Black Diamond Capital Nominates Candidates to the Board of Consumer Portfolio Services
March 15, 2022 at 02:48 am IST
Share
On March 14, 2022, Black Diamond Capital Management, L.L.C. announced that on March 10, 2022, it has contacted the chief financial officer and the chief executive officer of Consumer Portfolio Services, Inc. in order to continue ongoing discussions regarding the composition of the Board. Black Diamond Capital stated that it has indicated to the CEO and CFO that it would like to propose 2 nominees, Stephen H. Deckoff and James E. Walker to sit on the Board and expressed the desire to be nominated and elected to the Board through an amicable process and with the backing of the Company. Black Diamond Capital added that it is looking forward to continuing constructive conversations with the Company.
Consumer Portfolio Services, Inc. is a specialty finance company. The Companyâs business is to provide purchase and service retail automobile contracts originated primarily by franchised automobile dealers and, to a lesser extent, by select independent dealers in the United States in the sale of new and used automobiles, light trucks, and passenger vans. Through its automobile contract purchases, it provides indirect financing to the customers of dealers. It serves as an alternative source of financing for dealers, facilitating sales to customers from traditional sources, such as commercial banks, credit unions, and the finance companies affiliated with automobile manufacturers. It also originates vehicle purchase money loans by lending directly to consumers. It offers over eight different financing programs and prices each program according to relative credit risk. Its financing programs include First Time Buyer, Mercury / Delta, Standard, Alpha, Alpha Plus, Super Alpha and Preferred.