[yellowbastard]

Buffett constantly talks about finding businesses that serve a repetitive need and have a durable competitive advantage that will cause the company to produce monopoly like profits in the long run. NICK does serve a repetitive need, buying auto debt, but what is it's durable competitive advantage? If I was a used car dealer and wanted to sell off some outstanding debt I don't see any reason why I would accept a lower bid from NICK than a slightly higher bid from one of NICK's competitors.