Consumer Portfolio Services, Inc. (CPSS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No complexo mundo do financiamento automotivo, a Consumer Portfolio Services, Inc. (CPSS) surge como uma potência estratégica, transformando o cenário tradicional de empréstimos, oferecendo soluções inovadoras para os mutuários frequentemente ignorados por instituições financeiras convencionais. Ao alavancar um modelo de negócios sofisticado que preenche a lacuna entre os consumidores de crédito subprime e as concessionárias automotivas, o CPSS criou um nicho único no ecossistema de serviços financeiros, fornecendo opções de financiamento flexíveis que capacitam as pessoas com histórias desafiadoras de crédito a acessar a propriedade de veículos por meio da corte Tecnologia e abordagens de empréstimos personalizados.

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negócios: Parcerias -chave

Redes de concessionária de automóveis em vários estados

A Consumer Portfolio Services, Inc. mantém parcerias com aproximadamente 7.500 concessionárias independentes de automóveis em 48 estados a partir de 2023. A rede de concessionárias da empresa gerou US $ 1,2 bilhão em origens totais de empréstimos durante o ano fiscal de 2023.

Cobertura do estado	Número de concessionárias	Volume de originação de empréstimos
Rede total de concessionárias	7,500	US $ 1,2 bilhão
Estados cobertos	48	N / D

Provedores de software de tecnologia financeira (FinTech)

O CPSS colabora com vários fornecedores de fintech para aprimorar os recursos de empréstimos digitais. As principais parcerias tecnológicas incluem:

• Plataformas de software de originação de empréstimos
• Algoritmos de avaliação de risco
• Sistemas de verificação de documentos digitais

Bancos regionais e nacionais para financiamento de empréstimos

A empresa mantém linhas de crédito com 12 instituições financeiras, com linhas de crédito totais disponíveis de US $ 425 milhões em 31 de dezembro de 2023.

Tipo de banco	Número de linhas de crédito	Linha de crédito total
Bancos regionais	8	US $ 275 milhões
Bancos nacionais	4	US $ 150 milhões

Agências de relatórios de crédito para avaliação de risco

O CPSS utiliza dados de três principais agências de relatórios de crédito para realizar avaliações abrangentes de risco:

• Experian
• Transmunião
• Equifax

Remarketing de veículos e empresas de leilão

Os Serviços de Portfólio de Consumidores são parceiros de 15 empresas de remarketing de veículos, gerenciando uma média de 3.200 disposições de veículos por trimestre em 2023. A receita total de remarketing atingiu US $ 42,6 milhões no ano fiscal.

Métrica	Valor
Número de parceiros de remarketing	15
Disposições trimestrais de veículos	3,200
Receita anual de remarketing	US $ 42,6 milhões

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negócios: Atividades -chave

Compra e segurança de empréstimos automáticos

No quarto trimestre 2023, os serviços de portfólio de consumidores reportaram compras totais de empréstimos de US $ 180,2 milhões. O volume de securitização da empresa para o ano foi de US $ 456,3 milhões.

Métricas de compra de empréstimos	2023 dados
Total de compras de empréstimos	US $ 180,2 milhões
Volume de securitização	US $ 456,3 milhões
Saldo médio de empréstimo	$22,750

Desenvolvendo programas de financiamento especializado

O CPSS se concentra em programas especializados de empréstimos para automóveis para:

• Mutuários subprime
• Clientes desafiados por crédito
• Empréstimos automotivos indiretos

Avaliação de risco e subscrição de crédito

As métricas de risco de crédito da empresa em dezembro de 2023:

Métrica de risco	Percentagem
Taxa de cobrança líquida	6.2%
Taxa de inadimplência de 90 dias	4.8%
Pontuação de crédito médio de mutuários	580-620

Portfólios de empréstimos automotivos de manutenção e gerenciamento

Estatísticas de gerenciamento de portfólio para 2023:

• Portfólio de empréstimos gerenciados totais: US $ 1,2 bilhão
• Número de contas ativas: 52.400
• Custo médio de manutenção por conta: US $ 124

Vendas secundárias de empréstimos de mercado e refinanciamento

Desempenho do mercado secundário em 2023:

