Four auto ABS transactions with an aggregate portfolio of approximately A$3.1 billion were issued in Australia over the nine months ended 30 September 2016, according to a Moody's report analysing issuance in several major financial centres across the APAC region.The markets covered in the report are China, Australia, Japan and India.Moody's said auto loan performance in China, Australia, Japan and India is generally sound and stable, and should continue so across these markets, but to different degrees, with some outperforming others owing to diverging?economic growth trends."We note that Chinese and Japanese auto ABS are performing well, with low delinquency and default rates," said Marie Lam, a Moody's associate managing director."Australia also sees low defaults. However, delinquencies have been increasing gradually over recent months, owing in part to a deterioration in the performance of loans from Western Australia and Queensland, both states with a reliance on the resources sector," Lam said.And in India, loans backing Indian commercial vehicle loan ABS that we rate have a relatively high level of pre-90 day delinquencies; but, to a large extent, these delinquencies prove temporary and the proportion of loans that are still delinquent after 90 days, and particularly after 180 days, drops away significantly," she said.A number of auto finance businesses have been sold in Australia over the last few years. For example, in October 2015, Macquarie Group announced its acquisition of the auto finance assets originated by Esanda, a motor vehicle finance business owned by Australia and New Zealand Banking Group.GE also sold a few of its businesses, including its auto finance and consumer finance businesses. These sales have in part contributed to the low auto ABS issuance evident in the first part of 2016 because the purchasers, which are normally auto ABS issuers, have been focusing on transitioning then acquired businesses."Moreover, some new players have entered the auto finance market and they will also need securitisation as one of their funding sources," Lam said."The consolidation of established finance providers through the recent sales and the entry of new players have triggered some price competition in the auto finance market."