LAS VEGAS--(BUSINESS WIRE)--Western Funding Inc. (WFI), a subsidiary of Westlake Technology Holdings and part of the Nowlake umbrella, announced record growth in 2022.
Highlights for 2022 include:
- 73% YOY growth in its loan portfolio
- 58% YOY growth in loans originated
- 59% YOY growth in producing dealers
- $2.3 million paid out in profit sharing to participating dealers
- Expansion into near-prime and prime markets
“I’m proud of our team and the hard work they put in to make this growth possible,” said Jim Murray, President of Western Funding. “Our success is a testament to their dedication and commitment to providing exceptional service to our dealers through incremental and continuous improvements.”
This impressive growth was driven by WFI’s enhanced sales team, expanded program offerings, technology improvements, and synergy with other companies within the Nowlake umbrella, including Westlake Financial, Westlake Flooring, and DealerCenter.
“Western Funding’s success is the result of our team’s hard work and the trust of our dealer partners, who provided the applications to make this possible,” stated Ian Anderson, Group President of Westlake Technology Holdings. “We are thrilled with last year’s growth and are off to a promising start to 2023.”
Western Funding plans to continue growth by reaching out to new dealer segments and continuing to synergize with sister companies to provide more services to dealers and customers in 2023. To learn more about Western Funding Incorporated visit www.westernfundinginc.com/ for more information.
About Westlake Technology Holdings
Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $15 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and powersports dealers. Westlake also offers loan portfolio purchasing, credit facilities and portfolio servicing through its ALPS division (Advanced Lending & Portfolio Services), www.WestlakeALPS.com; floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; shared cash flow auto lending through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer installment loans are offered through Westlake’s wholly owned subsidiary LoanCenter, www.loancenter.com; and commercial real estate lending is offered through Westlake Capital Finance.