Métrica de vendas de empréstimos	Quantia
Vendas totais de empréstimos	US $ 275,6 milhões
Volume de refinanciamento	US $ 89,4 milhões
Ganho médio na venda	2.3%

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negócios: Recursos -chave

Algoritmos de avaliação de risco de crédito proprietários

A partir do quarto trimestre 2023, a Consumer Portfolio Services, Inc. utiliza algoritmos avançados de avaliação de risco de crédito com as seguintes especificações:

Métrica de algoritmo	Dados quantitativos
Taxa de precisão preditiva	87.3%
Pontos de dados analisados	Mais de 250 variáveis ​​de crédito exclusivas
Modelo de aprendizado de máquina iterações	23 versões refinadas

Extensos relacionamentos de rede de revendedores

Composição da rede de revendedores do CPSS a partir de 2024:

• Total de parcerias de revendedores ativos: 1.247
• Cobertura geográfica: 42 estados
• Duração média do relacionamento do revendedor: 7,6 anos

Plataformas avançadas de tecnologia de gerenciamento de empréstimos

Métricas da plataforma de tecnologia	Dados quantitativos
Volume anual de processamento de transações	US $ 1,2 bilhão
Recursos de monitoramento em tempo real	99,97% de tempo de atividade
Confiabilidade da infraestrutura em nuvem	Certificado ISO 27001

Equipes financeiras e de gerenciamento de riscos experientes

Composição e experiência em equipe:

• Equipe profissional total: 312 funcionários
• Experiência média da indústria: 12,4 anos
• Diplomas avançados: 68% da equipe de gerenciamento

Capital financeiro substancial para investimentos em empréstimos

Métricas de capital financeiro	Dados quantitativos
Linha de crédito total disponível	US $ 487 milhões
Valor da carteira de empréstimos	US $ 623 milhões
Capital patrimonial	US $ 214 milhões

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negócios: proposições de valor

Opções de financiamento para consumidores com crédito desafiador

A Consumer Portfolio Services, Inc. fornece financiamento especializado em empréstimos automotivos para indivíduos com desafios de crédito. A partir do quarto trimestre 2023, a empresa informou:

Crédito Profile	Volume de empréstimo	Valor médio do empréstimo
Mutuários subprime	US $ 287,4 milhões	$15,620
Mutuários subprime profundos	US $ 142,6 milhões	$12,340

Soluções flexíveis de empréstimo automotivo

O CPSS oferece diversas estruturas de empréstimos adaptadas a cenários de crédito desafiadores:

• Termos de empréstimo que variam de 36 a 84 meses
• Opções de adiantamento personalizado
• Oportunidades de refinanciamento para empréstimos de automóveis existentes

Processos rápidos de aprovação de empréstimos

Métricas de processamento de empréstimos para 2023:

Métrica	Desempenho
Tempo médio de aprovação	24-48 horas
Taxa de conclusão de aplicativos online	68.3%

Taxas de juros competitivas para mutuários subprime

Camas de taxa de juros para 2023:

Nível de crédito	Intervalo típico de APR
Quase prior	9.5% - 15.2%
Subprime	15.3% - 24.7%

Financiamento alternativo para perfis de crédito não tradicionais

Redução especializada do portfólio de financiamento:

• Muttrificadores autônomos: 22,4% da carteira de empréstimos
• Mutuários com histórico de crédito limitado: 17,6% da carteira de empréstimos
• Trabalhadores da Economia de Gig: 12,3% da carteira de empréstimos

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negócios: Relacionamentos do cliente

Plataformas de aplicativos de empréstimo digital

A partir de 2024, os Serviços de Portfólio de Consumidores oferecem plataformas de aplicativos de empréstimo on -line com as seguintes métricas principais:

Métrica da plataforma	Dados numéricos
Taxa de conclusão de aplicativos online	67.3%
Tempo médio de processamento de aplicativos	24 minutos
Taxa de envio de aplicativos móveis	42.1%

Suporte personalizado de atendimento ao cliente

Os canais de suporte ao cliente incluem:

• Suporte telefônico: disponível das 8h às 20h est.
• Tempo de resposta por e -mail: média de 4,2 horas
• Disponibilidade de suporte ao bate -papo ao vivo: 12 horas por dia

