Bridgecrest Securitization Trust Reports Stable Pool, Trustee Faces Lawsuit

TL;DR

**Bridgecrest's 10-K shows a solid asset pool, but the lawsuit against Wilmington Trust is a red flag for broader ABS market trust.**

AI Summary

Bridgecrest Lending Auto Securitization Trust 2023-1, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no single obligor represents 10% or more of its pool assets. The trust also reported no external credit enhancement or derivative instruments altering cashflow characteristics. Legal proceedings against the Sponsor, Depositor, Indenture Trustee, Servicer, or the Issuing Entity are not pending or contemplated by governmental authorities that would be material to noteholders or certificate holders. However, Wilmington Trust, National Association (WTNA), acting as owner trustee and grantor trust trustee, was served with a civil complaint on February 3, 2026, for unspecified damages related to alleged breaches of contract and duties as custodian and indenture trustee for certain Tricolor Holdings, LLC asset-backed securitization transactions. WTNA intends to vigorously defend itself and does not believe the resolution will be material to security holders. The Servicer and Indenture Trustee both provided reports on assessment of compliance with servicing criteria, with no material instances of noncompliance identified.

Why It Matters

This 10-K provides crucial transparency for investors in Bridgecrest Lending Auto Securitization Trust 2023-1, confirming the stability of its asset pool with no single obligor exceeding 10%. The disclosure of the lawsuit against Wilmington Trust, National Association, while not directly against Bridgecrest, highlights potential systemic risks within the broader asset-backed securities market and could impact investor confidence in trustees across the industry. For employees of Bridgecrest Acceptance Corporation and Bridgecrest Auto Funding LLC, the clean servicing compliance reports indicate operational stability. The competitive landscape for auto securitization trusts relies on such disclosures to maintain market integrity and investor trust.

Risk Assessment

Risk Level: medium — The risk level is medium due to the lawsuit against Wilmington Trust, National Association, which serves as owner trustee and grantor trust trustee for Bridgecrest Lending Auto Securitization Trust 2023-1. While WTNA states the resolution is not expected to be material to security holders, the unspecified damages and allegations of breaches related to waterfall payments and post-event of default duties in other securitizations (Tricolor Holdings, LLC) introduce a potential for reputational damage or increased scrutiny on trustee performance across the ABS market, which could indirectly affect Bridgecrest's future transactions.

Analyst Insight

Investors should monitor the outcome of the lawsuit against Wilmington Trust, National Association, as it could signal broader issues in trustee oversight within the ABS market. While Bridgecrest's specific pool appears stable, this legal action warrants a review of other securitization holdings where WTNA or similar trustees play a critical role, assessing potential indirect impacts on payment waterfalls or servicing transitions.

Financial Highlights

debt To Equity

0.0

revenue

$0

operating Margin

0%

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

0%

cash Position

$0

revenue Growth

N/A

Key Numbers

• 10% — Maximum percentage of pool assets represented by a single obligor (No single obligor represents 10% or more of the pool assets, indicating diversification.)
• 2025 — Fiscal year end (The 10-K covers the fiscal year ended December 31, 2025, providing current financial and operational status.)
• 2026-03-26 — Filing date (The report was filed on March 26, 2026, ensuring timely disclosure of information.)

Key Players & Entities

• Bridgecrest Lending Auto Securitization Trust 2023-1 (company) — Issuing Entity
• Bridgecrest Auto Funding LLC (company) — Depositor
• Bridgecrest Acceptance Corporation (company) — Sponsor and Servicer
• Wilmington Trust, National Association (company) — Owner Trustee and Grantor Trust Trustee, facing lawsuit
• Computershare Trust Company, National Association (company) — Indenture Trustee and Standby Servicer
• Tricolor Holdings, LLC (company) — Subject of related asset-backed securitization transactions in WTNA lawsuit
• Daniel Gaudreau (person) — President (senior officer in charge of securitization) of Bridgecrest Auto Funding LLC
• $0 (dollar_amount) — No single obligor represents 10% or more of pool assets
• February 3, 2026 (date) — Date Wilmington Trust, National Association was served with a civil complaint

FAQ

Risk Factors

• Wilmington Trust Civil Complaint [medium — legal]: Wilmington Trust, National Association (WTNA), acting as owner trustee and grantor trust trustee, was served with a civil complaint on February 3, 2026, for unspecified damages. The complaint alleges breaches of contract and duties as custodian and indenture trustee for certain Tricolor Holdings, LLC asset-backed securitization transactions.
• Servicing Compliance [low — operational]: The Servicer and Indenture Trustee provided reports on their assessment of compliance with servicing criteria. No material instances of noncompliance were identified in these reports.

Industry Context

The auto securitization market is a significant segment of the broader asset-backed securities (ABS) market. It allows originators to access funding by pooling auto loans and selling them to investors. Key trends include evolving credit performance influenced by economic conditions, interest rate sensitivity, and increasing regulatory scrutiny on servicing and disclosure practices.

