Consumer Portfolio Services Deploys AI-Powered Servicing Platform from Salient to Advance Collections Strategy

Core Insights - Consumer Portfolio Services, Inc. (CPS) has launched a next-generation AI-powered servicing and collections platform in partnership with Salient, aimed at enhancing operational efficiency in automobile financing [1][2]. Company Developments - CPS is experiencing significant growth, with a 52% year-over-year increase in new auto loan originations for Q4 2024, resulting in a record total portfolio balance of $3.6 billion [4]. - The integration of Salient's AI platform is expected to improve collections, repayment consistency, and overall credit performance, while allowing human agents to focus on more complex cases [2][3]. Technology Implementation - Salient's AI platform automates borrower outreach for key servicing functions, achieving over 60% reduction in handle times and improved customer response rates in previous implementations [2]. - The platform has processed over $1 billion in transactions and ensures compliance with key lending regulations, enhancing customer outreach effectiveness [3]. Strategic Focus - The deployment of AI-driven servicing solutions is part of CPS's strategy to scale its loan portfolio efficiently, reduce servicing costs, and enhance overall portfolio profitability [4].