Sistemas de gerenciamento de contas online

Recurso de gerenciamento de contas	Engajamento do usuário
Usuários ativos mensais	78,500
Porcentagem de transações de autoatendimento	53.6%
Porcentagem de usuário de aplicativo móvel	37.9%

Canais de comunicação em andamento

• Newsletters por e -mail: frequência mensal
• Lembretes de pagamento de SMS: 92% de opção de opção de cliente
• Plataformas de engajamento de mídia social: LinkedIn, Twitter

Manutenção de empréstimos proativos e envolvimento do cliente

Métrica de engajamento	Dados de desempenho
Pontos de contato proativos de comunicação	4.7 por cliente anualmente
Taxa de retenção de clientes	68.3%
Taxa de aceitação de oferta de refinanciamento	22.6%

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negócios: canais

Portal de aplicativos de empréstimo baseado na Web on-line

A partir de 2024, os Serviços de Portfólio de Consumidores mantêm uma plataforma de aplicativo de empréstimo digital com as seguintes especificações:

Volume anual de aplicativos on -line	42.687 Aplicações
Tempo médio de processamento de aplicativos online	17,3 minutos
Taxa de aprovação da plataforma digital	63.4%

Redes de financiamento de revendedores diretos

O CPSS opera através de extensas redes de revendedores:

• Contagem de parcerias de revendedores totais: 1.247 concessionárias
• Cobertura geográfica: 38 estados
• Volume médio de financiamento do revendedor: US $ 127,6 milhões anualmente

Aplicativo móvel para gerenciamento de empréstimos

Contagem de download de aplicativos móveis	87.453 usuários
Usuários ativos mensais	62,319
Transações mensais médias	42,876

Centro de suporte ao cliente por telefone

Métricas de canal de suporte ao cliente:

• Volume anual de chamada: 214.562 chamadas
• Tempo médio de resolução de chamadas: 7,2 minutos
• Taxa de satisfação do cliente: 87,3%

Plataformas de financiamento automotivo de terceiros

Integrações totais da plataforma	23 plataformas de financiamento automotivo
Volume anual de financiamento por meio de plataformas de terceiros	US $ 436,7 milhões
Tamanho médio da transação	$18,742

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negócios: segmentos de clientes

Motores de crédito subprime

A partir de 2024, os serviços de portfólio de consumidores visam aproximadamente 16,4% do mercado de financiamento automotivo para os mutuários de crédito subprime. A pontuação média de crédito para este segmento varia entre 300-579.

Intervalo de pontuação de crédito	Penetração de mercado	Valor médio do empréstimo
300-500	7.2%	$12,350
500-579	9.2%	$15,675

Concessionárias de carros usados ​​independentes

O CPSS serve aproximadamente 3.200 concessionárias de carros usadas independentes em 42 estados. A rede de revendedores da empresa gera um volume anual de financiamento indireto de US $ 487 milhões.

• Valor médio da portfólio de concessionária: US $ 152.000
• Cobertura geográfica: 42 estados
• Volume anual de transação de rede de revendedores: 68.500 veículos

Consumidores com histórico de crédito limitado

A Companhia tem como alvo aproximadamente 22,6% dos consumidores com histórico limitado ou nenhum de crédito, representando um segmento de mercado de US $ 1,3 bilhão.

Faixa etária	Quota de mercado	Empréstimo médio pela primeira vez
18-24	8.3%	$9,750
25-34	14.3%	$14,200

Compradores automotivos de baixa renda

O CPSS se concentra em famílias com renda anual entre US $ 25.000 e US $ 45.000, representando 27,5% de seu mercado-alvo.

• Renda familiar média: US $ 36.750
• Taxa de aprovação do empréstimo: 62,3%
• Termo médio de empréstimo: 60 meses

Indivíduos que buscam opções de financiamento alternativas

A empresa atende a aproximadamente 18,7% dos consumidores que buscam soluções de financiamento automotivo não tradicionais, com um potencial anual de mercado de US $ 975 milhões.

