Description of Business Consumer PortfolioServices, Inc. ("CPS")was incorporated in California on March 8, 1991. CPS and its subsidiaries (collectively, the "Company")specialize in purchasing and servicing retail automobile installment sale contracts ("Contracts")originated by licensed motor vehicle dealers ("Dealers")located throughout the United States. Dealers located in California, Texas, Ohio, Florida and Georgia represented 8.9%, 7.9%,6.5%, 5.3% and 5.2%, respectively, of contracts purchased during 2015 compared with 8.7%, 10.0%, 5.7%, 5.0%, and 4.4% respectivelyin 2014. No other state had a concentration in excess of 5.0% in 2015. We specialize in contracts with vehicle purchasers whogenerally would not be expected to qualify for traditional financing provided by commercial banks or automobile manufacturerscaptive finance companies. We are subjectto various regulations and laws as they relate to the extension of credit in consumer credit transactions. Failure to comply withsuch laws and regulations could have a material adverse effect on the Company.
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