Manheim needed only one word to summarize what 2012 was like for buy-here, pay-here dealers.

In what economist Tom Webb likely will expand upon during the 15th annual National Conference conducted by the National Alliance of Buy-Here, Pay-Here Dealers, Manheim described last year's environment as "challenging" for this store segment.

Despite that descriptor, Manheim said in its 2013 Used Car Market Report that BHPH dealers still accounted for more than 14 percent of total financing in the used-vehicle market a year ago.

"Nevertheless, tax refund season, which is the biggest selling period for BHPH dealers, was less than robust in 2012. In fact, for the first time in many years, both the number and dollar amount of individual income tax refunds declined from the previous year," Manheim said in its report.

"The dollars that did come arrived in a lumpy fashion, which made it difficult for BHPH dealers to maximize inventory turns," the report continued.

"Another challenge facing BHPH dealers in 2012 was subprime lenders buying further down the credit scale, thereby picking up customers who previously would have used their services," Manheim went on to say.

"Add all these factors together and you get a situation where BHPH dealers were forced to put more money on the street, for a longer period of time, with a lower down payment, and to a customer with a riskier credit profile. Not exactly an ideal situation," the report added.

Webb is one of several industry experts lined up to make presentations during NABD's National Conference at the Wynn in Las Vegas on May 21-23. SubPrime Auto Finance News shared the conference agenda as well as the slate for the preceding Dealer Academy here.

More information about both events, including early bird registration discounts, can be found at bhphinfo.com.