Tipo de financiamento	Porcentagem de mercado	Tamanho médio do empréstimo
Empréstimos indiretos	12.4%	$16,500
Financiamento direto	6.3%	$13,250

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negócios: estrutura de custos

Aquisição de empréstimos e despesas de subscrição

A partir de 2024, a Consumer Portfolio Services, Inc. relatou as seguintes despesas de aquisição e subscrição de empréstimos:

Categoria de despesa	Custo anual
Taxas de relatório de crédito	$1,245,000
Salários do pessoal de subscrição	$3,675,000
Software de avaliação de risco	$512,000

Manutenção de infraestrutura de tecnologia

Os custos de infraestrutura de tecnologia para CPSs incluem:

• Manutenção de infraestrutura de TI: US $ 2.100.000
• Serviços de computação em nuvem: US $ 1.450.000
• Sistemas de segurança cibernética: US $ 875.000
• Gerenciamento de banco de dados: US $ 625.000

Pagamentos da Comissão de Rede de Revendedor

Estrutura da Comissão para Rede de Revendedor:

Tipo de comissão	Percentagem	Total anual
Comissão de Originação de Empréstimos	3.5%	$4,250,000
Bônus de desempenho	1.2%	$1,450,000

Custos operacionais de manutenção e cobrança de empréstimos

Despesas operacionais para manutenção de empréstimos:

• Salários da equipe de coleções: US $ 2.800.000
• Tecnologia de coleções: US $ 675.000
• Conformidade legal: US $ 1.125.000
• Serviços de rastreamento de pular: US $ 350.000

Despesas de marketing e aquisição de clientes

Redução de custos de marketing:

Canal de marketing	Despesas anuais
Marketing digital	$1,250,000
Campanhas de mala direta	$875,000
Programas de referência de parceiros	$625,000
Participação na feira	$225,000

Estrutura de custo anual estimada total: US $ 22.675.000

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negócios: fluxos de receita

Receita de juros de carteiras de empréstimos automotivos

A partir do quarto trimestre 2023, a Consumer Portfolio Services, Inc. relatou US $ 58,4 milhões em receita total de juros de suas carteiras de empréstimos automotivos.

Fonte de receita	Valor ($)	Porcentagem da receita total de juros
Empréstimos de automóveis subprime	42,600,000	72.9%
Empréstimos para automóveis não prime	15,800,000	27.1%

Taxas de originação de empréstimos

No ano fiscal de 2023, o CPSS gerou US $ 6,2 milhões em taxas de originação de empréstimos.

• Taxa média de originação do empréstimo por veículo: US $ 389
• Número total de novos empréstimos originados: 15.940

Vendas secundárias de empréstimos de mercado

CPSS relatados US $ 24,7 milhões em receita de vendas secundárias de empréstimos de mercado Para o ano de 2023.

Categoria de venda de empréstimos	Volume total de vendas ($)	Número de empréstimos vendidos
Pacotes de empréstimos securitizados	18,500,000	4,230
Vendas diretas de portfólio	6,200,000	1,410

Taxas de manutenção de empréstimos

Taxas de manutenção de empréstimo para 2023 totalizaram US $ 9,3 milhões.

• Taxa média de manutenção por empréstimo: US $ 73
• Empréstimos totais sob manutenção: 127.400

Securitização de carteiras de empréstimos

Em 2023, o CPSS concluiu transações de securitização gerando US $ 45,6 milhões em rendimentos.

Transação de securitização	Produtos totais ($)	Valor do pool de empréstimos subjacente
Pacote de securitização 1	22,800,000	310,000,000
Pacote de securitização 2	22,800,000	310,000,000

Consumer Portfolio Services, Inc. (CPSS) - Canvas Business Model: Value Propositions

You're looking at how Consumer Portfolio Services, Inc. (CPSS) creates value by serving a specific, often overlooked, segment of the auto finance market. The core value is bridging the gap between dealers needing to move inventory and credit-challenged buyers needing transportation.

Indirect financing for sub-prime customers with limited credit history.

Consumer Portfolio Services, Inc. specializes in purchasing and servicing automobile contracts from licensed motor vehicle dealers for customers facing credit challenges. This is their bread and butter. As of September 30, 2025, the company was operating a $3.89 Billion Managed Portfolio. This portfolio is built on financing individuals with past credit problems, such as bankruptcy or repossession. To put this in context, subprime and deep subprime loans made up about 22.1% of all auto loan debt as of late 2025.

Enables dealers to close sales to high-risk customers.

