Westlake Technology Holdings Celebrates Strong Growth in 2021
LOS ANGELES–Westlake Technology Holdings celebrates strong growth in 2021, exceeding $15 billion in total managed assets. Thanks to the determination of Westlake employees and management, Westlake is on track to go beyond its original goal of $20 billion in assets by 2026.
“We are fortunate to have a determined set of employees,” stated Paul Kerwin, Chief Financial Officer of Westlake Technology Holdings. “Thanks to their efforts, all companies surpassed their goals for 2021.”
In 2021 Westlake Technology Holdings reported the following:
- Westlake Financial continued its strong push in prime credit financing with a 49% increase in prime loan originations for 2021 over 2020.
- Western Funding announced a record year of growth for 2021 reporting YOY deal volume growth of 49% and YOY producing dealer growth of 47%.
- Westlake Capital Finance (WCF) continued its growth in 2021. WCF net income increased by 58% YOY increasing its assets managed through revolving credit facilities & real estate loans. WCF expanded its services to offer revolving credit line rates as low as 5.99% for qualified dealers.
- Wilshire Consumer Credit (WCC) recognized a 67% increase in Net Income and reported $150 million in total managed assets.
- Westlake Direct reported a 123% YOY growth in deal volume, increasing portfolio to $230 million, while expanding to 41 markets and opening Point of Sale originations.
- Westlake Portfolio Management (WPM) expanded its services to Unsecured, Credit Card and Medical/Dental loans!
- Westlake Flooring Company ended its year with its portfolio at $287 million, a 58% increase from 2020.
- Credit Union Leasing of America’s lease volume grew 93% in 2021 compared to 2020!
“I look forward to another year of strong growth within the industry,” stated Ian Anderson, Group President of Westlake Technology Holdings. “Despite the ongoing pandemic and various challenges faced, our employees remained diligent and hardworking to ensure a successful 2021!”
About Westlake Technology Holdings
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.
David Goff, VP, Marketing
Email: [email protected]