement for the class B notes consists of 8.0% subordination plus the reserve account deposit. The reserve fund required amount as of any distribution date is equal to 0.5% of the outstanding series 2001-1 note balance.
    Interest is distributed on the 15th of each month beginning March 15, 2001. Interest on the class A notes is senior to class B interest and accrues at a rate of one-month LIBOR plus 0.13%. The class B notes earn interest at one-month LIBOR plus 0.47%. However, interest is paid to the extent of available funds and therefore is capped at the receivables rate. Following the revolving period and a variable accumulation period of no more than three months, note principal is expected to be paid in full on the February 2004 distribution date (the targeted final payment date). If the notes are not paid in full on the targeted final payment date, collections will be applied to the repayment of principal on the notes on subsequent distribution dates. The stated final payment date of the notes is the distribution date in February 2006.
    Early amortization events are designed to protect investors from a seller/servicer insolvency or a deterioration in the quality of the receivables. If an early amortization event occurs, all monies on deposit in the cash accumulation account and principal allocable to the notes from receivable collections will be paid to the notes. On subsequent distribution dates, principal collections will continue to be passed through to noteholders. In limited instances, the revolving period may recommence if certain conditions are satisfied. Performance based triggers are tied to monthly payment rate, and limitations on collateral composition also exist with respect to amount of a single dealer group's borrowings, vehicle manufacturer, used vehicle amounts, and floorplan financing type.
    The loss experience for WOFCO's U.S. wholesale portfolio has been excellent. WOFCO experienced no losses on its floorplan receivables during the period from 1994 through 1997 and minimal losses of 0.69% during 1998 and 0.17% for 1999. In 2000, WOFCO returned to 0.00% losses on its portfolio. The strong performance is attributable to WOFCO's conservative underwriting policies and effective servicing of the portfolio. Significant geographic concentration exists in Florida (20.52%), Georgia (13.43%), Virginia (9.14%), Massachusetts (7.67%), New York (6.75%), North Carolina (6.27%), and Ohio (5.77%) with no other state accounting for more than 4.83% of the pool.
    World Omni Financial Corp. is a Florida corporation that is a wholly owned subsidiary of JM Family Enterprises, Inc. (JMFE). JMFE also wholly owns Southeast Toyota Distributors, Inc., which is the exclusive distributor of Toyota automobiles and light duty trucks in Florida, Alabama, Georgia, North Carolina and South Carolina. In addition to floorplan financing, WOFCO also provides consumer lease and retail installment contract financing.