Company: CPSS
Filing Date: 2025-10-28
Form Type: DEF 14A
Source: 0001683168-25-007815
Chunk: 10

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-10-28
Form: DEF 14A
Chunk 10
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, https://ir.consumerportfolio.com/corporate-governance. The Board has concluded that each
member of these three committees (and every director other than Mr. Bradley, the Company’s chief executive officer), is independent in
accordance with the director independence standards prescribed by Nasdaq, and has determined that none of them have a material relationship
with the Company that would impair their independence from management or otherwise compromise the ability to act as an independent director.

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Audit Committee Report

The Audit Committee has (i) reviewed and discussed the Company’s
audited consolidated financial statements for the year ended December 31, 2024 with the Company’s management; (ii) discussed
with Crowe LLP (“Crowe”), the Company’s independent auditors for the fiscal year ended December 31, 2024, the matters
required to be discussed by the applicable requirements as adopted by the Public Company Accounting Oversight Board (the “PCAOB”)
and the Securities and Exchange Commission (the “SEC”), and (iii) received the written disclosures and the letter from
Crowe required by applicable requirements of the PCAOB regarding Crowe’s communications with the Audit Committee concerning its
independence, and discussed with Crowe its independence. Based on these reviews and discussions, the Audit Committee recommended to the
Board that the audited consolidated financial statements for the year ended December 31, 2024 be included in the Company’s
annual report on Form 10-K for the fiscal year ended December 31, 2024.

The Audit Committee

Brian J. Rayhill (chairman), Louis M. Grasso, Gregory S. Washer, Daniel
S. Wood

The Board has determined that each Audit Committee member is independent
as defined under Nasdaq Listing Rules and Rule 10A-3(b)(1) of the Exchange Act. The Audit Committee is empowered by the Board to review
the financial books and records of the Company in consultation with the Company’s accounting and auditing staff and its independent
auditors and to review with the accounting staff and independent auditors any questions that may arise with respect to accounting and
auditing policy and procedure.

The Board has further determined that Mr. Wood has the qualifications and
experience necessary to serve as an “audit committee financial expert” as such term is defined in Item 407 of Regulation S-K
promulgated by the SEC. Mr. Wood, as president of Carclo, was responsible for the preparation and evaluation of the audited financial