Subprime lender Consumer Portfolio Services has no immediate plans to reschedule its fourth-quarter earnings call and operating results report slated to release this week, Chief Financial Officer Jeffrey Fritz, told Auto Finance News. The earnings call was originally scheduled for March 17.
“All of our current efforts are focused on the safety of our employees and the continuity of our business,” Fritz said. No details were provided regarding any relief options CPS might offer its consumer and dealer customers. As of today, no subprime lender has officially announced any such relief options yet.
Before the coronavirus outbreak, CPS showed optimism moving into 2020, expecting to grow the business up to 20%, Chief Executive Charles Bradley previously told AFN. The subprime lender grew business 11% in 2019, Bradley said.
The Irvine, Calif.-based lender has also been looking to grow geographically, with plans to enter the New York market this year, bringing its footprint to 49 states. It is uncertain whether CPS will continue its growth trajectory given the negative impact of COVID-19 on the industry.
Since its inception in 1991, CPS has purchased more than $16 billion in contracts and serviced a portfolio of approximately $2.4 billion as of Sept. 30, 2019.