Consumer Portfolio Services Leverages Informed.IQ’s Dealer Verify to Enhance Loan Processing, Increase Capture Rates, and Improve Dealer Experience
Consumer Portfolio Services (Nasdaq: CPSS) has successfully integrated Informed.IQ's Dealer Verify tool into its loan origination process. This AI-driven solution enhances dealer experience by automatically verifying stipulations, improving capture rates, and reducing contracts-in-transit. Dealer Verify automates the collection and real-time verification of key consumer stipulations, enabling faster and more accurate loan processing.
The integration has significantly improved CPS's operational efficiency:
- Cut in-house processing time from over three days to under two
- Increased same-day funding percentage by 100%
- Boosted second-day funding percentage by 50%
CPS is expanding its operations with a network of over 12,000 approved dealerships across 47 states and plans to add more sales representatives by year-end to support increasing demand.
Consumer Portfolio Services (Nasdaq: CPSS) ha integrato con successo lo strumento Dealer Verify di Informed.IQ nel suo processo di origine dei prestiti. Questa soluzione basata sull'IA migliora l'esperienza del rivenditore verificando automaticamente le condizioni, aumentando i tassi di acquisizione e riducendo i contratti in transito. Dealer Verify automatizza la raccolta e la verifica in tempo reale delle principali condizioni dei consumatori, consentendo elaborazioni di prestiti più rapide e precise.
L'integrazione ha migliorato significativamente l'efficienza operativa di CPS:
- Ridotto il tempo di elaborazione interno da oltre tre giorni a meno di due
- Aumentato del 100% la percentuale di finanziamenti nello stesso giorno
- Incrementato del 50% la percentuale di finanziamenti il giorno successivo
CPS sta ampliando le sue operazioni con una rete di oltre 12.000 concessionari approvati in 47 stati e prevede di aggiungere ulteriori rappresentanti di vendita entro la fine dell'anno per supportare la crescente domanda.
Consumer Portfolio Services (Nasdaq: CPSS) ha integrado con éxito la herramienta Dealer Verify de Informed.IQ en su proceso de originación de préstamos. Esta solución impulsada por IA mejora la experiencia del concesionario mediante la verificación automática de estipulaciones, incrementando las tasas de captura y reduciendo los contratos en tránsito. Dealer Verify automatiza la recolección y verificación en tiempo real de las principales estipulaciones del consumidor, lo que permite un procesamiento de préstamos más rápido y preciso.
La integración ha mejorado significativamente la eficiencia operativa de CPS:
- Reducción del tiempo de procesamiento interno de más de tres días a menos de dos
- Aumento del 100% en el porcentaje de financiación el mismo día
- Aumento del 50% en el porcentaje de financiación al día siguiente
CPS está expandiendo sus operaciones con una red de más de 12,000 concesionarios aprobados en 47 estados y planea agregar más representantes de ventas antes de fin de año para apoyar la creciente demanda.
Consumer Portfolio Services (Nasdaq: CPSS)는 Informed.IQ의 Dealer Verify 도구를 성공적으로 대출 원가 프로세스에 통합했습니다. 이 AI 기반 솔루션은 stipulations을 자동으로 확인하여 딜러 경험을 향상시키고, 캡처 비율을 개선하고, 계약 이행을 줄입니다. Dealer Verify는 주요 소비자 stipulations의 수집 및 실시간 확인을 자동화하여 더 빠르고 정확한 대출 처리를 가능하게 합니다.
통합은 CPS의 운영 효율성을 크게 향상시켰습니다:
- 내부 처리 시간을 3일 이상에서 2일 이하로 단축
- 당일 자금 지원 비율을 100% 증가
- 이틀 후 자금 지원 비율을 50% 증가
CPS는 47개 주에 걸쳐 12,000개 이상의 승인된 대리점 네트워크로 운영을 확장하고 있으며, 증가하는 수요를 지원하기 위해 연말까지 더 많은 판매 대표를 추가할 계획입니다.
Consumer Portfolio Services (Nasdaq: CPSS) a intégré avec succès l'outil Dealer Verify d'Informed.IQ dans son processus d'origination de prêts. Cette solution alimentée par l'IA améliore l'expérience des concessionnaires en vérifiant automatiquement les stipulations, en augmentant les taux de capture et en réduisant les contrats en transit. Dealer Verify automatise la collecte et la vérification en temps réel des conditions clés des consommateurs, permettant ainsi un traitement des prêts plus rapide et plus précis.
