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CPS, GMF, Huntington and Westlake execs join Auto Finance Summit speaker faculty

Senior executives from four of the nation’s largest financiers will participate in an executive dialogue to track the trajectory of the industry and strategies for overcoming looming challenges. The panel will feature Consumer Portfolio Services President and Chief Executive Charles Bradley, GM Financial Chief Operating Officer Kyle Birch, President of Huntington Auto Finance Rich Porrello, […]

Auto ABS heats up with $4.7B of issuance

A handful of prime and subprime securitizers pumped up ABS volume this week, bringing $4.7 billion of loans and leases to market, according to presale reports from S&P Global Ratings.  Auto ABS volume totaled $61.3 billion as of July 8, up 12.7% year over year, according to data from JPMorgan Securities. On the prime side, […]

CPS ramps up direct lending, eyes title loan venture

In an effort to get ahead of increased competition stemming from a potential economic slowdown, Consumer Portfolio Services is diversifying its business, Chief Financial Officer Jeffrey Fritz said. Specifically, CPS is increasing its direct lending volume and is developing a title lending business. CPS originated $8.2 million of direct loans in the first quarter. At […]

CPS fine-tunes deal feedback in new portal

Consumer Portfolio Services is customizing the messages dealers see when they submit loan applications, as part of a new deal structuring portal unveiled in mid-June. “A lot of the messaging we were sending was really outdated, not really applicable, and boilerplate about our program,” said Curt Powell, senior vice president of sales. “Dealers didn’t pay […]

CPS debuts AI-powered deal structuring portal

Consumer Portfolio Services launched an online portal last month that enables dealers to structure loan deals within seconds, said Senior Vice President of Sales Curt Powell. The portal, which took more than a year to develop, is called the Automated Structure Approval Program, or ASAP for short. Dealers can “test and toggle” any vehicle and […]

AFS speaker roster expands

The speaker faculty at the 2019 Auto Finance Summit is heating up with a fresh slate of executives.  Top-tier executives from Chase Auto, Consumer Portfolio Services, GM Financial, USAA Bank, and Westlake Financial Services, among others, will delve into innovations — and challenges — making waves in the industry. The three-day event is loaded with […]

Changes in Transportation Models a Greater Threat Than Economic Downturn, CPS CFO Says

While a looming economic downturn has prompted auto financiers to find strategies to protect profit margins, Consumer Portfolio Services Chief Financial Officer Jeff Fritz said lenders should be thinking about how the personal transportation model is transforming. “Don’t be so occupied stamping out the ants that you miss the elephants coming over the wall,” Fritz warned […]

Investment Research Firm to Buy Rating Agency DBRS

Investment research firm Morningstar Inc. will acquire credit rating agency DBRS for $669 million, according to the companies. The deal is expected to close in the third quarter.    Morningstar has been mostly absent from the public auto-ABS rating space, primarily rating private placement transactions, a company spokeswoman said, without providing details. In the public […]
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