IRVINE, Calif. — Consumer Portfolio Services announced this morning that it completed a structured whole loan sale last Friday, moving $198.7 million of auto purchase receivables.

In the transaction, an affiliate of Citigroup purchased 95 percent of structured notes backed by automotive purchase receivables, while CPS purchased the remaining 5 percent.

A portion of the cash proceeds were used to repay outstanding warehouse indebtedness. The company also indicated that it retains a shared participation in the future performance of the sold receivables.

"While the securitization market remains challenging, we are pleased to have completed this transaction," said Charles Bradley Jr., chairman and chief executive officer of CPS.

"Being able to access liquidity in this difficult market environment is a testament to the platform we have built over the last few years," he added.

The sale of notes was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law.