Westlake Flooring Funds Phoenix Truxx in the Purchase of a New Location and Vehicles
Los Angeles, CA. January 21, 2015 – Westlake Flooring, a division of Westlake Financial Services, financed the acquisition of Phoenix Truxx’s current dealership location. The property had been in bankruptcy foreclosure and Westlake came in with the capital to allow the deal to take place. Westlake drew up a plan that met the deadlines of the foreclosure and established a credit facility for Phoenix Truxx in the amount of $1,250,000. The parties were able to close the purchase of the dealership location on December 4, 2014.
“Westlake Flooring credit lines are competitive and quick to approve, which is why we were able to help Phoenix Truxx purchase a location in less than 30 days,” stated Garrett Jorewicz, VP and General Manager of Flooring at Westlake Financial Services.
The real estate transaction allowed for Westlake Flooring to increase their lending commitment to building the dealer’s inventory levels. The additional equity in the collateral from the location allowed Westlake to triple Phoenix Truxx’s inventory credit limit to $750,000.
“Phoenix Truxx has always been a great flooring customer, so their credit line was an easy approval,” stated Patrick Amato, VP of Flooring at Westlake Financial Services. “Due to several guarantees, we were able to expedite the loan.”
Phoenix Truxx’ s owner, David Fox, and General Manager, Jon Olin, have maintained a credit line with Westlake Flooring since its inception. The dealership specializes in diesel work trucks and was operating in multiple lots until the recent purchase of their store in South Amboy, NJ. With Westlake’s assistance in this purchase, the dealership was able to streamline its business practices and now operates out of one central location.
“The transaction allows Phoenix Truxx to be more flexible,” stated David Fox, owner of Phoenix Truxx. “Westlake has given us the opportunity to build equity and gave us more buying power to grow our business. It is a powerful force to combine our business ambitions with that of an established company like Westlake Financial. They believed in us from the start, and we continue to show our support by directing the majority of our business their way. If all our eggs are in one basket, it is due to the fact that we have developed a strong relationship and are keeping our capital costs as low as the market allows.”
Westlake Financial Services offers dealerships a variety of services including auto financing, portfolio purchasing, floor planning, customer referral programs, lines of credit, and more.
“Westlake Financial strives to be the premier diversified financial services organization, providing our dealerships with a variety of services to help grow their business,” stated Ian Anderson, Group President of Westlake Financial Holdings. “Westlake specializes in the purchase of auto contracts from dealerships, and we offer many other services to help dealerships grow their business exponentially. Whether the dealership needs to finance a location with a line of credit, purchase vehicles with flooring lines, or sell their BHPH portfolios with bulk purchase, Westlake Financial can help.”