Levine Leichtman Capital Partners (LLCP) announced today that it has successfully exited its investment in Consumer Portfolio Services, Inc. (Nasdaq: CPSS).
CPSS is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories. The company purchases retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. CPSS funds these contract purchases on a long-term basis primarily through the securitization markets and services the contracts over their lives. Its operational headquarters are located in Irvine, California with four additional strategically located servicing branches in Nevada, Virginia, Florida and Illinois.
“We have thoroughly enjoyed our long term partnership with CPSS and its management team led by Chairman and CEO Charles E. Bradley, Jr. During the past six years, we have seen CPSS deliver on its significant growth in contracts purchased and managed receivable portfolio. We are very pleased to have been part of the CPSS success story,” said Lauren Leichtman, CEO of LLCP. “We are also pleased to provide a very attractive return to LLCP’s investors through an exit that was facilitated by CPSS excellent access to the capital markets.”