L'intégration a considérablement amélioré l'efficacité opérationnelle de CPS :
- Réduction du temps de traitement interne de plus de trois jours à moins de deux
- Augmentation de 100% du pourcentage de financement le jour même
- Augmentation de 50% du pourcentage de financement le jour suivant
CPS étend ses opérations avec un réseau de plus de 12 000 concessionnaires approuvés dans 47 États et prévoit d'ajouter davantage de représentants commerciaux d'ici la fin de l'année pour soutenir la demande croissante.
Consumer Portfolio Services (Nasdaq: CPSS) hat erfolgreich das Dealer Verify Tool von Informed.IQ in seinen Darlehensorigination-Prozess integriert. Diese KI-gestützte Lösung verbessert die Händlererfahrung, indem sie automatisch die Bedingungen überprüft, die Erfassungsraten erhöht und die Verträge im Transit reduziert. Dealer Verify automatisiert die Sammlung und Echtzeitüberprüfung der wichtigsten Verbraucherbedingungen, was eine schnellere und genauere Darlehensbearbeitung ermöglicht.
Die Integration hat die betriebliche Effizienz von CPS erheblich verbessert:
- Die interne Bearbeitungszeit von über drei Tagen auf unter zwei gesenkt
- Der Prozentsatz der sofortigen Finanzierung um 100% erhöht
- Der Prozentsatz der Finanzierung am zweiten Tag um 50% gesteigert
CPS erweitert seine Aktivitäten mit einem Netzwerk von über 12.000 genehmigten Händlern in 47 Bundesstaaten und plant bis zum Jahresende weitere Vertriebsmitarbeiter hinzuzufügen, um der steigenden Nachfrage gerecht zu werden.
- Integration of AI-driven Dealer Verify tool to enhance loan origination process
- Reduction in loan processing time from over 3 days to under 2 days
- 100% increase in same-day funding percentage
- 50% increase in second-day funding percentage
- Expansion of dealer network to over 12,000 approved dealerships across 47 states
- Plans to add more sales representatives to support growing demand
- None.
AI-Powered Tool Enables CPS Dealers to Verify Stipulations in Real Time, Streamlining Loan Originations and Reducing Contracts-in-Transit
LAS VEGAS, NV, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”), a leader in providing indirect automobile financing to consumers, today announced the successful integration of Informed.IQ’s Dealer Verify tool into its loan origination process. This advanced AI-driven solution enhances the dealer experience by automatically verifying stipulations, improving capture rates, and reducing contracts-in-transit.
CPS has consistently focused on leveraging technology to enhance its operations across the subprime auto lending cycle. For years, CPS has utilized AI and machine learning to streamline its underwriting processes, improve risk management, and optimize dealer performance. The Company’s proprietary AI-driven models have enabled the approval of higher-quality loans, resulting in better credit performance, enhanced collections, and stronger portfolio growth.
With the integration of Dealer Verify, CPS is further expanding its use of AI to improve dealer efficiency. By automating the collection and real-time verification of key consumer stipulations—such as proof of income, bank account statements, and other necessary documents—Dealer Verify enables CPS dealers to process loans more quickly and accurately, reducing delays, minimizing fraud risk, and enhancing customer satisfaction.
Dealer Verify processes various document types and data sources, automating calculations, identifying omissions, and flagging potential fraud to ensure accurate decisions in real time. When dealers submit documents through CPS’s secure Dealer Verify portal, they receive immediate feedback, eliminating concerns about non-conforming stipulations or image quality issues. This allows any issues to be resolved quickly, ensuring all documents are verified quickly and ready before customers leave the dealership.
“By leveraging Dealer Verify, CPS dealers are now equipped with the tools to handle loan originations more efficiently,” said Mike Lavin, COO at Consumer Portfolio Services. “This technology allows us to provide a streamlined, frictionless experience to our dealers, ensuring deals are processed faster, with fewer errors, and with significantly less risk of contracts-in-transit.”
Teri Robinson, Executive Vice President of Sales and Originations of Consumer Portfolio Services added, “By leveraging AI, we have cut days in house from over three to under two. We have increased our same day funding percentage by
Looking ahead, CPS continues to expand its operations and invest in growth. With a growing network of over 12,000 approved dealerships across 47 states, CPS is scaling its team to support increasing demand, aiming to add more sales representatives by year-end. This expansion ensures CPS can continue to provide efficient, affordable financing options to more consumers while strengthening relationships with dealers nationwide.
About Consumer Portfolio Services:
Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.
About Informed.IQ:
Informed.IQ uses AI/ML to instantly verify income, assets, residence, insurance, and more, enabling real-time, reliable credit decisions. The company automates stipulation clearance with
Company Contact
Danny Bharwani
Chief Financial Officer
949-753-6811
Investor Relations Contact
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
CPSS@gateway-grp.com
FAQ
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