IRVINE, Calif. — Consumer Portfolio Services announced today it has entered into agreements to assume servicing responsibilities on auto receivables owned by a subsidiary of Atlanta-based consumer credit provider CompuCredit Corp.

As part of the transaction, CPS teamed up with alternative asset management company Fortress Credit Corp. in the investment acquisition totaling $146.1 million, officials stated.

"We are pleased with this transaction as it increases our total managed portfolio and further leverages our servicing infrastructure," said Charles Bradley Jr., chief executive officer of CPS.

"This is the fourth portfolio on which we have taken over servicing during the last several years and is a testament to our abilities to enhance portfolio performance," he detailed.

CPS is a specialty finance company that engages in the purchase and servicing of new and used retail auto contracts originated primarily by franchised dealerships in the United States. The firm also works with select independent used-car dealers, according to the company.

Fortress Credit has approximately $32 billion in assets under management with approximately 41 percent in its managed hybrid/credit fund as of Sept. 30, 2009, according to the company's Web site.