Westlake Financial Services Announces Record Breaking 2018
FOR IMMEDIATE RELEASE (February 6, 2019):
Los Angeles, CA – Westlake Technology Holdings announced today its portfolio grew 35% in 2018, finishing at an all-time high of $8.33 billion in assets under management. Core automotive indirect lending originations and a reduction in net loss percentage contributed to this growth.
Westlake’s core indirect lending operations delivered 40.5% growth over 2017 while 31+ day delinquency fell by 9.0%. These reduced delinquencies led in part to a 5.6% drop in net losses as a percent of total assets. Westlake’s 2018 mix of originations continued to move toward a more full-spectrum portfolio, as near-prime and prime credit tiers (defined as contracts with FICO scores of 600+) represented 40.5% of 2018 deals.
“2018’s success was made possible by our outstanding employees, implementation of the latest technology, and the commitment to achieving our goals,” added Ian Anderson, Group President of Westlake Technology Holdings. “For 2019 we project another strong year with increased growth and market share across all our companies.”
Besides indirect lending, Westlake Financial’s other companies saw tremendous growth as well:
- Western Funding, Inc. ended 2018 with a 76.6% YOY growth, 12.5% reduction in 31+ day delinquencies, and 18.4% drop in net loss percentage.
- Wilshire Consumer Credit decreased its 31+ delinquency by 17.8% with a 13.2% drop in net loss percentage.
- Credit Union Leasing of America (CULA) grew 29.5% this past year.
- Westlake Flooring Services grew 33.0% YOY with a 69.5% reduction in 1+ day delinquency and 79.1% drop in net loss percentage.
- Westlake’s newest company, Westlake Portfolio Management (WPM), enjoyed strong first year success with $350 million in portfolio servicing of active and inactive accounts.
“2018 was a great year for us because we increased market share while maintaining profitability,” stated Paul Kerwin, Chief Financial Officer of Westlake. “We set aggressive goals, and our employees did an amazing job executing the plan.”
For 2019, Westlake Technology Holdings is targeting 20% growth over 2018 and expansion of its direct lending platform on LoanCenter.com. 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 $8.33 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.