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Consumer Portfolio Services Inc (CPSS) is a specialized finance company dedicated to providing indirect automobile financing to individuals who face challenges such as past credit problems, low incomes, or limited credit histories. Founded in 1991, the company has built a robust portfolio by purchasing retail installment sales contracts from automobile dealerships. These contracts are primarily secured by late-model used vehicles, with a minor portion involving new vehicles.
The company's core business involves acquiring these contracts from franchised and select independent dealerships across the United States. By doing so, CPSS offers an alternative financing solution for customers who are often referred to as sub-prime due to their credit profiles. This approach not only aids consumers in securing vehicle financing but also supports dealerships in closing sales that might otherwise be unattainable.
CPSS funds its contract purchases primarily through the securitization markets, ensuring long-term stability and sustainability. The company then services these contracts over their entire lifespan, maintaining a steady revenue stream and fostering lasting relationships with its customers. As of June 2015, CPSS has purchased over $11.8 billion in contracts and is currently servicing a managed portfolio worth approximately $1.8 billion, encompassing around 140,000 customers.
Headquartered in Irvine, California, CPSS operates additional servicing branches in Florida, Illinois, Nevada, and Virginia, strategically positioned to optimize operational efficiency and customer service. With a dedicated workforce of approximately 900 employees and dealer relationships spanning across 48 states, CPSS stands as a significant player in the U.S. specialty finance sector.
Consumer Portfolio Services (Nasdaq: CPSS) reported first-quarter revenues of $83.1 million, an increase of 11.7% from $74.4 million compared to the prior year. The net income for the quarter was $13.8 million, or $0.54 per diluted share, down from $21.1 million or $0.75 per diluted share last year. The pretax income was $18.4 million, compared to $29.3 million in the same quarter last year. The company purchased $415.2 million in new contracts during the quarter. However, annualized net charge-offs rose to 5.20% from 3.29% in the prior year, and delinquencies greater than 30 days increased to 9.92% compared to 8.59% a year earlier.
Consumer Portfolio Services, Inc. (Nasdaq: CPSS) announced a conference call scheduled for April 27, 2023, at 2:00 p.m. ET to discuss its first quarter 2023 operating results. Participants can pre-register for the call through a provided link and are encouraged to join 15 minutes early to avoid delays. A replay will be available on the company’s website for 12 months post-call. CPSS focuses on providing indirect automobile financing to individuals with credit challenges, acquiring retail installment sales contracts primarily from franchised dealerships.
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