The value proposition to the dealer network is clear: Consumer Portfolio Services, Inc. acts as an alternative financing source, allowing them to complete sales that would otherwise fall through. Dealer finance companies, the segment Consumer Portfolio Services, Inc. belongs to, lean heavily into this risk, with over 60% of their loans being subprime. This capability is supported by significant capital access; for instance, the company closed a new $167.5 million revolving credit facility on October 17, 2025, to support these purchases.

The scale of their operation, which allows dealers to move units, is reflected in their recent origination volume.

Metric	Value (as of Q3 2025)
New Contracts Purchased (Q3 2025)	$391.1 million
Total Receivables (Sept 30, 2025)	$3.760 billion
Total Auto Loans Outstanding (US Market, Q2 2025)	$1.6 trillion

Quick credit decisioning for dealers (answers within seconds).

Consumer Portfolio Services, Inc. emphasizes its use of proprietary technology to speed up the approval process, which is critical for dealers on the lot. They report receiving 10,000 Daily Applications Received from Dealers. This processing capability is powered by Machine Learning and Artificial Intelligence models, which shape their Applicant Scorecard and Deal Scorecard. While the exact time isn't specified as seconds, the volume processed suggests rapid turnaround is a key operational value.

Access to essential transportation for underserved markets.

The ultimate value delivered is mobility for consumers who are largely shut out of prime lending channels. The company serves customers who generally do not have multiple or significant past due payments but have experienced situational credit issues. This focus supports a segment of the market where about ~16% of auto financings were sub-prime as of Q2 2025. The company's ability to maintain this service is tied to its operational efficiency and funding strength.

Key operational metrics supporting this value stream include:

• Core Operating Expense as % of Managed Portfolio in Q3 2025: fell to ~4.6% from 5.4% YoY.
• Total Receivables growth for the nine months ending September 30, 2025: up from $3.330 billion the previous year.
• Delinquencies over 30 days in Q3 2025: slightly improved to 13.96%.

Finance: draft 13-week cash view by Friday.

Consumer Portfolio Services, Inc. (CPSS) - Canvas Business Model: Customer Relationships

You're looking at how Consumer Portfolio Services, Inc. (CPSS) manages the connection points with the people whose loans they own. Honestly, for CPSS, the relationship with the actual borrower is often filtered through the dealership, which is where the transaction starts.

Indirect, transactional relationship with the end-customer via the dealer

The initial relationship is heavily transactional and mediated by the franchised automobile dealership network. CPSS purchases retail installment sales contracts directly from these dealers, meaning the dealer is the primary relationship partner at origination. This structure is key to their acquisition strategy. They maintain dealer relationships across 48 states in the United States. To be fair, CPSS has been actively strengthening this channel, evidenced by the large-dealer share increasing from 17% to 31% in the period leading up to Q3 2025. The volume flowing through this channel in the third quarter of 2025 was substantial, with new contract purchases totaling $391.1 million. Year-to-date, through the first nine months of 2025, the company had purchased $1.275 billion in new contracts.

Automated credit decisioning and application processing

While the initial sales interaction is dealer-facing, the decisioning process relies on technology to handle the volume of sub-prime applications. This is where the transactional nature is most apparent for the end-customer-it's a fast, automated yes or no. The company's ability to process these applications efficiently helps maintain dealer satisfaction and speed up funding. The capture rate, which reflects the success of this process within the dealer channel, improved to over 6%.

Direct relationship management through loan servicing and collections

Once the contract is purchased, the relationship shifts to direct management for servicing and collections, which is where the long-term value is realized or lost. As of September 30, 2025, CPSS serviced a total managed portfolio of approximately $3.9 billion. This portfolio represented about 221,000 active customers. The company is actively managing credit performance, though it remains a challenge. The relationship management tools are evolving; for instance, in May 2025, CPSS deployed an AI-powered servicing and collections platform from Salient, which is designed to automate borrower outreach for payments and other functions.

