Westlake ALPS Purchases $4.6 Million Bulk Portfolio
FOR IMMEDIATE RELEASE (November 16, 2016):
Los Angeles, CA – Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, announces the acquisition of a $4.6 million bulk auto-loan portfolio.
The portfolio consists of over 550 Buy-Here Pay-Here contracts from Legends Auto Group and The Car Barn dealerships located in Waco, TX. “Owners of the dealerships wanted to exit the Buy-Here Pay-Here market, so we assessed their needs and quickly developed a strategy for them to accomplish this goal,” commented Todd Laruffa, Assistant Vice President and division head of ALPS. “Our entire closing process was completed within one week.”
The Car Barn and Legends Auto Group are pre-owned independent auto dealerships based out of Waco, TX. “Our strength as a capital engagement strategist firm based in Florida coupled with a history of acquisition success and high confidence in ALPS, made this acquisition introduction smooth and lucrative for our client The Car Barn and Legends Auto Group,” commented Deborah Gifford, President/CEO of First GLOBAL.
Westlake ALPS was able to close this deal by acting quickly and efficiently in order to meet the seller’s needs. “When dealers work with us, we offer them a solution not only for their dealership, but also for their customers,” said Ian Anderson, Group President of Westlake Financial Services.
Dealerships, brokers, and finance companies interested in learning more about Westlake’s ALPS are invited to contact ALPS directly at 1.888.937.2577.
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About Westlake Financial Services: Westlake is an internet based, privately held finance company that specializes in the acquisition and servicing of prime to sub-prime automotive retail installment contracts. Headquartered in Southern California, Westlake originates indirect retail installment contracts through a network of over 20,000 new and used car dealers throughout the United States. Westlake also offers portfolio purchasing through their ALPS division (Advanced Lending & Portfolio Services); www.WestlakeALPS.com. Flooring lines of credit are offered through their Westlake Flooring Services division; www.WestlakeFlooringServices.com. Direct consumer title loans are offered through Westlake’s wholly owned subsidiary, Wilshire Consumer Credit. All collections and servicing functions are performed in-house at its headquarters located in the Mid-Wilshire area of Los Angeles.