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Auto Experience, Inc. Proposes To Acquire Auto Finance Firm Consumer Portfolio Services For $135 Million In Cash

DALLAS, Oct. 8, 2020 /PRNewswire/ — Auto Experience, Inc., created in 2018 to pursue strategic business opportunities in the automobile financing market, today announced it has informed the board of directors of Consumer Portfolio Services, Inc. (Nasdaq: CPSS) of its interest in acquiring the company in an all-cash transaction valued at $135 million.  An acquisition at that price would nearly double the current value of the Nasdaq-listed company.

Based in Irvine, Calif., Consumer Portfolio Services (CPS) is an independent specialty finance company that provides indirect automobile financing to consumers.  In an October 7, 2020 letter to the company formally conveying an “indication of interest,” Auto Experience said it proposes to acquire CPS for approximately $6.18 per share of common stock.  CPS shares closed at $3.35 on October 7, 2020.

In its letter to CPS, Auto Experience said it would add value to the company and its

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Auto insurance fraud increases threefold in 2020: Manitoba Public Insurance



a sign on the side of a building: Manitoba Public Insurance says auto insurance fraud has tripled this year.


© Bockstael Construction/Supplied
Manitoba Public Insurance says auto insurance fraud has tripled this year.

The number of Manitobans charged with auto insurance fraud has nearly tripled since last year, says Manitoba Public Insurance (MPI).

The insurer said Wednesday that by the end of July 2020, there had been 88 fraud charges laid against 33 people — a sharp rise from 30 charges against 10 people over the same period in 2019.

MPI executive Curtis Wennberg said part of the uptick is due to MPI’s increased efforts in investigating suspicious claims.

MPI’s special investigation unit (SIU) handles suspicious claims, and its work in 1,200-plus investigations saved more than $10 million for MPI ratepayers last year, the Crown corporation said.

Read more: Manitoba Public Insurance to ‘modernize’ insurance options by spring 2021

“MPI has adopted a business change to emphasize that insurance fraud is a crime, and pursue both a denial of

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