Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 60

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 60
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Overview

We are a specialty finance
company. Our business is to purchase and service retail automobile contracts originated primarily by franchised automobile dealers and,
to a lesser extent, by select independent dealers in the United States in the sale of new and used automobiles, light trucks and passenger
vans. Through our automobile contract purchases, we provide indirect financing to the customers of dealers who have limited credit histories
or past credit problems, who we refer to as sub-prime customers. We serve as an alternative source of financing for dealers, facilitating
sales to customers who otherwise might not be able to obtain financing from traditional sources, such as commercial banks, credit unions
and the captive finance companies affiliated with major automobile manufacturers. In addition to purchasing installment purchase contracts
directly from dealers, we have also (i) originated vehicle purchase money loans by lending directly to consumers, (ii) acquired installment
purchase contracts in four merger and acquisition transactions, and (iii) purchased immaterial amounts of vehicle purchase money loans
from non-affiliated lenders. In this report, we refer to all of such contracts and loans as "automobile contracts."

We were incorporated and began
our operations in March 1991. From inception through March 31, 2025, we have originated a total of approximately $23.5 billion of automobile
contracts, primarily by purchasing retail installment sales contracts from dealers, and to a lesser degree, by originating loans secured
by automobiles directly with consumers. In addition, we acquired a total of approximately $822.3 million of automobile contracts in mergers
and acquisitions in 2002, 2003, 2004 and 2011. Recent contract purchase volumes and managed portfolio levels are shown in the table below:

Contract Purchases and
Outstanding Managed Portfolio

    $ in thousands 
  
    Period 
    Contracts Purchased in Period  
    Managed Portfolio at Period End 
  
    2019 
     1,002,782  
     2,416,042 
  
    2020 
     742,584  
     2,174,972 
  
    2021 
     1,146,321  
     2,249,069 
  
    2022 
     1,854,385  
     3,001,308 
  
    2023 
     1,357,752  
     3,194,623 
  
    2024 
     1,681,941