Consumer Portfolio Services, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024
May 10, 2024 at 04:29 pm EDT
Share
Consumer Portfolio Services, Inc. reported earnings results for the first quarter ended March 31, 2024. For the first quarter, the company reported revenue was USD 91.74 million compared to USD 83.1 million a year ago. Net income was USD 4.59 million compared to USD 13.82 million a year ago.
Basic earnings per share from continuing operations was USD 0.22 compared to USD 0.68 a year ago. Diluted earnings per share from continuing operations was USD 0.19 compared to USD 0.54 a year ago.
Consumer Portfolio Services, Inc. is a specialty finance company. The Companyâs business is to provide 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 its automobile contract purchases, it provides indirect financing to the customers of dealers. It serves as an alternative source of financing for dealers, facilitating sales to customers from traditional sources, such as commercial banks, credit unions, and the finance companies affiliated with automobile manufacturers. It also originates vehicle purchase money loans by lending directly to consumers. It offers over eight different financing programs and prices each program according to relative credit risk. Its financing programs include First Time Buyer, Mercury / Delta, Standard, Alpha, Alpha Plus, Super Alpha and Preferred.