Westlake Announces New Third Party Servicing Entity and Partnerships
FOR IMMEDIATE RELEASE (March 27, 2018):
Los Angeles, CA –Westlake Financial Services announces the launch of Westlake Portfolio Management (WPM), a new business offering third-party servicing solutions to dealers, finance companies, and investors of auto loan portfolios.
WPM will handle the customer service, collections, repossessions, remarketing, and titles administration on third-party auto loan portfolios. It will allow dealers, investors, and finance companies to increase effectiveness with the best team of service professionals in the industry.
“Westlake’s servicing department operates at high efficiencies and provides exceptional customer service,” stated Brian Renfro, Senior Vice President of Servicing. “Our third-party servicing solution will provide various partners access to this experienced team of service professionals, along with streamlined services to better collect on their auto loan portfolios.”
With the launch of Westlake Portfolio Management’s new third-party servicing solutions, Westlake Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, announced a servicing partnership with a private equity owned sub-prime auto portfolio. This shared portfolio has over 7,300 accounts and unpaid principal balance of $65 million.
“The establishment of Westlake Portfolio Management is a natural fit for Westlake as we have been acquiring and servicing portfolio purchases for many years,” added Todd Laruffa, Vice President and division head of ALPS. “In particular, this will present additional opportunities for potential partnerships with industry investors and auto finance companies.”
As the largest privately-held automotive lender, Westlake Financial Services is active in all 50 states plus Puerto Rico, with a dealer base of over 30,000 franchise and independent dealerships. Dealerships interested in learning more about Westlake Financial Services are invited to contact Westlake directly at 1.888.893-7937 or online at www.westlakefinancial.com.
About Westlake Technology Holdings: Westlake Financial Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $6.5 billion in assets under management. Westlake Financial Services 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 their ALPS division (Advanced Lending & Portfolio Services); www.WestlakeALPS.com. Floor plan lines of credit are provided through Westlake Flooring Services; www.WestlakeFlooringServices.com, shared cash flow auto lending through Westlake’s wholly owned subsidiary, Western Funding Inc, a Nevada Based auto lender, and indirect automotive leasing for credit unions through Credit Union Leasing of America (CULA), is a subsidiary of Westlake, dealers leads and direct-to-consumer auto loans through Westlake Direct, and direct to consumer title loans are through Westlake’s wholly owned subsidiary Loan Center; www.loancenter.com.