Westlake Tops $1 Billion Milestone, Looks Ahead
LOS ANGELES, California — March 16, 2011 – Westlake Financial Services announces that as of March 11, their portfolio has reached $1 billion dollars in total receivables, with over 150,000 accounts. The milestone was passed midway through what looks to be a record-setting month. The company expects to fund over $120 million dollars in auto contracts by the end of March, a new company record; this on top of a record February that saw originations total over $100 million dollars.
“We are very proud of our portfolio hitting the $1 billion dollar mark,” says President Ian Anderson. “It is a reflection of all the hard work and dedication our staff of over 700 employees put in every day, including almost 200 sales representatives out in the field interacting with our dealers.”
The $1 billion dollar milestone is significant considering Westlake’s total portfolio in 2008 stood at $500 million dollars, effectively doubling during the economic recession. Mr. Anderson is quick to point out that that would not have been possible without the strong relationships Westlake has with its banking partners (led by Wells Fargo Preferred Capital), strategic relationships with business partners, the support of sister companies in the Hankey Group, as well as the backing of Hankey Group Chairman Don Hankey. “We really have to thank all of our banking partners that believed in our strategy and business model during the past couple of years,” Mr. Anderson says. “We were able to expand, hire employees and make loans during a very tough economic time.”
“I can recall when we first did 100 deals in a month,” says Mr. Hankey, Chairman of parent company Hankey Investment Group. “Then in 2000, Westlake did 1,000 deals in a month and this month we will purchase 15,000 deals! I feel very proud or our employees and happy to see everyone is still motivated to continue our growth.”
Looking ahead, Westlake Financial Services plans to expand its financial offerings to include bulk portfolio purchasing through a new division, Advanced Lending & Portfolio Services (ALPS) as well as ramping up operations in its title loan subsidiary, Wilshire Consumer Credit (WCC).
“Both ALPS and WCC are entering a steep growth phase,” says Mr. Anderson. “We will continue to focus on excellent service and products for our dealer partners, customers and strategic relationships to help them grow their organizations.”
To learn more about Westlake Financial, including markets served and financing products available, visit www.westlakefinancial.com.