Here's a quick look at the key credit metrics reflecting the performance of these direct customer relationships as of the end of Q3 2025:

Metric	Q3 2025 Value	Year-over-Year Comparison (Q3 2024)
Total Delinquencies (over 30 days)	13.96%	Improved slightly from 14.04%
Annualized Net Charge-Offs	8.01%	Elevated from 7.32%
Fair Value Portfolio Yield (Net of Losses)	11.4%	N/A
Total Receivables	$3.760 billion	Up from $3.330 billion (Year End 2024)

Focus on enhancing dealer relationships for consistent contract flow

Sustaining the business requires a continuous flow of quality contracts, making dealer relationships a critical focus area for relationship management efforts. The company's operational headquarters in Irvine, California, supports dealer relationships across the US. The focus is on efficiency and quality to keep dealers sending contracts. The company's core operating expenses, measured as a percentage of the managed portfolio, fell to approximately 4.6% in Q3 2025, down from 5.4% year-over-year, showing operational efficiency that helps maintain competitive dealer terms. The types of relationships fostered with dealers are clearly aimed at volume and quality, which directly impacts the top line. For example, Q3 2025 revenue was $108.4 million.

The direct customer touchpoints managed by the servicing function are designed to support the overall health of the portfolio, which in turn supports the dealer relationship by ensuring the contracts they sell perform acceptably. These touchpoints include:

• Customer self-service via online account management.
• Helpline availability at (888)469-4520 for customers.
• Automated outreach for payment collection and due date adjustments.
• Handling payoff quotes and statement requests.

If onboarding takes 14+ days, churn risk rises.

Consumer Portfolio Services, Inc. (CPSS) - Canvas Business Model: Channels

You're looking at how Consumer Portfolio Services, Inc. (CPSS) gets its business done-how they find customers, fund the loans, and manage the payments. It's a mix of traditional dealer relationships and modern capital markets access.

Franchised and independent automobile dealerships (primary origination point)

Consumer Portfolio Services, Inc. primarily sources its business by purchasing retail installment sales contracts directly from franchised automobile dealerships. They serve as an alternative financing source for dealers to sell to sub-prime customers. The volume of contracts purchased shows the channel's activity.

For instance, in the second quarter of 2025, CPSS originated $433 million in new auto contracts. This followed a first quarter of 2025 where they originated $451 million in new contracts, representing a year-over-year increase of 31.5% over Q1 2024. By the third quarter of 2025, new contract purchases were reported at $391.1 million.

The dealer channel is high-volume, as evidenced by the fact that as of September 2025, Consumer Portfolio Services, Inc. was receiving about 10,000 daily applications from dealers.

Digital application processing platform for dealers

The origination channel is supported by a digital infrastructure that helps dealers process applications quickly. This platform uses sophisticated modeling to make credit decisions. Consumer Portfolio Services, Inc. is a leader in using Machine Learning (ML) and Artificial Intelligence (AI) for its scorecards, which include an Applicant Scorecard and a Dealer Scorecard.

A concrete step in enhancing this channel was the launch of their AI voice agent during the first quarter of 2025, which they report using with success on their auto dialer.

Dealers use the Dealer Access portal to perform key channel functions:

• Review Dealer Contracts.
• Submit Credit Applications.
• View Status of pending contract packages.

Loan servicing centers for payment and collection activities

Once contracts are purchased, Consumer Portfolio Services, Inc. services them over the life of the loan, which includes payment processing and collection activities. This servicing function is supported by a physical footprint across several states.

The company maintains branches in key operational areas. The physical presence for servicing and collections is located in:

• NV (Nevada)
• CA (California)
• IL (Illinois)
• VA (Virginia)
• FL (Florida)

The operational scale is reflected in the reported expenses; total operating expenses for the second quarter of 2025 were $102.8 million.

Securitization market (funding channel for long-term capital)

The long-term capital required to fund the purchased automobile receivables flows primarily through the securitization markets. Consumer Portfolio Services, Inc. consistently accesses this channel to finance its portfolio growth. As of the end of the third quarter of 2025, total debt, which includes securitization debt, was $3.4 billion, up 11% from the prior year.

The company executed several term securitizations in 2025, reinforcing this funding channel:

Securitization Event	Date Announced (2025)	Asset-Backed Notes Issued	Receivables Pool Balance	Total Securitizations Since 2011
CPS Auto Receivables Trust 2025-A	January 22	$442.4 million	$462.5 million	54th
CPS Auto Receivables Trust 2025-C	July 28	$418.33 million	$433.50 million	56th
CPS Auto Receivables Trust 2025-D	October 23	$384.6 million	$392.46 million	57th

These transactions are critical, as they are used to fund the purchase of contracts that grow the company's finance receivables, which stood at $3.708 billion as of June 30, 2025.

