Driven Brands Holdings Inc. (Driven, or the Company), a franchisor and operator of various automotive services businesses, filed a Form 8-K on February 25, 2026, disclosing that the Company identified material errors in certain previously issued financial statements and concluded that affected historical financial statements (and the related audit report) should no longer be relied upon and will require restatement.

Driven Brands, Inc., a wholly-owned indirect subsidiary of the Company, is the manager of the Company’s whole business securitizations backed by franchise and company-operated cash flows. With respect to its securitized debt, in January 2026, the Company repaid the $275 million Series 2019-2 Class A-2 Notes in full and made an optional prepayment of Series 2020-1 Class A-2 Notes in an aggregate amount of $80 million.

KBRA will continue to monitor related disclosures for any potential implications to securitization collateral performance and required transaction reporting.

Recent Publications

• Driven Brands Funding, LLC and Driven Brands Canada Funding Corporation Comprehensive Surveillance Report
• Driven Brands Funding LLC, Series 2025-1 New Issue Report

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