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Home > Financial Services > Accountants > Consumer Portfolio Serv. Inc .
Consumer Portfolio Serv. Inc .
CPS was founded in 1991 and currently purchases contracts in 47 states from approximately 7,000 dealers. The Company’s common stock is traded on the NASDAQ National Market System under the symbol CPSS.
Consumer Portfolio Services, Inc. is a specialty finance company that provides indirect automobile financing to individual borrowers with past credit problems, low incomes, or limited credit histories. The Company purchases retail installment sales contracts primarily from factory franchised automobile dealers. The contracts are secured by late model used cars and to a lesser extent, new cars. The Company accumulates the contracts into pools, and finances the pooled contracts through the issuance of AAA rated asset backed securities.
Their strong management team has developed and directed the controlled growth of CPS. Their senior management has many years of sub prime auto finance experience in each critical area of the company.
During 2000, the Company's Board of Directors authorized the Company to purchase up to $5 million of Company securities. In October 2002, the Board of Directors authorized the purchase of an additional $5 million of outstanding debt or equity securities. In October 2004, the Board of Directors authorized the purchase of an additional $5.0 million of outstanding debt or equity securities. As of December 31, 2005, the Company had purchased $5.0 million in principal amount of the debt securities, and $5.0 million of its common stock, representing 2,365,695 shares, leaving an additional $5.0 million available for future purchases. Any such future purchases would depend on the facts available at the time. As a result, they cannot give any useful guidance about possible future purchases.
In order to obtain market interest in the Company's common stock, CPS participates in discussions with the industry, general press and Wall Street participants, and attends industry conferences and seminars. In 2006, management of the Company has presented at equity conferences and hopes to continue such efforts. In addition, management is currently in discussions with additional brokerage research analysts to broaden coverage.
The Company, however, is limited by strict Securities and Exchange Commission rules and regulations as to what they can say or do. The Company will continue to issue press releases and hold conference calls as circumstances dictate, and will make every effort to maximize shareholder value through the operation of the Company and their investor relations efforts.
CPS is an indirect auto finance company and does not make loans directly to consumers. Rather CPS purchases auto finance contracts from automobile dealers.
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