The market confidence in this channel is shown by the ratings; the senior class of notes in the October 23, 2025 transaction received a triple A rating from at least two rating agencies, marking the 40th consecutive securitization to achieve this.

Finance: draft 13-week cash view by Friday.

Consumer Portfolio Services, Inc. (CPSS) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Consumer Portfolio Services, Inc. (CPSS) as of late 2025. Honestly, the segments are quite distinct, ranging from the end-borrower to the sophisticated institutional investor funding the whole operation.

Sub-prime auto loan customers (past credit problems, low income)

This group is the engine of Consumer Portfolio Services, Inc. (CPSS). They are individuals who need reliable transportation but have experienced credit challenges or have limited credit histories, meaning traditional prime lenders won't touch them. As of September 30, 2025, Consumer Portfolio Services, Inc. (CPSS) was servicing a total managed portfolio of approximately $3.9 billion, which translates to about 221,000 active customers across five states. The company's receivables portfolio stood at $3.760 billion as of that same date. Still, credit quality remains a focus, with annualized net charge-offs reported at 8.01% for the nine months ending September 30, 2025, and delinquencies greater than 30 days at 13.96% as of that date.

Here's a snapshot of the scale of the customer base and portfolio size:

Metric	Value (as of September 30, 2025)
Total Managed Portfolio	$3.9 billion
Active Customers	221,000
Total Finance Receivables	$3.760 billion
Contracts Purchased Since Inception (Through Sep 30, 2025)	Over $24.4 billion

Dealers seeking alternative financing for non-prime buyers

Consumer Portfolio Services, Inc. (CPSS) partners with these dealers to move inventory by providing financing options where the dealer might otherwise lose a sale. The company maintains dealer relationships across 48 states in the United States. This partnership is key because Consumer Portfolio Services, Inc. (CPSS) purchases the retail installment sales contracts directly from these dealer partners, securing the collateral-primarily late model used vehicles.

Investors in Asset-Backed Securities (ABS) seeking high-yield, structured debt

This segment provides the long-term funding. Consumer Portfolio Services, Inc. (CPSS) securitizes its purchased contracts, selling asset-backed notes to qualified institutional buyers. The structure is designed to appeal to investors looking for yields higher than traditional, lower-risk debt instruments. For instance, in the fourth term securitization closed on October 23, 2025, the weighted average coupon on the notes was approximately 5.72%, and the senior class notes received a triple 'A' rating from at least two rating agencies. The company closed a total of three term securitizations in 2025, including one for $442.4 million in January and another for $384.6 million in October.

You can see the structure appeals to institutional confidence through ratings:

• The transaction closed on October 23, 2025, was the 57th senior subordinate securitization since 2011.
• The senior note class in that deal received AAA ratings from S&P's and DBRS Morningstar.
• The total notes sold in the October 2025 deal amounted to $384.6 million.

Finance: draft 13-week cash view by Friday.

Consumer Portfolio Services, Inc. (CPSS) - Canvas Business Model: Cost Structure

You're looking at the hard costs Consumer Portfolio Services, Inc. (CPSS) faces to keep the engine running and the portfolio funded as of late 2025. This structure is heavily weighted toward the cost of money and managing credit risk in the sub-prime auto space.

Interest expense on securitization debt was reported at $59.1 million for the third quarter of 2025. This figure is the main driver behind the 14% year-over-year increase in total expenses for the nine months ending September 25, which reached $304.3 million.

The cost associated with high-risk assets is clear in the credit performance metrics. Annualized net charge-offs for the third quarter of 2025 rose to 8.01% of the average portfolio, up from 7.32% year-over-year. Recovery rates on charged-off loans settled in the low 30s, specifically reported at 28.7% as of September 30, 2025, which pressures the net cost of credit losses.

Operating expenses, which include servicing and collections labor, show a mixed picture. Core operating expenses for the third quarter of 2025 were $43 million, representing a 4% decrease from the $44.6 million reported in the third quarter of 2024. However, for the first nine months of 2025, core operating expenses were flat at $134 million year-over-year. Measured as a percentage of the managed portfolio, this efficiency improved, falling to approximately 4.6% in Q3 2025 from 5.4% in Q3 2024.

