Consumer Portfolio Services is changing the way it serves its dealer customers.
The Irvine, Calif.-based lender is matching origination staff to its 8,000 active dealers so that dealers work with the same sales reps and loan originators “whenever possible,” Senior Vice President of Originations Teri Robinson said in a statement.
Dealers are paired with the origination staff based on geographic location, Curt Powell, senior vice president of sales, told Auto Finance News, adding that the restructuring was implemented five weeks ago. CPS has divided the US into six different geographic regions.
Previously, when dealers contacted the subprime lender, they were connected to the next available buyer out of a pool of about 90 buyers, Powell said. Now, dealers will talk with the same origination staff on a recurring basis. Robinson expects this move to strengthen dealer relations and help CPS staff get to know dealers better.
Similarly, sales reps have been restructured based on geographic location, with approximately 50 sales representatives out in the field serving high population areas, and 30 in-house sales representatives serving lesser populated markets, Powell said.
CPS processes 200,000 monthly credit applications from dealers in 44 states. In 2018, the indirect lender originated $900.4 million in loans and had a portfolio of $2.38 billion at yearend, according to Big Wheels Auto Finance Data 2019.
The company will announce its 2Q19 earnings on July 25 when the market opens.
