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Consumer Portfolio Services, Inc. - $CPSS STOCK NEWS

Welcome to our dedicated page for Consumer Portfolio Services news (Ticker: $CPSS), a resource for investors and traders seeking the latest updates and insights on Consumer Portfolio Services stock.

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.

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Consumer Portfolio Services, Inc. announced earnings of $4.6 million, or $0.19 per diluted share, for the first quarter of 2024. Revenues were $91.7 million, up 10.4% from the prior year period. The company recorded increased operating expenses and a decrease in pretax income compared to 2023. CPS purchased $346.3 million of new contracts in Q1 2024.

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Consumer Portfolio Services, Inc. (Nasdaq: CPSS) announced the closing of its 51st securitization, totaling $319.9 million in automobile receivables, with a triple 'A' rating. The transaction involved the sale of five note classes to institutional buyers, structured with initial credit enhancement and overcollateralization.
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Consumer Portfolio Services, Inc. (CPSS) appoints Gateway Group for investor relations program to enhance corporate messaging and outreach. CPSS reports strong performance in loan originations, with $1.36 billion funded in 2023, expanding total managed portfolio to $3.2 billion. Strategic investments in AI and machine learning drive operational efficiency and market adaptability.
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Consumer Portfolio Services, Inc. (CPSS) renews its two-year revolving credit agreement with Ares Agent Services, L.P., securing loans with automobile receivables until March 31, 2026.
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Consumer Portfolio Services, Inc. (CPSS) announced the closing of a $50.0 million securitization of residual interests from previously issued securitizations. The transaction involved a qualified institutional buyer purchasing asset-backed notes secured by an 80% interest in a CPS affiliate owning residual interests in five securitizations. Collateral includes amounts from underlying spread accounts and over-collateralization. Monthly payments consist of interest and principal to maintain a minimum collateral ratio, with the offering being private and unregistered.
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Consumer Portfolio Services, Inc. (CPSS) reported pretax income of $9.8 million for Q4 and $61.1 million for 2023, with revenues of $92.0 million for Q4 and $352.0 million for 2023. Net income was $45.3 million for 2023, with new contract purchases of $1.358 billion in 2023. The company achieved its largest managed portfolio balance of $3.2 billion in history.
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Consumer Portfolio Services, Inc. (CPSS) schedules a conference call to discuss fourth quarter 2023 operating results. Participants can pre-register and access dial-in details. A replay will be available on the company's website for 12 months post-call.
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Consumer Portfolio Services, Inc. (CPSS) closed its 50th senior subordinate securitization since 2011, marking the 100th securitization in the company’s history. The transaction involved the sale of $280.9 million of asset-backed notes secured by $300.6 million in automobile receivables originated by CPS. The notes received high ratings from Standard & Poor’s and DBRS Morningstar, with a weighted average coupon of approximately 6.51%.
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Consumer Portfolio Services, Inc. (Nasdaq: CPSS) announced earnings of $10.4 million, or $0.41 per diluted share, for its third quarter ended September 30, 2023. Revenues were $92.1 million, up 2.0% from the third quarter of 2022. Total operating expenses for the third quarter of 2023 were $77.9 million compared to $56.0 million for the 2022 period. New contract purchases were $322.4 million.
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Consumer Portfolio Services, Inc. closes fourth term securitization in 2023, selling $286.1 million of asset-backed notes secured by $306.7 million in automobile receivables. The transaction received a triple 'A' rating from two rating agencies. The notes consist of five classes with interest rates ranging from 6.40% to 10.13%. The weighted average coupon on the notes is approximately 7.89%.
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FAQ

What does Consumer Portfolio Services Inc (CPSS) do?

CPSS provides indirect automobile financing to individuals with past credit problems, low incomes, or limited credit histories by purchasing retail installment sales contracts from automobile dealerships.

Who are the primary customers of CPSS?

The primary customers of CPSS are individuals with limited credit histories, low incomes, or past credit problems, often referred to as sub-prime customers.

How does CPSS fund its contract purchases?

CPSS primarily funds its contract purchases through the securitization markets, ensuring long-term financial stability.

Where is Consumer Portfolio Services Inc headquartered?

Consumer Portfolio Services Inc is headquartered in Irvine, California.

How many customers does CPSS currently service?

CPSS currently services a total managed portfolio of approximately 140,000 customers.

What type of vehicles does CPSS finance?

CPSS finances late-model used vehicles and, to a lesser extent, new vehicles.

How many employees does CPSS have?

CPSS has approximately 900 employees.

Which states does CPSS operate in?

CPSS maintains dealer relationships in 48 states across the United States.

When was CPSS founded?

CPSS was founded in 1991.

Who can I contact for investor relations at CPSS?

For investor relations, you can contact Danny Bharwani, the Chief Financial Officer, at 949-753-6811.

Consumer Portfolio Services, Inc.

Nasdaq:CPSS

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CPSS Stock Data

188.56M
8.32M
33.73%
48.47%
5.46%
All Other Nondepository Credit Intermediation
Finance and Insurance
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