Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
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Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
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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 also have (i) originated vehicle purchase money loans by lending directly to consumers and have (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 December 31, 2024, we have purchased a total of approximately $23.0 billion
of automobile contracts from dealers. In addition, we acquired a total of approximately $822.3 million of automobile contracts in mergers
and acquisitions in 2002, 2003, 2004 and 2011. Contract purchase volumes and managed portfolio levels for the five years ended December
31, 2024 are shown in the table below. Managed portfolio comprises both contracts we owned and those we were servicing for third parties.

    Contract Purchases and Outstanding Managed Portfolio

    $ in thousands 
  
    Year 
    Contracts Purchased in Period  
    Managed Portfolio at Period End 
  
    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  
     3,665,725 

Our principal executive offices
are in Las Vegas