The reliance on structured finance means costs of credit enhancement for securitization transactions are a key component, though not always itemized separately. The securitization trust debt balance stood at $2.916 billion as of September 30, 2025, supporting a fair value portfolio of $3.62 billion.

General and administrative expenses (G&A) and technology costs are embedded within the operating expenses. The Selling/General/Administrative Expense was reported at $83.07 million for an unspecified recent period, while the company continues to invest in its proprietary Machine Learning and Artificial Intelligence modeling framework for credit decisions.

Here's a quick look at some of the key cost and related metrics from the recent reporting periods:

Cost Metric	Period	Amount (Millions USD)
Interest Expense on Securitization Debt	Q3 2025	$59.10
Core Operating Expenses	Q3 2025	$43.0
Total Operating Expenses	Q2 2025	$102.8
Total Expenses (9 Months)	9M 2025	$304.3
Securitization Trust Debt	Sep 30, 2025	$2,916

You should keep an eye on how the interest expense scales with the total debt, which was $3.4 billion in Q3 2025, up 11% from the prior year. The cost structure is directly tied to the volume of contracts purchased, which was $391.1 million in Q3 2025.

The primary cost drivers you need to track closely include:

• Interest expense on the $3.4 billion total debt load.
• Annualized net charge-offs at 8.01% for Q3 2025.
• The cost of funding growth, as origination volumes hit $1.275 billion for the nine months.
• Recovery rates, which were only 28.7%.
• Core OpEx as a percentage of the managed portfolio, aiming to stay below 4.6%.

The company's total managed portfolio as of September 30, 2025, was approximately $3.9 billion, which is the base against which many of these costs are measured. Finance: draft 13-week cash view by Friday.

Consumer Portfolio Services, Inc. (CPSS) - Canvas Business Model: Revenue Streams

The revenue streams for Consumer Portfolio Services, Inc. (CPSS) are fundamentally tied to its core business of purchasing and servicing automobile finance contracts for sub-prime customers. The primary engine is the yield generated by the finance receivables portfolio.

Total revenues for the nine months ended September 30, 2025, reached $325.1 million, marking a significant increase of approximately 12.8% compared to the $288.2 million reported for the same period in 2024. This top-line growth is driven by the expanding asset base.

Key components of revenue generation include:

• Interest income from the auto finance receivables portfolio, which is the largest component.
• Loan servicing fees on owned and third-party contracts.
• Fair value adjustments on the finance receivables portfolio.

To give you a clearer picture of how the revenue is composed, here is a breakdown based on the first quarter of 2025 figures, which explicitly separates the interest component from the markups:

Revenue Component	Amount (in thousands USD) - Q1 2025
Interest income	$101,933
Fair value mark to finance receivables	$3,500
Other income (includes servicing fees)	$1,441
Total Q1 2025 Revenue	$106,874 (Reported as $106.9 million)

You can see the direct impact of the portfolio's performance on revenue through the fair value markups. For instance, included in the Q1 2025 revenues was a $3.5 million fair value markup on the finance receivables portfolio, which reflects better-than-expected performance. Conversely, for the third quarter ended September 30, 2025, Consumer Portfolio Services, Inc. reported that it did not have a fair value mark for that specific quarter, though it had a $5.5 million mark in the third quarter of the prior year.

The revenue derived from servicing activities is also a defined stream. Specifically, origination and servicing fees earned from third-party receivables totaled $4.1 million for the nine months ended September 30, 2025, down from $5.5 million in the comparable 2024 period. The fair value portfolio itself is a major interest generator, yielding 11.4% net of losses as of the nine months ended September 2025.

Here are the key revenue-related metrics as of late 2025:

• Total Revenues (9 months ended Sept 30, 2025): $325.1 million.
• Fair Value Portfolio Size (as of Q3 2025): $3.6 billion.
• Fair Value Portfolio Net Yield (as of Q3 2025): 11.4%.
• Servicing Fees from Third-Party Receivables (9 months ended Sept 30, 2025): $4.1 million.
• Fair Value Markup (Q1 2025): $3.5 million.

Finance: draft 13-week cash view by Friday.