Westlake Recognized as the Largest Fastest Growing Private Company in Los Angeles County
LOS ANGELES, California — December 4, 2013 – Westlake Financial Services, a full-spectrum auto finance company, has been recognized as the largest fastest growing private company in Los Angeles County. The Los Angeles Business Journal honored the Top 100 Fastest Growing Private Companies in Los Angeles in an effort to recognize businesses that positively impact the LA business community. Westlake came in at number 54 on the overall list of fastest growing private companies, and Westlake Financial was the largest total revenue on the list.
“It is an honor to be recognized as the Largest Fastest Growing Private Company,” said Ian Anderson, Westlake Financial President. “Growth in revenue is a reflection of the immense dedication of our employees. Our highly skilled employees are encouraged to be forward thinkers and use innovative technology to create more efficiency. We look forward to our continued growth and maintaining our status as the number one lender with automotive dealers in the United States.”
This is the 3rd consecutive year that Westlake Financial Services has been recognized among the Fastest Growing Private Companies. Growing 90.8% in a two year period, Westlake Financial increased revenue from 266.8 million in 2010 to 509.1 million in 2012. Servicing more than 18,000 independent and franchise dealerships, Westlake Financial employs 1,230 people and currently has more than 300 Dealer Account Managers in 50 States and more than $1 Billion in receivables.
“I would like to thank each of Westlake’s employees for this success,” said Westlake’s Chief Financial Officer Paul Kerwin. “As we are continuously growing and working toward improving efficiency throughout our business, we are also investing in employee wellness and striving to make Westlake Financial the best place to work in LA.”
Westlake Financial has two sister companies that were also recognized; Knight Insurance Group and Nowcom Corporation. Knight Insurance Group ranked as the 8th largest fastest growing private company. Overall on the list of fastest growing private companies, Knight Insurance ranked 51 with a 96% revenue growth from 87.5 million in 2010 to 171.6 million in 2012. The other sister company, Nowcom provides technology to the Hankey Group and enables the synergies that keep the Group at the leading edge of technological business applications. Ranking 72 on the list, Nowcom saw a 65.4% revenue growth from 21.4 million in 2010 to 35.4 million in 2012.
About Westlake Financial Services: Westlake is an internet based, privately held finance company that specializes in the acquisition and servicing of prime to sub-prime automotive retail installment contracts. Headquartered in Southern California, Westlake originates indirect retail installment contracts through a network of over 18,000 new and used car dealers throughout the United States. Westlake also offers portfolio purchasing through their ALPS division (Advanced Lending & Portfolio Services); www.westlakealps.com. Direct to consumer title loans and unsecured loans are done through Westlake’s wholly owned subsidiary, Wilshire Consumer Credit. Flooring lines of credit are done through their Westlake Flooring Services division; www.westlakeflooringservices.com. All collections and servicing are performed in-house from its central facility located in the Mid-Wilshire area of Los Angeles.