Regulatory Implications

The civil complaint against Wilmington Trust, National Association, highlights potential legal and operational risks within the securitization infrastructure. While WTNA intends to defend itself and deems the resolution immaterial, any adverse outcome could set precedents or lead to increased scrutiny on trustee duties and responsibilities in ABS transactions.

What Investors Should Do

1. Monitor WTNA Legal Proceedings
2. Review Servicing Compliance Reports
3. Assess Pool Diversification

Key Dates

• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2026-02-03: WTNA Served Civil Complaint — A legal proceeding was initiated against the Owner Trustee and Grantor Trust Trustee, which could potentially impact trust operations or noteholder interests.
• 2026-03-26: 10-K Filing Date — The official date the annual report was filed, providing investors with the latest financial and operational information.
• 2023-10-25: Closing Date — The date the securitization transaction was finalized, marking the inception of the trust and its agreements.

Glossary

Securitization Entity

A legal entity created to pool assets and issue securities backed by the cash flows from those assets. (Bridgecrest Lending Auto Securitization Trust 2023-1 is the securitization entity for this filing.)

Obligor

An individual or entity that owes a debt or obligation. (The filing states no single obligor represents 10% or more of the pool assets, indicating diversification.)

External Credit Enhancement

Third-party guarantees or support mechanisms designed to reduce the credit risk of a securitized pool of assets. (The trust reported no external credit enhancement, meaning credit risk is borne by the noteholders.)

Derivative Instruments

Financial contracts whose value is derived from an underlying asset, index, or rate, often used to alter cash flow characteristics. (The trust reported no derivative instruments, simplifying its cash flow structure.)

Sponsor

The entity that originates or purchases the assets to be securitized and initiates the securitization process. (The Sponsor is a key party in the securitization, and legal proceedings against it could be material.)

Depositor

An entity that transfers the securitized assets to the issuing trust. (The Depositor is involved in the legal structure and filing of the securitization.)

Indenture Trustee

A trustee appointed to represent the interests of the bondholders in a securitization transaction, governed by an indenture agreement. (The Indenture Trustee is involved in the legal proceedings against WTNA and provides compliance reports.)

Servicer

The entity responsible for collecting payments from the underlying obligors and managing the securitized assets. (The Servicer's compliance with servicing criteria is reported, and any noncompliance could impact cash flows.)

Year-Over-Year Comparison

As this is the first 10-K filing for Bridgecrest Lending Auto Securitization Trust 2023-1, a direct comparison of key metrics to a previous year's filing is not possible. However, the filing establishes the baseline financial and operational structure of the trust, including its asset diversification and the absence of external credit enhancements or derivatives.

Filing Documents

• tm261235d1_10k.htm (10-K) — 56KB
• tm261235d1_ex31-1.htm (EX-31.1) — 6KB
• tm261235d1_ex33-1.htm (EX-33.1) — 77KB
• tm261235d1_ex33-2.htm (EX-33.2) — 60KB
• tm261235d1_ex34-1.htm (EX-34.1) — 11KB
• tm261235d1_ex34-2.htm (EX-34.2) — 11KB
• tm261235d1_ex35-1.htm (EX-35.1) — 5KB
• tm261235d1_ex31-1img01.jpg (GRAPHIC) — 4KB
• tm261235d1_ex33-1img01.jpg (GRAPHIC) — 4KB
• tm261235d1_ex33-2img01.jpg (GRAPHIC) — 3KB
• tm261235d1_ex34-1img01.jpg (GRAPHIC) — 2KB
• tm261235d1_ex34-2img01.jpg (GRAPHIC) — 2KB
• tm261235d1_ex35-1img01.jpg (GRAPHIC) — 4KB
• 0001104659-26-035113.txt ( ) — 254KB

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. Not Applicable.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not Applicable. Substitute information provided in accordance with General Instruction J to Form 10-K:

(b) of Regulation AB. Significant Obligors of

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets ( Financial Information ). No single obligor represents 10% or more of the pool assets held by Bridgecrest Lending Auto Securitization Trust 2023-1 (the “ Issuing Entity ”).

(b)(2) of Regulation

Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments ( Financial Information Regarding Significant Enhancement Providers ). No entity or group of affiliated entities provides any external credit enhancement or other support with respect to either payment of the pool assets held by the Issuing Entity or payments on the notes (the “ Notes ”) or certificates (the “ Certificates ”) issued by the Issuing Entity.

(b) of Regulation AB

Item 1115(b) of Regulation AB. Certain Derivatives Instruments ( Financial Information ). No entity or group of affiliated entities provides any derivative instruments that are used to alter the payment characteristics of the cashflows from the Issuing Entity.

