Westlake Announces Portfolio Acquisition Services

Los Angeles, CALIFORNIA – March 16, 2010 – Westlake Financial Services, a full-spectrum indirect auto finance company, announces formation of a new division which will specialize in portfolio acquisition services.  The new division, “Westlake ALPS” (Advanced Lending & Portfolio Services), was created to expand Westlake’s product offerings and provide a new source of liquidity for the automotive financial market.

Ian Anderson, President of Westlake Financial Services, says “Our strategic vision is to be a well diversified finance company focused in the automotive industry.  Westlake ALPS is a step in this direction as we continue to expand our services.”

ALPS purchases loan portfolios from dealerships, brokers, and finance companies looking to sell all or part of their portfolios.  Minimum guidelines include:

  • Auto loans only
  • $250,000 minimum pool
  • APR minimum of 12%
  • Simple interest contracts only
  • Monthly payments only
  • All titles should be in dealer’s name or lender should be willing to release

Paul Kerwin, Westlake’s Chief Financial Officer, says “Westlake has dedicated significant resources and liquidity to enable ALPS to target portfolios from $250,000 to $20 million.  Partners currently doing business with ALPS have provided very positive feedback, and we feel confident in expanding this program to help more businesses make loans.”

Alok Desai, Portfolio Manager, adds that “current economic conditions have provided us tremendous opportunity to pursue business in this segment.  There are many businesses (dealerships and finance companies alike) that are in need of liquidity.  ALPS is an excellent alternative financing solution for many of them.  With quick processing and funding times, most ALPS transactions close within seven to ten business days.”

“ALPS is a ‘relationship’ business,” explains Kerwin.  “We want to build long-term relationships with dealers looking for additional capital.  Current dealers doing business with ALPS often sell their portfolios in sections.  This could allow for better pricing over time and quicker funding times as we become familiar with their portfolio.  We are not looking to replace a dealer’s Buy-Here/Pay-Here business, but rather help facilitate that business by providing cash flow.”

Mr. Anderson concludes by saying “ALPS is another service that Westlake is able to offer, not only to our current dealer partners, but any dealership or financial institution looking for a long-term liquidity partner.   As we continue to expand our business lines, service will continue to be the number one priority.   ALPS looks forward to helping businesses grow. ”

Interested parties should email ALPS@westlakefinancial.com with any questions they may have and provide contact information.   An ALPS representative will follow up within one business day with an informational packet and preliminary forms needed to begin the acquisition process.

Westlake Financial Services is a member of the Hankey Group, a parent company focused on retail, insurance, leasing and financial services for the automotive industry.

To learn more about Westlake Financial, including markets served and financing products available, visit www.westlakefinancial.com.