LOS ANGELES--(BUSINESS WIRE)--Westlake Financial Services announces that it has reached a significant milestone of $2 billion in total receivables with more than 270,000 customer accounts. The achievement was met in July 2014, which is noted as the best production for July in Westlake history.
“Having a portfolio of $2 billion dollars is a huge accomplishment,” stated Don Hankey, Chairman of Westlake Financial Holdings. “It is a reflection of all the hard work of our dedicated employees as we continue to strive to grow every year and provide products that allows our dealer partners to help finance all customers.”
This milestone shows tremendous growth in the company, noting that during the economic recession Westlake reached $450 million in 2009 and $1 billion in 2011. As key to their success, Westlake attributes its flexible products, diverse services, technology, financial partners, lasting relationships with independent dealers and expanding service into the franchise market.
“We continue to focus on providing robust and flexible financial products for our customers, and that continues to help us in the market,” stated Ian Anderson, Group President of Westlake Financial Holdings. “In 2009, we were a $450 million dollar company, and now we are five times that size because of our employees and our dealer partners.”
Westlake Financial Services continues to focus on building dealer relationships in all 50 states. Westlake partners with Nowcom to provide automated full spectrum financial products and dealer management systems through DealerCenter.
“Our growth is made possible because of our strong relationships with banking partners such as Wells Fargo, JP Morgan, RBS, CSFB and Bank of America, to name a few,” stated Anderson. “The backing of the Hankey Group, Marubeni and our relationships with business partners allows the companies of Westlake Financial Holdings to help dealers or returning Westlake customers in the market.”
Westlake Financial Services is a full spectrum lender offering rates as low as 1.65%. Westlake serves all 50 states and offers solutions for all FICO scores.
“Westlake is in a unique place in the market where we can offer financial solutions for any dealership across the United States,” stated Mark Vazquez, Senior Vice President of Sales and Marketing for Westlake Financial Services. “We offer a full spectrum of products for a full spectrum of dealers brought by 300+ Dealer Account Managers motivated to help dealers sell more cars and make more money.”
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 20,000 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.