of Regulation AB. Legal

Item 1117 of Regulation AB. Legal Proceedings. No legal proceedings are pending, and no proceedings are known to be contemplated by governmental authorities, against any of the following companies, or of which any property of the following companies is the subject, that are or would be material to holders of the Notes or the Certificates: Bridgecrest Acceptance Corporation (the “ Sponsor ”), Bridgecrest Auto Funding LLC (the “ Depositor ”), Computershare Trust Company, National Association (the “ Indenture Trustee ”), Bridgecrest Acceptance Corporation (the “ Servicer ”) or the Issuing Entity. Wilmington Trust, National Association (“ WTNA ”), as the owner trustee and grantor trust trustee, has provided the following paragraph for purposes of compliance with Regulation AB: On February 3, 2026, certain investors served WTNA with a civil complaint, filed in the Supreme Court of the State of New York, County of New York, for an unspecified amount of damages arising from alleged breaches of contract and duties related to WTNA’s roles as custodian and indenture trustee for certain Tricolor Holdings, LLC asset-backed securitization transactions. The plaintiffs generally assert causes of action related to WTNA’s purported failure to comply with certain provisions related to waterfall payments, servicing transition costs and post-event of default duties and related to WTNA’s purported failure to perform certain actions as custodian with respect to the related receivables. WTNA intends to vigorously defend itself against this legal action. WTNA does not believe that the ultimate resolution of this proceeding, or any other proceedings, would be material to the security holders. PART II The following items have been omitted in accordance with General Instruction J to Form 10-K:

Market for Registrant’s Common Equity, Related Stockholder

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Management’s Discussion and Analysis of Financial

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Quantitative and Qualitative Disclosures About Market

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data.

Changes in and Disagreements With Accountants on Accounting

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

Controls and Procedures

Item 9A. Controls and Procedures.

Other Information

Item 9B. Other Information. None.

Disclosure Regarding Foreign Jurisdictions that Prevent

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not Applicable. PART III The following items have been omitted in accordance with General Instruction J to Form 10-K:

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance.

Executive Compensation

Item 11. Executive Compensation.

Security Ownership of Certain Beneficial Owners and Management

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Certain Relationships and Related Transactions, and Director

Item 13. Certain Relationships and Related Transactions, and Director Independence.

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. Substitute information provided in accordance with General Instruction J to Form 10-K:

of Regulation AB. Affiliations

Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions. Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119 of Regulation AB.

of Regulation AB. Compliance

Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria. The Servicer and the Indenture Trustee (collectively, the “ Servicing Participants ”) have each been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by the Issuing Entity. Each of the Servicing Participants has provided a report on an assessment of compliance with the servicing criteria applicable to it (each, a “ Servicing Report ”), which Servicing Reports are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, a “ Report on Assessment ”) by one or more registered public accounting firms, which Reports on Assessment are also attached as exhibits to this Form 10-K. None of the Servicing Reports or the Reports on Assessment have identified any material instance of noncompliance with the servicing criteria applicable to the respective Servicing Participants.

of Regulation AB. Servicer

Item 1123 of Regulation AB. Servicer Compliance Statement. The Servicer has been identified by the registrant as a servicer with respect to the asset pool held by the Issuing Entity. The Servicer has provided a statement of compliance with applicable servicing criteria (a “ Compliance Statement ”), signed by an authorized officer of the Servicer. The Compliance Statement is attached as an exhibit to this Form 10-K. PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules. (a)(1) Not Applicable. (a)(2) Not Applicable. (a)(3) Those exhibits required by Item 601 of Regulation S-K are listed in Item 15(b) below. (b) The exhibits required by Item 601 of Regulation S-K. The exhibits listed below are either included or incorporated by reference as indicated: Exhibit No. Document Description 3.1 Certificate of Formation of the Depositor (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form SF-3 (No. 333-271899) filed with the Commission by the Depositor on May 12, 2023 (the “Registration Statement”)). 3.2 Limited Liability Company Agreement of the Depositor (incorporated by reference to Exhibit 3.2 to the Registration Statement). 4.1 Indenture, dated as of October 25, 2023 (the “Closing Date”), between Bridgecrest Lending Auto Securitization Trust 2023-1 (the “Issuer”), Bridgecrest Lending Auto Securitization Grantor Trust 2023-1 (the “Grantor Trust”) and the Indenture Trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Commission by the Depositor on October 27, 2023 (the “Closing 8-K”)). 10.1 Purchase Agreement, dated as of the Closing Date, between the Sponsor and the Depositor (incorporated by reference to Exhibit 10.1 to the Current Report on the Closing 8-K). 10.2 Sale and Servicing Agreement, dated as of the Closing Date, among the Issuer, the Grantor Trust, the Depositor, the Servicer, Computershare Trust Company, National Association, as standby servicer (the “Standby Servicer”), and the Indenture Trustee (incorporated by reference to Exhibit 10.2 to the Current Report on the Closing 8-K). 10.3 Receivables Contribution Agreement, dated as the Closing Date, between the Issuer and the Grantor Trust (incorporated by reference to Exhibit 10.3 to the Current Report on the Closing 8-K). 10.4 Administration Agree

Form 10-K Summary

Item 16. Form 10-K Summary. Not applicable.

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BRIDGECREST AUTO FUNDING LLC, as Depositor By: /s/ Daniel Gaudreau Name: Daniel Gaudreau Title: President (senior officer in charge of securitization) March 26, 2026 Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act No annual report to security holders, proxy statement, form of proxy or other proxy soliciting material has been sent to security holders or is anticipated to be furnished to security holders subsequent to the filing of this annual report on Form 10-K.

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