Consumer Portfolio Services is a specialty finance company that purchases installment purchase contracts for automobiles from franchised and independent dealers, providing indirect financing to subprime borrowers who lack traditional credit access. The company acquires retail auto contracts secured by vehicle liens, services these contracts for its own portfolio and third parties, and funds its holdings through securitizations and warehouse credit facilities; it generates revenue from acquisition fees charged to dealers, interest earned on financed contracts, monthly servicing fees based on outstanding principal balances, and pass-through servicing arrangements where it retains servicing rights on contracts sold to third parties. Operating across a geographically diversified portfolio of 7,700 dealers in 47 states, the company competes in the fragmented subprime auto finance market against regional finance companies, banks, and manufacturers' captive finance arms.